Going to law school isn't making financial sense to me

[mizzou]

Everyone keeps asking me if I'm going to law school. I'm fairly young (late 20s) and I've been working as a non-attorney employee for a while now.

I crunched some numbers, and the only way it could feasibly work is if I went to a law school in a different area because the only law programs offered here have demanding (and RIDICULOUSLY expensive part time+full time programs) It's literally impossible or highly stupid to try and do this w/ a full time 40-hour job.

If I hypothetically made 40,000k the rest of my life, it would almost take DECADES to get my money back as long as I made at least twice as much as an attorney upon graduation.

What's my problem?
3 years @ hypothetical salary -$120k
Student loan debt -120k (oh I should probably factor in the interest too shouldnt i.... =( )


One of the other minor problems...my wife and I could easily pay off our house early once she finishes school this upcoming year for her masters, and then we will have ZERO debt, in probably 10 or so years at the max, could pay off earlier, and will just owe taxes, bills, etc.

If I take off work for 3 years and then take a substantial student loan debt, I feel like we would be under water FOREVER, but sure, it could pay off...


I think I'm going to take the LSAT and just see if I qualify for any kind of scholarships and cross my fingers, lol.


Anyone else in this kind of dillema?

I think it would be easier for me to just take a few classes on the night shift and get an MBA on the cheap. My employer will help cover some tuition (maybe 1 class a year at most), which would help

 

[arcenite]

DOES NOT COMPUTE

Over a period of 13 years
40,000 x 13 = 520,000
-120,000 + 80,000 x 10 = 680,000

?????

 

[jhu]

Nope, went to med school instead.

 

[theflyingpig]

Judging from your posts here, law school shouldn't make any sense to you. Everyone knows this.

 

[sjwaste]

I went to law school at night, working between 40 and 50 hrs a week for all of it. It's doable.

The real trick is to go at night but not work, though. Then you compete for grades with all the people who have jobs, families, etc. The people who graduated at the top of my class basically did just that.

FWIW, I did fairly well and now work for the government. Probably didn't make financial sense to go, and likely never will unless I work out a move to biglaw. But I'm happy to even have a job as an '09 grad -- moreso because I can actually pay my loans and mortgage right now.

Law school is a bad idea unless you manage to grade into the percentile of your class that gets a biglaw summer and then an offer. The lower the rank of the school, the closer to the top 5% you need to be. Think hard if you're considering something other than a public school or top 50.

 

[Farang]

Depends on your grades/LSAT. Plenty of people get offered big tuition cuts if they go to a school that is beneath them. It doesn't hurt to take the LSAT, if you end up with a 170+ you're probably looking at having money being thrown at you by the lower tier schools.

 

[Jeeebus]

the reason so many lawyers are miserable with their careers is because they went to law school as the default 'I don't know what the fuck else to do with my life, so may as well try this out' option. If you don't want to be a lawyer now, you're not going to be that much more excited about it three years from now and > $100,000 in debt.

 

[JS80]

I'm already at law equivalent money and all my peers that did law school that graduated 2 years ago are still unemployed. And without law school debt.

It's not for everyone.

It especially doesn't make sense now because the law field is fucked in the ass AND law school tuition is skyrocketing. Plus it's a permanent shift.

 

[axelfox]

Depends on your grades/LSAT. Plenty of people get offered big tuition cuts if they go to a school that is beneath them. It doesn't hurt to take the LSAT, if you end up with a 170+ you're probably looking at having money being thrown at you by the lower tier schools.

Ditto. If you can get into a T1 school, apply to a couple of other tiers b/c generally they will give you scholarship grants.

In any case, think about if you want to be a lawyer first. For the most part, it ain't like on Boston Legal or any other TV show, and lot of people leave the profession. And law school doesn't really teach you about the practice of law; talk to a bunch of lawyers, from Big Law to solos.

 

[sjwaste]

the reason so many lawyers are miserable with their careers is because they went to law school as the default 'I don't know what the fuck else to do with my life, so may as well try this out' option. If you don't want to be a lawyer now, you're not going to be that much more excited about it three years from now and > $100,000 in debt.

I'm always just amazed at the other lawyers I meet. I mean, these are people that I would never, EVER put in front of anyone that might possibly, one day have the potential to be a client.

Problem is, law school doesn't require any particular background, and usually attracts people who need a grad program and don't really have any hard skills. But there were no jobs for liberal arts majors out of undergrad, and the market for new attorneys is drying up too. Predictable, if you consider they're largely the same crowds.

The difference with a bar license, though, is that you don't need someone to hire you if you want to make a go at it yourself. Yeah the first couple years will be rocky, but it's still a license to practice a profession.

Says me, the guy who took the easy way out into government

 

[mizzou]

I've worked at law firms enough to know that I could easily do the job, it's just that I don't think I would enjoy it. Only reason I made the OP was because alot of people around me just assume it is the "financially sound" or "right thing to do" because I'm good at what I do and it's logical to want to take it to the next step., but the more I look at it I'm like, "Why the fuck do I need it?"

I could easily retire w/ my wife at 54 with full state pension, reasonable salary, and not have any debt?

How bad would that be? Other the fact nobody would want to make or watch at TV show about my job lol

 

[EagleKeeper]

Retire and then decide if you want to go to law school.

 

[Zebo]

Law school from my understanding should only be done if top tier i.e. expensive. Granted if you're part of good ole boys network down south/small county USA won't matter but in general shit schools = shit results.

 

[MixMasterTang]

I've worked at law firms enough to know that I could easily do the job, it's just that I don't think I would enjoy it. Only reason I made the OP was because alot of people around me just assume it is the "financially sound" or "right thing to do" because I'm good at what I do and it's logical to want to take it to the next step., but the more I look at it I'm like, "Why the fuck do I need it?"

I could easily retire w/ my wife at 54 with full state pension, reasonable salary, and not have any debt?

How bad would that be? Other the fact nobody would want to make or watch at TV show about my job lol

I think you answered your own question there, don't do something you won't enjoy.

 

[mizzou]

Law school from my understanding should only be done if top tier i.e. expensive. Granted if you're part of good ole boys network down south/small county USA won't matter but in general shit schools = shit results.

I've actually heard the opposite from people actually employed as lawyers, they say that nobody really cares what the name is on your degree and that you are blowing your money away. My problem, there are ONLY top tier law schools in my area, I would have to move to a diff city to go to a cheaper school.

Then again...I think these people all had connections heheh.

 

[shopbruin]

I've actually heard the opposite from people actually employed as lawyers, they say that nobody really cares what the name is on your degree and that you are blowing your money away. My problem, there are ONLY top tier law schools in my area, I would have to move to a diff city to go to a cheaper school.

Then again...I think these people all had connections heheh.

If you have connections, the school won't matter as much.

But Biglaw recruits only at top schools in large numbers. If you want to work biglaw to start, you need to be at the top schools or in the top 5% at a lower ranked school. Tier 3 and 4, I don't know if Biglaw even recruits there, but you can still get decently paying midtier law firm jobs or government work.

It's expensive, and the cost keeps going up.

Also note that if you are going to attend school out of the region you wish to practice, you will have to find the jobs on your own. The firms won't recruit out of their immediate areas unless it is a top school.

 

[JEDI]

It especially doesn't make sense now because the law field is fucked in the ass AND law school tuition is skyrocketing. Plus it's a permanent shift.

how is the law field screwed now?

 

[SandEagle]

don't you need a bachelor's first before you can get into law school?

 

[axelfox]

don't you need a bachelor's first before you can get into law school?

As an aside, in CA you can do an apprentice program and not go to law school, where you work under the supervision of an attorney for X amount of years before you are eligible to sit for the bar exam. Very few people go this route, but the people who do it this way IMHO are probably more qualified to be a practicing attorney than a recent graduate.

 

[JS80]

how is the law field screwed now?

Permanent displacement from Wall St bust and real estate bust, which are not coming back ever. Half the biz was doing mortgage securities deals.

 

[Dirigible]

I think you answered your own question there, don't do something you won't enjoy.

Exactly. Sounds like you don't much want to be an attorney. Don't spend years and thousands of dollars to get somewhere you don't want to go. Why even consider it? Don't. Go do something you like instead.

 

[IAteYourMother]

Judging from your posts here, law school shouldn't make any sense to you. Everyone knows this.

lol

 

[rh71]

do what you like doing