Greedy Associates: Money Archives
Greedy Associates - The FindLaw Legal Lifestyle and Career Blog

Recently in Money Category

BofA GC to BigLaw: '$180K Junior Pay Is on Your Dime, Not Ours'

BigLaw associates are still tipsy over recent news that many of the hallowed BigLaw firms (including Cravath, which has led the charge) bumped first year associate pay to $180,000. But in these uncertain economic times, it's understandable that some parties might have some misgivings about this development.

Take Bank of America's reaction, for example: "Don't expect us to fund your expensive new associates."

You find sunken treasure, literally piles and piles of gold (and a fair amount of human bones) at the bottom of the ocean. You're set for life, right? Not quite. As any fan of "The Treasure of the Sierra Madre" can tell you, finding gold is just the start of your troubles.

And so it goes with the S.S. Central America, a Gold Rush era steamship that deposited over 30,000 pounds of gold (worth about $50 million today) in Davey Jones' locker, just off the coast of South Carolina, more than 150 years ago. That sunken treasure was discovered in the late 80s, only to lead to legal battles that are still playing out today, most recently with attorney Richard Robol being sanctioned for $225,000 for failing to turn over documents regarding the gold.

You took out loans for law school knowing that they'd come due someday, but not anytime soon. Then you graduated, found a decent job, and suddenly your lenders came knocking. And if you maxed out on loans when studying the law, the amount you owe every month can be staggering, even if you're making a Cravath-level salary. For those of us making much less, even modest (by law school standards) student debt can seem completely insurmountable.

But there are ways to survive your student loans and even make payment tolerable. Here are our top tips for dealing with student debt, from the FindLaw archives.

Want to finish your JD without being crippled by six-figure student loan debt? You could try to land a full scholarship, but many of those don't cover living expenses. You could try to work full time, which isn't impossible but certainly isn't easy. You could have your parents pay, if you're lucky enough to have parents who can cover your tuition and expenses.

Or, you could try getting a sugar daddy. That's what one 2016 Villanova Law grad did. Candice Kashani recently spoke to the Associated Press about financing her law school education through a series of sugar-daddy relationships, in what the AP describes as a "modern twist on an age-old arrangement."

Parent Loans: New Sallie Mae Options for Funding Your Higher Ed

If you are a student considering a degree even higher than the undergraduate one you recently earned, you're most likely in that unenviable position of wondering how to finance that degree. Well, recently Sallie Mae became the latest lender to offer its own version of the new type of "parent loans" called "Smart Option Student Loan" intended to help well-meaning family members fund their children's education -- maybe yours.

It's nice to have additional options for funding, but as always -- read the fine print.

Marvin Castellanos' attorney spent more than 100 hours toiling on Castellanos' workers' comp claim. And after defeating numerous defenses from Castellanos' employer and its insurer, the attorney was victorious.

But when it came time to collect attorney's fees, his reward was only $164, or $1.53 an hour. That's because Florida law sets a mandatory fee schedule based on the amount won -- without allowing consideration of whether those awards are reasonable. And that rate is so "absurdly low" that it's unconstitutional, the Florida Supreme Court ruled yesterday.

When the Panama Papers were released this week, promising to expose “politicians, criminals, and the rogue industry that hides their cash,” let’s say we weren’t surprised to see FIFA’s name pop up. FIFA, the world’s governing body for soccer, has long faced accusations of endemic corruption. FIFA’s past “President for Life,” Sepp Blatter, only recently fell from grace and is now facing criminal charges for mismanagement and misappropriation.

But it’s not just the familiar FIFA names that are being accused of corruption. In a most ironic twist, FIFA’s ethics lawyer is now facing a corruption investigation over links revealed by the Panama Papers.

Bankruptcy Judge Offers You Hope: Discharge Your Bar Study Loan

Law students know the refrain all too well: you can't discharge your law school loans. But a recent ruling out of New York Bankruptcy court suggests that at least some bar related debts might be discharged successfully in a Chapter 7. Is that a ray of light on on the horizon?

Actually, now that we mention law school loans, this would be an excellent time to refer readers to our earlier piece on student debt forgiveness.

If you could go back in time and stop yourself from going to law school, would you? If you answered "Hell yes," you're not alone. A recent survey shows that most law grads regret going to law school.

Why is law school such a universally regrettable mistake? We've got some ideas.

For all the talk about law school debt, the struggling legal market, and dead-end legal jobs, working as a lawyer is still one of the best ways to make a lot of money. According to a new report by Glassdoor, lawyers are the second highest-paid professionals in the country.

So take that software engineers, finance bros, R and D managers. We've still got you beat. (Though we're also a distant second to physicians.)