Young Lawyer Perspective – Budgeting for the Young Lawyer

Young Lawyer Perspective – Budgeting for the Young LawyerThis week we welcome back guest writer Shirlene Brown to discuss how to budget as a new lawyer.

Congrats! You have graduated from law school, passed the bar exam, have been sworn-in as a practicing lawyer, and you landed your first “big girl/boy/gender-noncomforming” job! With a new job and more income comes additional responsibilities, including (but definitely not limited to) managing your finances! Personally, I am an attorney at a small-medium sized law firm that specializes in personal injury. I have been officially working at the firm as an attorney for about a year now, however I started at my office in my first year of law school as a law clerk/paralegal. I am also a first-generation college student and the only lawyer in my family. My husband and I both come from very working-class backgrounds and have had jobs since the age of 16. So it should suffice to say that we “ball on a budget.” When I graduated from law school and passed the bar, I started working as an attorney and made more money than I had ever before in my life.

However, I also had to start paying my student loans and managing all my other finances. So what are some tips and tricks to budgeting, especially after you first become an attorney? And how can you best manage your finances at your new lawyer pay rate? Here is my advice to young lawyers on how to budget and be a financial all-star!

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12 Things I’d Do if I Were An Unemployed 3L

Tips for unemployed 3LsWith all the gloom and doom reporting out lately (only half of graduating law students can expect jobs! and so forth), I’ve been thinking about what someone who’s graduating from law school in a couple of months without a job offer can do, right now, to improve their prospects.

I don’t guarantee these suggestions are right for everyone, and I’m sure there’s other stuff I haven’t thought of, but let’s at least start the conversation. If you’ve got other suggestions, jump in! (And don’t miss this awesome series from guest poster Katie Slater: Job Hunting for 3Ls and Recent Grads.)

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Struggling with Your Student Loan Debt? The Law School Loan Expert is Here to Help

Heather Jarvis - Student Loan ExpertToday’s interview is with Heather Jarvis, a student loan expert who was formerly a capital defense attorney. Heather now dedicates her expertise to helping student loan borrowers make better decisions so that higher education can be a reality for all — not just those who can afford it. She’s got great info on dealing with law school loan debt, so let’s get to it!

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5 Non-Obvious Ways Law School Loan Debt Will Impact Your Life

MoneyIf you’re considering law school, there’s a very good chance you’re planning to take out student loans. (About 80% of law students graduate with some debt, and the average amount borrowed is over $100,000. That works out to over $1,000/month in loan payments on a standard 10 year repayment schedule.)

Scary numbers, when almost half of new law grads make between $40,000 and $65,000 a year.

But what about the less obvious impact of borrowing tons of money?

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Thinking About Public Interest Work? Find Out About LRAP, Getting the Job You Want, and More!

MoneyToday’s interview is with Radhika Singh Miller, program manager for Educational Debt Relief and Outreach at Equal Justice Works. If you’re considering public interest work, Equal Justice Works has your back!

They’ll help you chose the right law school, get the in-school experience you need, and fund your work after you graduate. In addition, they’re on the front lines of the education debt fight, helping ensure that important public interest work can continue, even in the face of crippling student debt loads.

Without further ado, here’s Radhika!

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How Can Anyone Afford to Do Public Interest Work? Equal Justice Works Explains Some Options

Equal Justice Works logoLots of people start law school thinking they’d eventually like to do public interest work. Unfortunately, many of them soon encounter the harsh financial realities of such a path.

Today’s guest post, from Susan K. Gurley, Deputy Director of Equal Justice Works, outlines what Equal Justice Works is doing to help young lawyers stay on the public interest path, despite the obstacles.

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Freaking Out About Your Law School Loans? Get Help From a Debt Guru

Money funnelLaw school debt is a huge issue these days. Not surprising, when the average borrower has over $100K in loans by the time graduation rolls around!

To help you get a handle on things, we’ve recruited the very inspiring Anna Newell Jones, debt guru extraordinaire. Anna runs a blog called And Then She Saved, which chronicles her efforts to pay off all of her debt (she did it!) and has great tips and advice to help you do the same thing.

Without further ado…

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Law School Myth #2: Student Loan Debt is Good Debt

Cut up the credit cardsPeople often say you shouldn’t worry about student loan debt — that it’s “good debt.” In some cases, this might be true.

Taking out student loans is an investment in your human capital.

To the extent they enable you to do something you couldn’t otherwise do, i.e., afford to pay for law school so you can become an attorney, student loans might be justifiable.

However, it depends on the specifics:
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