As faithful readers of this blog know, I am an attorney, and I have written several posts which may be read here, here and here, warning about some of the pitfalls of the profession, especially the financial cost of attending law school. The facts of law school debt as opposed to the job market have become so grim that even the American Bar Association has now issued a warning on the subject that may be read here. This is significant since the ABA has studiously ignored this problem for over a decade, even denying that there was a problem, and has passed out accreditation to new law schools with a glad hand. Well, better late than never.
Far too many law students expect that earning a law degree will solve their financial problems for life. In reality, however, attending law school can become a financial burden for law students who fail to consider carefully the financial implications of their decision.
You can underline and put several stars by that! The general public has the illusion that the law is a quick path to riches. Few things are farther from the truth. Except for the top 10% of the top law schools most new attorneys, if they can find employment, will be starting out at around 40-45k a year. When I graduated from law school in 1982 I started out at 16k. Earning 40k a year and having 100k in law school debts is a very bad situation, and decades of dealing with a huge debt, which cannot be discharged in bankruptcy except under the most extreme circumstances, await.
Obtaining a degree from an ABA-accredited law school is not cheap. Over the last twenty-five years, law school tuition has consistently risen two times as fast as inflation. Consequently, the average tuition at private law schools in 2008 was $34,298, while the average in-state tuition for public law schools was $16,836. When one adds books and living expenses to tuition, the average public law student borrows $71,436 for law school, while the average private school student borrows $91,506. Many students borrow far more than $100,000, and these numbers do not even include debt that students may still carry from their undergraduate years.
The numbers speak for themselves. I would never have taken on this type of debt to become an attorney, and if I had, I can’t imagine how I would have serviced that debt in my first lean decade as an attorney. There is more good news for people about to begin law school: Continue reading