"I'd
rather flip burgers"
On the first day of law school, the professor went
around the room asking each first year law student what they wanted
to do with their J.D. The first answer came from a student in a
shirt and tie across the room from me, he had his black briefcase
next to him leaning against the legs of his chair, “I want to serve
the underprivileged and bring justice to the unfortunate.” Dang,
good answer I thought to myself, I won’t be able to beat that. The
next answer was from a short, fat and somewhat slimy looking kid
wearing glasses and a striped collar shirt that muffined out at
the waist line, “my short term goal is to finish highly ranked in
the class, work for the biggest national law firm defending class
action lawsuits and eventually work up to an Appellate or High Court
Judge.”
“Loser”, I whispered to the girl with spiked red
hair, wearing a navy suit coat and black tie who was sitting next
to me. She starred back without acknowledgment.
“Mr. Levi Barber, what do you want to do?”
I stood up, sure of what I had spent the past 2
minutes memorizing. “Sir, I’m an aspiring business/transactional
attorney, I hope to achieve this by hard work, good grades and some
sleepless nights.” I sat back down.
“Liar”, I whispered under my breath. What I really
want is to work less and make a lot of money. I’d really like to
spend about 7 hours at the office, 2 hours at the golf course and
1 hour at lunch. I’d like to stay away from stuff shirt, high collared
corporate types that treat everyone else like their secretary. I’d
like to make a comfortable living without fighting too hard.
The truth is I want to be a personal injury attorney.
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Chapter 10: "Will I be Rich after Law School?"
"I'm
still living in my parents' basement"
I finished law school with $56,000 in loans that
were scheduled to become owing six months following my graduation
date. I had scheduled to repay them within 20 years at $735.00
per month. After I learned of my anticipated salary, I reapplied
for the longest repayment plan of 50 years at $335 dollars a month.
If I continue on this course of repayment, my final school loan
repayment will be made when I am 76 years old.
Most of my law school friends finished law school
with $100,000 to $200,000 dollars in debt. Those that were ranked
high enough to secure a high paying big firm job will easily be
able to afford a house and make loan repayments. They will have
other issues to deal with such as late nights, little family life
and high stress.
Those that finished at or near the same ranking
in the class as me will be facing a repayment of a minimum $800
- $900 dollars a month. If they purchase a modest home that requires
$1,500 a month in mortgage payments and costs, they will have
to make over $6,500 a month, before taxes, just to stay afloat.
Those that finished in the bottom 25% may not pass the bar or
find a job. Their loans will live and die with them.
Following law school, we had additional expenses
come in the form of a baby boy. Heather has been cutting hair
more frequently now. I took a winter job coaching basketball for
a local high school. I’m currently looking for a part time job
for the summer and writing this book in hopes to someday pay off
my loans.
I have sent this book to eleven literary gents.
I am yet to receive a response.
I also run a news blog that asks for donations.
I have two relatives that are lawyers that are
both over 30 years old, have 4+ children each and still live in
their parents’ basements.
After paying all of our bills, we finished last
month with $26.04 in the bank. We decided to put $10.00 into savings
for a rainy day.
I told my wife that an umbrella costs twice that
much.
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