White Coat Investor Podcast WCI #361: Financial Pathways for Attorneys
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Apr 4, 2024 Lawyer Chris Avery discusses education costs for legal professionals, income disparities between big law and small firms, and the financial implications of student loans for lawyers versus physicians. The podcast delves into law school scholarships, alternative career paths, and the importance of understanding personal finance in the legal profession.
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Chris Avery's Career Shift
- Chris Avery took a step back from full-time law practice in 2015 to focus on family while working part-time.
- He later started his own boutique law firm specializing in privacy and data security issues.
Bi-Modal Lawyer Salaries
- Attorney salaries show a bi-modal distribution with distinct high-paying big law and lower-paying small firm tracks.
- Selection into big law depends heavily on law school, clerkships, network, and willingness to endure long hours.
School Matters Most Early
- Law school attended matters mostly for the first job but performance and area of practice drive future career.
- Many lawyers do not choose their practice area; initial jobs often assign it.