Key Terms Grad Plus loans accrue interest while in school, meaning you’ll graduate owing significantly more than you borrowed. If you enter into repayment while in school under the SAVE plan, you may make $0 or minimal payments each month. Under the SAVE plan, if you make $0 or minimal monthly payments, the rest of your accrued interest each month will be forgiven. This strategy could save you tens of thousands of dollars in interest. Every dollar you save while in school returns multiple dollars back to you. If getting a Subsidized Grad Plus Student Loan sounds like something that could he ..read more

Key Terms There are many kinds of law firm attorneys with titles that include the word “counsel.” Counsels are salaried employees, usually thought to be between associates and partners. Although each counsel position is very flexibly designed, the ABA has described four kinds of counsels that are commonly found in law firms. Law firms tend to operate under a partnership structure. At the top, partners who have an ownership interest in the firm’s business will run the show and make all the decisions. At the bottom, associates work for partners as employees of the firm and are paid a salary t ..read more

Key Terms Non-equity partners are very different from equity partners primarily in that they are salaried and do not share in the profits of the firm. Some firms systematically turn senior associates into non-equity partners, but occasionally you can find non-equity partners in niche practices or by personal choice. If you run into non-equity partnership along your career path, you will need to find out what it specifically entails at your particular firm and situation. Making partner at a law firm usually comes with a new set expectations for both compensation and responsibilities. The tit ..read more

Key Terms Biglaw uses “stealth layoffs” to quietly layoff associates without causing a commotion. Stealth layoffs can be mutually beneficial to the firm and the laid off attorney. Getting stealth laid off could be an opportunity in disguise and a catalyst to making a positive change in your career. Law firms don’t always love attention. When work slows down and there are too many associates to keep productive, no firm wants to be in the headlines for outright firing attorneys. Enter the “stealth layoff,” a firing practice used by Biglaw to try to trim their numbers while keeping it on the d ..read more

Key Terms “Making partner” is a huge milestone and the biggest promotion for a Biglaw career. To make partner, you’ll need to excel at the job, have interpersonal soft skills, and communicate your profitability to the firm. The average age to make partner is in your mid to late-thirties, but age or experience is not dispositive. At most workplaces, career advancement is a series of promotions, each with a new title, paygrade, and fresh set of responsibilities. In Biglaw, however, there is effectively only one promotion: associate to partner. Therefore, “making partner” is an extremely signi ..read more

Key Terms Legal work, and Biglaw in particular, has unique ways to cause stress that can affect your career and personal life. Stress can adversely affect your body and mind and create feedback loops that cause more harm if unattended to. There are various ways that lawyers can manage or mitigate stress arising out of their work. Stress is a reaction to pressures or threats that we face in life, often uncertainty, loss of control, or feeling overwhelmed. It should be no surprise that your occupation can be the source of immense stress, and law is no exception. Legal work can come with some ..read more

Key Terms It is natural for lawyers to quit Biglaw–the expectation is that most people will leave within a few years. Biglaw opens up plenty of exit options, alternative careers; and opportunities to lateral to another firm. You should think about an exit strategy even if you don’t plan to quit in the immediate future. Many people quit Biglaw for many different reasons. Some even call it a feature of the occupation rather than a bug. Here at Biglaw Investor, it wouldn’t be a surprise for someone to plan their exit even before they begin. Whether you’re about to quit Biglaw or looking to sta ..read more

Key Terms Biglaw summer associates can usually expect to get a full-time return offer barring exceptional circumstances or national financial collapse. While rare, “cold offers” are sometimes used by law firms to artificially boost return offer rates and keep it close to 100%. Summer associates who receive cold offers are, in reality, not invited back and must begin the job search process again. Biglaw is generally considered to be an elite post-graduate employment outcome. Firms will fill the majority of their first-year associate positions by using on-campus interviews and turning summer ..read more

Key Terms It is natural for lawyers to quit Biglaw–the expectation is that most people will leave within a few years. Biglaw opens up plenty of exit options, alternative careers; and opportunities to lateral to another firm. You should think about an exit strategy even if you don’t plan to quit in the immediate future. With the long hours, complex work, and high-stakes environment, Biglaw attorneys are constantly under immense pressure. It is no surprise that Biglaw as an occupation is at a high risk of burning out. In Bloomberg Law’s Attorney Workload and Hours survey, respondents reported ..read more

Many post-grad law students out there have to deal with student loan debt. It usually comes with the territory of paying for tuition and the bar exam. Some students are fortunate enough to not need to pay much for law school through scholarships and grants, but even students who get scholarships may take out loans to pay for tuition, supplies, living expenses, etc. However, not a lot of people know that once you’ve made regular on-time payments towards your student loans for twenty years, your chances of getting the rest of that debt forgiven are actually quite good. In fact, you could probabl ..read more