Chicago or someplace cheaper?

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kolya111

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Chicago or someplace cheaper?

Postby kolya111 » Sun Apr 28, 2019 10:12 am

I'm choosing between Chicago ($130K scholarship) or NU/Michigan. At NU, I'd save another $50k vs. Chicago ($180k scholarship). At Michigan, I'd save another $35-$40k.

Non-trad looking for biglaw (lots of relevant work experience - likely to get hired from all three).

Thoughts? Separately, is there value to going to CCN for jobs later in life, as opposed to just worrying about 2L OCI? Really trying to measure that as best I can and its tough.

The Lsat Airbender

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Re: Chicago or someplace cheaper?

Postby The Lsat Airbender » Sun Apr 28, 2019 10:24 am

Michigan is the clear favorite here at the prices you listed. Make sure you’re taking cost-of-living expenses into account as well as tuition (which would probably make UM look even better).

The degree does stick to you for your whole career but your first job is the most important by far and Michigan is plenty prestigious in any case.

icansortofmath

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Re: Chicago or someplace cheaper?

Postby icansortofmath » Sun Apr 28, 2019 10:25 am

Chicago. Money difference isn't big enough. You're really spending about 100% to buy:

1. insurance against when you land in the bottom quartile of the class
2. option to go into non-law but high pay industries. Chicago law carries prestige beyond law and even consulting/ibanking firms recruit JDs. (this is true with all the T6 but falls off quickly after)

To be sure, both are unlikely outcomes and I generally am risk averse and tend to overvalue insurance and real options.

If you're certain neither applies to you (maybe work experience is of such high quality that you think even from bottom quartile you're fine and you have no interest in non-law), then just go to Michigan.

kolya111

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Re: Chicago or someplace cheaper?

Postby kolya111 » Sun Apr 28, 2019 10:59 am

Re: 2L OCI - pretty sure I'm set barring a C&F disaster. I do want to stay in law. That said, surprised that everyone advises Michigan (is it really different from Northwestern, one rank down?)

COL in Ann Arbor vs. Chicago is flat, because in Ann Arbor you need a car ($5k-$6k expense counting depreciation, insurance, repair, gas).

cavalier1138

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Re: Chicago or someplace cheaper?

Postby cavalier1138 » Sun Apr 28, 2019 11:18 am

Chicago with that scholarship is a great outcome, but Michigan is the clear winner here.

In terms of the later-in-life difference: not really. Maybe if you wanted to target some unicorn-y job for after biglaw, it might help. But even then, if you're more than a few years out, your jobs and the network from those jobs starts to matter a hell of a lot more than your school pedigree.

As to this line of reasoning:
icansortofmath wrote:1. insurance against when you land in the bottom quartile of the class
2. option to go into non-law but high pay industries. Chicago law carries prestige beyond law and even consulting/ibanking firms recruit JDs. (this is true with all the T6 but falls off quickly after)


Maybe you get more insurance from Chicago than from Michigan, but I doubt it. At both schools, your outcomes from the bottom of the class are going to depend on your hustle and work ethic more than the school name. And as always, JD degrees and law school prestige do not matter outside of legal hiring. There is no such thing as "lay prestige," and please find whichever non-lawyer relative told you that and smack them right upside the head.

Wubbles

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Re: Chicago or someplace cheaper?

Postby Wubbles » Sun Apr 28, 2019 1:38 pm

If I'm reading this correctly and you have a full ride and COL covered at Michigan and it's 90k cheaper than Chicago, then Michigan. If the total difference was closer to 40-50k I'd probably go with Chicago

cavalier1138

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Re: Chicago or someplace cheaper?

Postby cavalier1138 » Sun Apr 28, 2019 1:59 pm

kolya111 wrote:Re: 2L OCI - pretty sure I'm set barring a C&F disaster. I do want to stay in law. That said, surprised that everyone advises Michigan (is it really different from Northwestern, one rank down?)

COL in Ann Arbor vs. Chicago is flat, because in Ann Arbor you need a car ($5k-$6k expense counting depreciation, insurance, repair, gas).


Wait, did I misunderstand your numbers? My understanding was that Michigan was $85-90k cheaper than Chicago (i.e. $35-40k cheaper than Northwestern).

carsondalywashere

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Re: Chicago or someplace cheaper?

Postby carsondalywashere » Sun Apr 28, 2019 2:52 pm

If 220k scholarship at Michigan vs. 130k scholarship at Chicago, then Michigan
If 170k scholarship at Michigan vs. 130k scholarship at Chicago, then Chicago

Also, Northwestern and Chicago have a big networking advantage over Michigan by actually being in Chicago. Michigan is well represented in the Chicago market though.

kolya111

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Re: Chicago or someplace cheaper?

Postby kolya111 » Sun Apr 28, 2019 3:59 pm

cavalier1138 wrote:
kolya111 wrote:Re: 2L OCI - pretty sure I'm set barring a C&F disaster. I do want to stay in law. That said, surprised that everyone advises Michigan (is it really different from Northwestern, one rank down?)

COL in Ann Arbor vs. Chicago is flat, because in Ann Arbor you need a car ($5k-$6k expense counting depreciation, insurance, repair, gas).


Wait, did I misunderstand your numbers? My understanding was that Michigan was $85-90k cheaper than Chicago (i.e. $35-40k cheaper than Northwestern).


I messed up and was unclear. My bad. Chicago is 130k off. Northwestern is 180k off (50k savings).

Michigan is 150k off. This works out to about 35-40k less than Chicago (scholarship difference + lower tuition & health insurance fees). I do not have a full ride at Michigan.

Wubbles

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Re: Chicago or someplace cheaper?

Postby Wubbles » Sun Apr 28, 2019 6:08 pm

Then I say Chicago is the best option. Congratulations!

beinghuman

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Re: Chicago or someplace cheaper?

Postby beinghuman » Mon Apr 29, 2019 1:31 pm

Then definitely Chicago first or Northwestern second.

Wipfelder

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Re: Chicago or someplace cheaper?

Postby Wipfelder » Mon Apr 29, 2019 1:43 pm

beinghuman wrote:Then definitely Chicago first or Northwestern second.


And from a COL perspective, UCHI is cheaper than both NU and M. The area around UCHI is very affordable and there is great transportation infrastructure. You definitely won't need a car, and you can rent a place cheap. Other stuff is more expensive, but if you don't have much taxable income, and don't spend alot outside necessities, CHI is a clear winner.



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