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celli660 last won the day on January 8 2016

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About celli660

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  1. Small firm lawyer, AMA

    Where do you get your business from?
  2. I mean, we're down a pretty narrow hypothetical here and it still only barely comes out that poorly compared to a no-debt option. Now what I said before about biglaw as the only avenue of remedying the debt was faulty (as you correctly point out), but we're dealing with a spectrum of possibilities, not a light-switch between biglaw and opening your own practice. My understanding is that the vast majority of graduates from canadian universities get jobs and a very small minority of them pay below 40K per year, so we're arguing a vanishingly small potential pool of outcomes here and I agree that in those circumstances, wow it would be better off not to have debt. But people can't know that they're going to be the one without a job in three years and if they could, then they probably wouldn't go to law school at all regardless of whether they had the means to afford it.
  3. Yeah okay, but if you're making 30k per year as a lawyer and working in excess of normal business hours, you're getting hosed regardless of what your debt circumstances are.
  4. Oh, well daycare is subsidized in Alberta, but maybe it's harder elsewhere, I don't actually know what those costs look like since my wife is home with our child, but I know that there are funds available and they did help (I have one little one now and another on the way).
  5. Yeah and I agree with you on that, but a single mom with two kids through law school would have received thousands and thousands of dollars of free money. First, you're getting about 12k per year of child benefits, then you're getting 3k per year of grants from the feds for being poor and potentially another 3k for having kids. So you're already at $18k per year without having done anything.
  6. Well that's why I try to get people to ease back on the severity of debt. It's not really that bad. We're talking about maxed out LOCs here and if you took provincial or federal loans instead and didn't flip them to your LOC, there are programs out there that will alleviate the interest, reduce your payments or otherwise help you to manage the student debt in a reasonable way without keeping you under water for your whole life. Nobody thinks this way about mortgages, so why is it suddenly so bad when the debt becomes student debt? It's not, and it's no different from a mortgage, but that you're mortgaging yourself. If you're concerned about the value of the security (yourself) then sure, be debt averse, but it's not ever going to be worse than what it is already. To be fair, with interest rates rising, there becomes a real risk that students might graduate law school with a 100k LOC at prime plus 1 or .5 where the effective rate is over 5 or 6%, that might change the tolerance that some people have, but even at 100k, you're still only looking at a monthly payment of $1400. Assuming that the average student is racking up 1/3 of 100k per year of school (excluding summer work from the calculation) I would guess that people have costs of living in the 15-20k range per year and the difference in wage required to stay at the same costs of living and pay off 100k of student loans is about 18k of salary. Then if you start doing actually accounting and tax planning, you realize that there are untapped benefits of having massive tuition offsets that you can now apply to your higher-paying wages and the effective wage you need to achieve above what is essentially minimum wage starts to get lower and lower. At the end of the day, I just want to make sure that people who don't know any better are not steered away from law school, or into a job they don't want, because of law school debt.
  7. That doesn't make it true.
  8. Okay, so you're completely out of touch with the situation. There is absolutely not a massive pool of money for students who don't have amazing grades. I know because I was a solid B+ student all through undergrad and I applied for tonnes of scholarships/bursaries and I was never awarded anything. So, are you are saying that a person going to full time university/law school can and should take a part time job where they work enough to be able to cover their expenses (which are most certainly higher than 1200 a month), but that a person who isn't making enough at their lawyer job to cover $1,200 a month in addition to expenses should not take a part-time job? Why would people be less able to make money after law school than before?
  9. Well, the person who wrote that globe article is an idiot, so take it with a grain of salt. By his logic, people should simply not take loans to get a bachelor of arts or any other bachelor's degree that isn't specifically for the purpose of entering a career like engineering or accounting because they don't necessarily lead to higher wages. Okay thanks Tim Cestnick, we can all figure out what you didn't go to school for (journalism, given his own rhetoric). With respect to the comment that the only option for people who take massive debt is to go into big law, as pzabby has said numerous times above, debt is completely manageable even on a meager salary. Scotia's LOC turns from a revolving line of credit 1 year after articling into a fixed repayment loan with a ten year term. So you have two years within which to at least make interest payments, but probably some principal payments, on your 100k loan before it turns into a $1,200 per month payment. Now if you think that people who make $14 per hour can afford to pay approximately $800 per month towards tuition in undergrad in addition to their normal living expenses, how on earth do you justify the comment that the same person making lawyer pay cannot afford a 50% increase of that same payment? It's an insane rationale and is completely incongruent with the rest of your points.
  10. Investing LOC

    But it doesn't have potential, it's a useless currency outside of the darkweb. There's no reason for the average person to buy bitcoins except to speculate. On the comparison to stocks, this is where so called "investors" in bitcoin have lost their fucking marbles. When you buy shares of a company you literally buy portions of the ownership of the company. If the underlying company which you now own shares in does well, the shares are worth more. Now it's true that sometimes people buy shares of companies that do poorly and that artificially inflates the share price because people are willing to pay more for those shares (see yahoo for most of its existence). At the end of the day though, the assets of the business you own shares in actually secure or anchor some value in what you hold a derived interest in. With bitcoin, there is nothing underlying the value except that it is a gambling tool. As far as I'm concerned, bitcoin is no different than those fucking pyramid scheme certificates that people used to market to each other in the 80s and 90s. There is inherently no way to make money from bitcoin without taking money from someone else or several someone elses who lose a corresponding value and that's what is cookoo bananas about putting your money into it.
  11. Great Books To Read Before/During Law School

    I just looked at some of my syllabae and in torts we read around 600 pages over the year, property and contracts were around 700, crim was 900 and constitutional was about 400 per semester. Second year first semester was: 600 for arbitration, 650ish for evidence, 425 for admin, 350 or so for ethics, and 300 or so for insurance. All of that is exclusive of cases, statutes, regulations, and guidelines not contained in the text or casebook. I get that you could potentially learn a lot the material without doing those readings, but it often makes class discussions almost indecipherable if you haven't done them in advance. Given the above, I only recommended reading for fun since there's no point in trying to read for law school things that aren't your required readings.
  12. Great Books To Read Before/During Law School

    I'm reading Great Expectations right now, read the Odyssey recently (hated it btw) and re-read some of my favourite books again. I wouldn't worry about reading books in law school unless you do it to unwind since you're going to be reading hundreds and thousands of pages of case law and textbooks through law school.
  13. Investing LOC

  14. Christmas gifts for articling principals?

    I gave gifts to coworkers when I worked as a paralegal and will probably give gifts as an articling student, but I would never go over 20 bucks per person (I ended up giving ties one year because I found an amazing deal on beautiful ties at a men's clothing store that was going out of business) and I was also working at a firm with 2 lawyers and three staff. I also bought gifts for the other staff and made cookies for a supplier we dealt with all the time. If you're the type to give gifts then give gifts, if not, then don't. It's not like giving or not giving a gift is really going to determine the relationship.
  15. They did it, congrats on the follow-through. Now if TWU gets a school it will be obvious to new forum-goers which is the odd man out.