This is the greatest time to open new firms, lots of people need attorneys and many are going to use local, low cost attorneys over big firms. I know SEVERAL people who have rented small buildings and started their own firms and all are doing very well for themselves. These people all went to tier 3 schools and made 75-80k net their first year out working for themselves. Now two of these same people are so busy from word of mouth and small amounts of advertising that they have actually hired another attorneys to work for them. Also, when you run your own business you are able to form a llc and pay yourself a very small salary which will allow you to pay the minimum amount on student loans. Eventually the debt will be forgiven and all will be good.
Almost all wrong. A few points:
- Big firms have never competed for things like divorce actions, probate, criminal defense, etc. (except when the parties involved were particularly rich), so people needing local, low-cost lawyers is nothing new
- A new business involves start-up costs (rent, malpractice insurance), which most recent grads can't pay out of pocket and will have a hard time borrowing with student loans already hanging over their heads
- Even if you manage to start up a new law firm, you'll still have to compete with existing small firms that have actual experience in legal practice
- You can pay the minimum on your loans regardless of how much you make, so no benefit there
- Any assumptions about impending loan forgiveness are speculative at best
Which is not to say starting one's own firm can't be done, just that it's not as easy as you make it sound, and that there's no reason why now is a better time than any other.