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Messages - JCDenton

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Financial Aid / Re: My financial Aid Package. Is this the norm??
« on: May 13, 2008, 11:25:48 AM »
If that is your financial scenario, you shouldn't go to law school. There perhaps ten or so law schools in your state better than NYLS. TEN! The employment prospects coming out of that school are going to be absolutely dismal. The top few kids in your class will get market paying jobs (and by few I mean less than five), a few more will get non-market but still six figure, and the rest of the people in the top 10% might be able to pull $80k.

The vast majority of people in your class will make $30k-$60k, and that's assuming they actually get jobs as lawyers(which will be hard). A good portion won't practice law at all, and will instead do things like paralegal, sales, secretary, etc. IE: jobs you don't need a JD to do.

Even if you are one of the lucky ones and pull down a $80k job, your outcome is still pretty crappy. You'll need $2500+ in pre-tax earnings each month to pay on those loans (so you're looking at knocking $30k/yr off your gross salary). That means you'll be living like someone making $50k/yr, and that is near best-case. You have a ninety percent chance of doing much worse than that. When you take a job at some personal injury or insurance defense toilet making $45k with no benefits (and let's face it, you'll be grateful to get that offer because your alternatives will be contract attorney or not being a lawyer), your after-loans salary is going to be less than $20k. That will  result in a standard of living lower than the average illegal immigrant.

It's a fact that you're screwing yourself financially by going to law school. You need to think long and hard about if it's worth taking such a low standard of living to be a lawyer (hint: it's not. being a lawyer sucks).

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