Law school investment might not pay back for many law graduate students

Whether or not it is worth going into debt for law school is open to question. As law school tuition rises, the number of job openings within the industry is falling. In spite of these realities, law schools saw skyrocketing enrollment as the economic recession wore on and today a legion of freshly minted, hungry attorneys are seeking work.

Law school financial debt overwhelms lawyer wages

There have been more individuals taking the LSAT recently. This is shown as between 2007 and 2009, there had been a 20 percent increase in those taking it. There’s a lot of student loan debt for many law school graduate students this year that are unemployed and cannot discover jobs. Annie Lowery at Slate accounts that as of 2008, public law school students graduated with an average of $71,436 in debt. Private law graduates averaged $91,506. Lowery writes that a starting salary that would make law school a good investment is about $65,000. Law school graduates don't make that much. $45,000 to $60,000 is the average starting salary.

ROI for lawyers good with fewer

Vanderbilt law professor Herwig Schlunk published a study in 2009 about investing in law school titled “Mamas, Do not Let Your Babies Grow Up to Be … Attorneys.” The study is all about the investment of law school. He talks about whether or not it’s worth it. He factors in high student loan debt also as the opportunity cost of lost income when going to school. Schlunk makes a point of saying you will find only a couple of "hot prospects" that will do well after law school. It’s only worth it for them to do law school.

It's too far gone to take back the law degree

The Boston College Law school had a student at it. This student learned the lesson Schlunk had been trying to teach too late. Tuition is over $40,000 a year at BC law which is why the student wrote a letter to the dean, AFP accounts. When graduating in 2011, the student didn't think finding a job would be possible when in financial debt and preparing to be a father. He said he'd quit BC Law school so they'd give him a refund on tuition. He said it was a win-win situation they were looking at. He wouldn't have the terrible debt anymore when being able to teach again and provide for a family. At the exact same time, BC Law would not have to report his future joblessness to US News and World Report, a magazine that publishes annual rankings of the United States law schools. BC Law did not accept his offer.

Citations

Washington Post

washingtonpost.com/wp-dyn/content/article/2010/10/30/AR2010103004638.html

Morningstar

news.morningstar.com/articlenet/article.aspx?id=357051

AFP

google.com/hostednews/afp/article/ALeqM5hB_oEndpokUpUn4qaCEJ2GweXW0Q?docId=CNG.5a8fb2fbd292773edd5b18a29f896aaa.7f1