Saturday, March 14, 2009

OPEN THREAD: BAM! You're a 3L, And You Get Offered a Buyout . . .

The editors all thought it would be 'fun' to see how people respond to this hypothetical. You are a 3L and are lucky enough to have had a good summer associateship and get an offer to come back after you graduate. But then the economy tanks and your firm comes to you this (stylized) proposal:
  • It will pay you $62,000 in one lump sum when you graduate.
  • It also pay you $13,000 in the form of of bar-prep and stipend.
  • You must defer your start date at the firm for one year, basically you would be starting in October in year following your graduation.
  • There is no requirement that you do any public interest work during the interim, though the firm would prefer if you did.
  • The firm is requiring you to take the bar.
  • Employment w/ the firm continues to be at will - in other words, you could in theory take the money and run after a year.
  • You will not be eligible for UVA's Loan Forgiveness Program if you take the deal.
So what do you do? Do you take the deal? If so, what do you do in the interim? Sound off in the comments!

EDIT: Here's what one 3L with the option is doing:

But then, in a single moment, everything shifted. The firm that had offered me a job was forcing me to choose: I could begin in December, or I could defer my start date until October of the following year and receive an additional $60,000 stipend. And suddenly, I had no idea what to do.

But wait, you might be thinking, isn’t one of the options just to do what you were originally planning to do? Well, yes. But you can’t just do what you were originally planning to do when someone offers you $60,000 not to do it. You have to think. You have to consider. You have to calculate the odds that you will get fired in your first week of work when they discover that you spend most of your time alternating between flailing uselessly around your office and making desperate phone calls to the Westlaw research hotline because you’re lonely and scared and the research attorney’s voice soothes you. Tell me again about the locate button, you ask her.

In the end, I decided to defer. I’m taking the year off to try writing professionally . . .

Read more. Writing professionally?? C'mon, everyone knows the real glory is in being an unpaid blogger . . .

3 comments:

Anonymous said...

I would take the buyout, live at home and volunteer at legal aid if I could, but more likely work at barnes and noble and payoff a huge chunk of my loans

Anonymous said...

Here's what I would do:

1. Take the Buyout
2. ??????
3. PROFIT!

Anonymous said...
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