I've been offered admission to UT and an all-loans package. I'm no superstar, so that's why I wasn't offered any scholarships, so I have to use all debt. I'll have about 52k debt in the first year and probably 150-160k debt total for 3 yrs. So, from a financial perspective, does it make sense to take on this much debt for a shot at BigLaw? My ideal scenario is to do BigLaw in either SF or Seattle. Any seasoned perspective would be much appreciated.

I graduated with roughly the same amount of loans as you, Anon. And you know from my previous bitching and moaning that I never got BigLaw like I wanted, and am thus "stuck in the middle!" (Aren't I clever?!?!)

Anyway, starting salaries at BigLaw are pretty sweet these days, so the monthly payments on the big debt won't hurt as bad! Plus, you'll be working your ass off and won't have time to spend the money on anything else. May be the most cost-effective way of payin' those suckers down!

Starting salaries even in mid-sized firms can be quite reasonable these days, and many are at or approaching the six-figure level. If you're not saddled with a lot of other debt or a mortgage, you may be fine dealing with hefty loan payments for a few years until your salary catches up.

Because let's face it, on that amount of debt, even on a regular ol' 15 year loan, and assuming you have a decent interest rate, your payments are going to be + $1,000 per month. In my opinion, that's pretty rough no matter what you make.

Good luck!

You shouldn't have a problem getting a biglaw gig out of UT (unless you are socially awkward or totally screw up your grades). Are you the same guy that also got into Hastings? I wouldn't take Hastings over UT unless they give you a sweet package (at least half tuition) and you are certain you want to stay on the West coast, preferably in the SF area. UT is consistently top 20. Hastings hovers between 30 and 50 and is not as recognized nationally. Both are obviously good schools, but UT is less of a gamble, even with the debt.

Yes, I'm the same person who also got into Hastings. I'll have about 17k less per year in debt from Hastings, but that is not anywhere near half-tuition.

I can't find the link, but I saw a chart from law.com that put the % of graduates who end up at NLJ 250 firms for UT at between 20 - 30% (by comparison, UPENN was the highest at slightly over 50%).

I have a master's and some years work experience, but I have a feeling that all that matters is my grades and that I end up in the top 20%. That's a 1-in-5 chance. My alternative would be to continue doing what I do and make about 65k with no debt. On an NPV basis, BigLaw could be more profitable, but that assume I spend 15+ years making BigLaw salary+bonus and I just don't know the possibility of lasting that long and not to mention the fact I'd have to be top 20% of my class. Though I'd obviously work harder than I've ever worked should I go to UT, it still seems like a long-shot. Anyone else had a similar dilemma?

Ah, here's the chart I was thinking about:

http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1207904900045

That chart is great; but misleading. I went to BYU (Brigham Young) and work in biglaw. I'm even a 2005 grad (the year of the survey used to create the chart). It says that 12% or so went to biglaw, but the top 30% that wanted to could go to biglaw, while some of the rest of the top half (30-50%) ended up in biglaw (not AmLaw 100 obviously). Hastings is similar to BYU.

I know that anyone in the top half at UT can go biglaw no questions asked. I'm guessing that anyone in the bottom half could also go biglaw if your grades are respectable, are willing to interview in multiple cities and you interview well. That is why I'm telling you to go to UT and why the chart is misleading. If you go to UT and want biglaw, you can have it. If you go to Hastings, you will have to be in the top 30 to get it for sure, and top 50 to even have a shot.

I agree that the chart is potentially misleading. It is not who could get a biglaw gig, but who chose one. Otherwise, Yale, Harvard, Stanford and most other top 10 schools would be 100%.