- Quickdraw McLaw
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Was law school a worthwhile investment? You probably only need to ask a few attorneys before you find out there is no overwhelming agreement about the answer to that question. However, a recent study tries to help by monetizing the value of a law degree.
Seton Hall Law Professor Michael Simkovic and Rutgers Business School Professor Frank McIntyre recently published a study called, “The Million Dollar Law Degree.” (You can read a summary article about it here from the ABAJournal or a slightly more emotional view on the topic from Elie Mystal over at Above the Law who calls it “another garbage study.” The New York Times also has a piece addressing Mystal’s concerns.) Basically, their study concludes that a law grad will make an average of $1 million more in a lifetime than a college grad.
The study is not perfect. One of its major shortcomings is that it does not address the cost of obtaining that law degree. Even with the math skills of a lawyer, you should be able to figure out that the mere cost of a degree at today’s prices could easily offset any additional income that could come from obtaining a JD. The problem, which bothers Mystal, is how misleading this is to undergrad students who maybe don’t even have the math skills of a lawyer and certainly don’t understand the reality of the job market. That is another thing not addressed by the study–it only covers grads through 2008, but what value is the degree to those graduating after that date that are struggling to find entry level jobs?
So, what do you think? Is a JD worth really worth $1 million more on average? Is the cost of getting a JD still a good investment? Is it an investment at all?
http://www.reviewjournal.com/news/crime-courts/ex-gov-gibbons-mazzeo-settle-high-profile-lawsuit
Yes, it was worth it for me. I love my job, I love my life style, and I love being a lawyer. If you don't like sitting in an office with AC, getting paid to learn, and have an actual career, quit and STFU.
For people considering law school, unless you are like 1:53, you should seriously consider other alternatives. Mike Rowe of Dirty Jobs fame has a good website about viable jobs called profoundly disconnected.
The law is not for everyone and definitely not if you're looking for security. That said, if you really think you'll love it, make sure you intern at a law firm first to experience what it is like to work for someone like 1:53 so that you know what you're getting yourself into.
it's profoundlydisconnected.com
I'm with @1:53. After working a couple years for a Vegas branch of a large national firm I left to strike out on my own. I love what I'm doing.
Although I'm only making low six figures, almost exactly what I made at the large firm, I'm 'only' working 50 hrs/week billing 25-30hrs/week (rest is managing/admin/biz development) instead of 65hrs/week to bill 42-45hrs/week (rest dealing with stupid office meeting crap), but they're my clients.
If I don't have any client appointments or court hearings, I can take Friday and Monday off for a long weekend with the kids at Disneyland while my admins make sure my phones are answered and I get notified of emergencies when I'm away. I've been on my own for almost 5 years now and the only way I don't have security (per @3:38) is if I get lazy for six months and don't bring in any revenue. In other words, my security is mine to lose, and not given to me by someone else.
A lot of survivor bias in these comments.
I think all school is too expensive. Law school is too expensive, but it's also expensive to get a university studies degree. EVERY person that applies for ANY degree at ANY college should really think about whether college is the right move for them before they get themselves in $100,000 worth of debt.
People bitch about the shitty outcomes for law students, but the economy has been generally shitty for the last 6 years. Lawyers are hurting, but so are bankers and plumbers.
I think law school is often times a very bad investment, but ALL school is often times a bad investment.
My experience is very similar to @3:59. I've been out of law school for 5 years now and worked for two pretty large firms before striking out on my own about a year ago. I didn't like working for big firms, largely because I didn't get any satisfaction out of it and I was working my butt off.
Now that I'm on my own, I make good money and I get more satisfaction out of helping my clients because they're mine. It's not all roses and rainbows, though. Sometimes it sucks. But every job sucks sometimes.
There was a time 2-3 years ago when I thought I made a horrible decision going to law school. Now, I'm happy with where I'm at and I can't say that I regret it.
But would you recommend it?
The answer to this question exists on a very wide spectrum. People go to law school under many different circumstance.
Ask someone who went to Stanford on a partial scholarship whether law school was a good investment and you'll get one answer. Ask someone who borrowed $120,000 to attend Boyd and you'll likely get a very different answer.
I graduated from a mid-tier law school in 1996 with $71,000 in student debt (all for law school). Factoring (1) the three years I spent in law school not earning a grown-up salary, (2) the ability I would have had to earn a living without the law degree, (3) what I earn with the law degree, (4) the personal satisfaction I have being a lawyer and practicing law, and (5) the principle balance and considerable interest I paid while paying off the loans, I'd say law school was just a marginal investment. I can't pretend to know what my life would look like if I hadn't taken the plunge 20 years ago; but I'm sure there are occupations out there that could have provided me with similar job satisfaction and financial compensation. Being a lawyer is stressful, but so are most six-figure occupations.
On a scale of 1-10 the life choice to attend law school and become a lawyer was an 8.
@ 10:54 AM has a good point.
I borrowed $59,000 for law school (Boyd) and locked in my repayment rate at 3.5% (lowered to 2.5% after a year of timely payments). My payments started at $75 / month, and are currently $350 / month. (Of course, this probably describes most of the Boyd grads pre tuition jumps.) I don't feel stressed out about my student loans, so I'm not stressed out about how much money I make. That, overall, does contribute to feeling like law school was worth it.
As for @ 1:53 and @ 3:59, I agree that when you operate a profitable firm as a solo (which I am), life is pretty awesome. Unless you are trying to take over the world, carving out a small niche market for yourself should cover enough of your expenses to leave enough room for profit.