The value of an investment in law school is being seriously questioned. Tuition at most law schools is increasing rapidly. At the same time well-paying jobs in the lawful industry are scarce. Even so, law school enrollment has ballooned during the recession, and the industry is flooded with young, starving lawyers.
An excessive amount of debt with law school hurts with wages
There are more people taking the LSAT recently. This is shown as between 2007 and 2009, there was a 20 percent boost in those taking it. This year we are seeing a growing number of unemployed law students and graduate students. This is bad since the student loan debt taken out for this degree is great. Annie Lowery at Slate accounts that as of 2008, public law school students graduated with an average of $71,436 in financial debt. Private law graduates had even higher amounts of debt. It was about $91,506 for them. Law school is only a good investment if the starting salary is fairly high. It would need to be $65,000 or more. Law school graduates don’t make that much. $45,000 to $60,000 is the average starting salary.
Fewer attorneys means a better Return on investment
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 is worth it. The opportunity cost of lost income when going to school along with high student loan financial debt is looked at. Schlunk concludes that investing in law school will only pay down for a small minority of “hot prospects.”.
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 was trying to teach too late. Based on AFP, the dean of BC law got a letter from a student. The tuition is over $40,000 a year at that school. The student was about to be a father and had been graduating in 2011. This student was also in deep financial debt and didn’t think he’d be able to find a job. Instead, he offered to quit BC Law in exchange for a refund of his tuition, describing the offer as a win-win situation. He could return to teaching and be able to provide for his family without being weighed down by crushing debt. The US News and World Report, which publishes United States of America law school rankings, wouldn’t have to have reported to them his future joblessness for BC Law. His offer wasn’t accepted by BC Law.
Articles cited
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