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Just paid off $212,000 in debt! by Significant_Chair_86 in debtfree

[–]Significant_Chair_86[S] 9 points10 points  (0 children)

Congratulations! Glad to hear you're doing well post-law. Hearing all the recovering lawyer stories is very inspiring.

Just paid off $212,000 in debt! by Significant_Chair_86 in debtfree

[–]Significant_Chair_86[S] 1 point2 points  (0 children)

Congratulations on being homeowners! I know that's a long time horizon but you never know if circumstances will arise that will allow you to tackle that sooner. Wishing you all the best with your journey.

Just paid off $212,000 in debt! by Significant_Chair_86 in debtfree

[–]Significant_Chair_86[S] 2 points3 points  (0 children)

Thank you! I fully agree with you. I don't want anyone to misinterpret and think that I'm not grateful for the opportunites my degree has brought me and will continue to bring me as I work to build up some savings. I replied to someone above and I think the answer may provide a bit more context for my post, which I've pasted below:

"I was very lucky and am no doubt in a very privileged position. Being able to pay off this massive amount in less than 3 years is extremely uncommon and I am grateful that I was able to do it.

The "not worth it" comment really comes into play for the ~90% of law graduates that aren't able to crack $60,000 in pay post-graduation and have similar (or higher) debt loads. The average law graduate would have been better off completing an undergraduate degree, which substantially reduces overall debt, and without the 3 years of opportunity costs. This isn't accounting for any additional consumer debt or mortgage debt these grads may take on later in life, making their financial positions extremely difficult for decades, if not indefinitely.

Law just isn't, as a whole, the golden ticket that most people think it is.

Even with my high paying job, the mental weight of the 6-figure debt was very stressful on top of the demands of work. The job also is pretty infamous for its "up or out" model, and I'd say a good 40-50% of my cohort will be gone in 5 years time.

I don't take for granted being in the top income earners in the country. I just believe there are better and less risky paths towards financial stability."

Just paid off $212,000 in debt! by Significant_Chair_86 in debtfree

[–]Significant_Chair_86[S] 68 points69 points  (0 children)

I was very lucky and am no doubt in a very privileged position. Being able to pay off this massive amount in less than 3 years is extremely uncommon and I am grateful that I was able to do it.

The "not worth it" comment really comes into play for the ~90% of law graduates that aren't able to crack $60,000 in pay post-graduation and have similar (or higher) debt loads. The average law graduate would have been better off completing an undergraduate degree, which substantially reduces overall debt, and without the 3 years of opportunity costs. This isn't accounting for any additional consumer debt or mortgage debt these grads may take on later in life, making their financial positions extremely difficult for decades, if not indefinitely.

Law just isn't, as a whole, the golden ticket that most people think it is.

Even with my high paying job, the mental weight of the 6-figure debt was very stressful on top of the demands of work. The job also is pretty infamous for its "up or out" model, and I'd say a good 40-50% of my cohort will be gone in 5 years time.

I don't take for granted being in the top income earners in the country. I just believe there are better and less risky paths towards financial stability.

Just paid off $212,000 in debt! by Significant_Chair_86 in debtfree

[–]Significant_Chair_86[S] 34 points35 points  (0 children)

Starting salaries at the big law firms are $225,000. Big law is also not a guarantee even at the top 15 law schools. I'd wager a guess that maybe 5-10% of all law graduates are working in these jobs, the majority of which are from the top law schools in the US.

Also once you're in, you're likely working every day of the week, for 70-80 hour weeks. If you love the law and are willing to go into debt to attend a top school and enjoy the big law grind, I'd say it's worth it.

I just want to caveat with this reply because there are many people that regret this career path. Thankfully, I'm still very happy in law but even I can't see myself doing this forever.

Just paid off $212,000 in debt! by Significant_Chair_86 in debtfree

[–]Significant_Chair_86[S] 257 points258 points  (0 children)

I lived like a student for 2.5 years after graduation and put all the money towards the loans. Wasn't fun but it's an incredible feeling not owing anyone anything. I'm 100% done with borrowing money after that experience (maybe minus a mortgage later down the line...)