practice groups during biglaw summer programs & emotionally handling student loans
how do practice groups work during a biglaw summer program?
I was wondering if you could explain how firm recruiting works in terms of placements and what your summer looks like. Do you have a choice of what practice area you go to, or are you given more of a broader view of your firm and legal work generally? I’m particularly interested in your specific area of the law.
- Anonymous
I used to think that all law firms were the same--and there are many similarities between them--but when it comes to how practice area placements work and what summer associate programs look like, they can really vary. Most biglaw firms ask you for preferences on practice areas of interest before your summer, but you aren't committed to what you put down in the same way that you are when you start full-time. The biglaw summer associate experience is primarily for experimenting, trying out practice areas, and learning about the firm and its various practice groups. Some firms, however, have "hot" practice groups that may require you to spend your summer networking and volunteering consistently to try and get an offer for that in-demand practice group--it's usually impossible to unintentionally get an offer for a hot practice group. Other firms with hot practice groups may not even give full-time offers to summer associates--instead, they may require you to be in a larger, more generalized practice group (like General Corporate or General Litigation) for a year or two before they will consider you for an internal transfer.
For example, when I was looking to do tech transactions or privacy during my summer, I actually found out that my top firm going into the interviewing process didn't guarantee offers for their tech transactions group and only hired one person into the privacy group every two years. As a result, I decided to summer elsewhere--but I also saw plenty of summers decide to take that chance and really prove themselves over the summer. Both choices are valid--it just depends on you and what kind of path you are more comfortable with. These are questions that you should definitely ask associates and Legal Recruiting once you have a summer associate offer in hand (but not before!), as they will vary considerably from firm to firm.
how do i emotionally deal with taking on student loans?
I’m starting at Stanford's business school in the fall. I have to take out $70K of student loans and feel overwhelmed. It’s my first time having debt, I’m scared I won’t find a job I enjoy that also pays the bills, I’m scared I’ll be one of the 15% of Stanford's grads who don’t have a job offer by graduation, and I’m scared of having to work through burnout just to pay it off. One horrible panic attack later, I’d love your advice on how to manage my emotions surrounding the debt I’ll be paying off for the next 5-10 years.
- Nancy
Hi Nancy! First of all, congratulations on starting business school! What an amazing accomplishment, and I know you'll have the most rewarding time. Second, debt sucks. $70K is a truly daunting amount, but I have full faith that you will manage. Concerns around student debt are often driven by our irrational fears around money (which are totally common and understandable), and it's good to take a step back and try to approach your debt as a financial planner would approach your assets.
Try to understand the "money scripts" that you use. Our initial feelings around money are often emotionally-charged and a consequence of our parents' attitudes about money (which is a consequence of our grandparents' attitudes about money). I listened to a Hidden Brain podcast episode about rewriting your money story to try and get more comfortable with my own money issues, and it helped me contextualize my fears a bit more. So take a moment to inventory your experiences and memories which have impacted your fears around student debt, and recognize that many actions when it comes to money will look and feel irrational.
Talk to graduates of your business school about how they approached loan repayment. I know it can be really scary to think that you might be in the 15% of graduates who don't have a job offer by graduation, but I can assure you that whether you have a job offer at graduation or not doesn't mean a thing! Many graduates who have job offers at graduation end up moving from that initial job fairly quickly, and others who did not have job offers at graduation end up finding a dream position in the months shortly thereafter. Some of my best friends waited until after graduation from business school to start job hunting, given the particular industry they wanted to work in. So often, we want to think that if X doesn't happen, then we are doomed--or conversely, if Y happens, then we are set for life (or at least for now). But we are never actually set. Talking to, and seeing how, my colleagues and friends approached student debt was really helpful for me, because it highlights the fact that there is no one way to approach repayment. I've seen people work nonstop and live frugal lives for four years in order to pay it back faster; I've seen others accept that loan repayment was just going to be a facet of their life for the next 10-20 years. Both are valid approaches, and those who have taken both paths have been perfectly fine and happy. Even those who have burned out and quit (or just quit for another reason) are doing just fine with respect to loan repayment, due to things like accumulated savings and loan forbearance (minimum monthly student loan repayments are much lower than you would think). Internet chatter tends to be really loud and negative about any type of debt, but they don't know your particular circumstance (nor do they really care, let's be honest). If you can speak with some graduates or your Financial Aid office about this, you will likely receive a much more realistic view of debt management than your fears portray. You've gotten yourself this far in life--there is no reason (or evidence!) to doubt yourself now.
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