Also, if you knew how to read, you would see that I qualified my sentence with the words "to me." I know that courts have disagreed with this viewpoint - as well as the one about the FCC's being unconstitutional - so don't bother being condescending to me. It's called having an opinion, and has nothing to do with my not knowing how the Constitution has been interpreted.
Weil, Gotshal & Manges (New York)
1st year: $125,000
2d year: $135,000
3d year: $150,000
4th year: $165,000
5th year: $190,000
6th year: $205,000
7th year: $215,000
Bonuses in all classes
Are you thinking about going for a non-legal job, lg?
To me, it is definitely unconstitutional because it boils down to this: it is the legislation of taste.
i think your calculations are pretty good for the most part except that they ignore interest on your loan (not that high if you truly pay it off in three years, and assuming interest was deferred until graduation):
year 1: salary 160K + 30K bonus = 190K - 40% tax = 114K
year 2: salary 180K + 30K bonus = 210K - 40% tax = 126K
year 3: salary 200K + 30K bonus = 230K - 40% tax = 138K
Total earnings [3yrs]............................. .378K
Total [3 yr] interest accrued on a 180K loan......(~30K)
Living expenses [3yrs]*...........................(~150K)
BUT, this is the absolute best case scenario in which you land a very high paying job at a top law firm with substantial salary increases and a growing economy that permits the assumption of a consistent bonus...and of course that you remain at your job for 3 years (not burning out). How many people actually land those jobs? Should this same calculus really apply if you're just in the top 30% of your class at a tier 2 school...? probably not.Your point is dead-on for burning out. My friends in BigLaw gave me the impression that it does happen, but not in the first three years.
Still, if these are your goals and you feel confident you can make it, then as you say its a good investment. (uh, provided you actually like being a lawyer!)Well, again I will definitely state that it was a good investment for me. I worked in law several years before LS, and already got my offer, so I'm pretty confident it will pay off. I do recommend it. A paralegal gig won't help you get into law school, but getting one at a small firm will help you see what being a lawyer is like and buy you the extra time you need to really prep for the LSATs, which leads one down the road to securing that BigLaw gig.
These are more clubs for rich people to network than law schools.
The value of an JD from a top school is definitely positive; even it may take 15 years to break even, the average Harvard JD, e.g., will still have 25 years to retire -- time period during which his salary will likely be in the range of 100-150K as opposed to the $60-70K that he would get had he not gone to law school.
tuition & living expenses $60,000 X 3 = $180,000
lost wages $40,000 X 3 = $120,000
My real world experience is that a law degree doesn't help you find non-legal work. It's OK if you don't take this as the final word--after all, this is the anonymous internet and I could be a 12-year-old kid pretending to be a law school graduate--but what you should do is find real people who graduated from law school and who weren't able to find work in law. Ask them how their law degree helped them. Some of them will be dishonest becauase no one likes to admit they made mistakes in life. But hopefully some will tell you the truth I'm trying to tell you.
Thanks for the advice. I got accepted at Thomas Cooley and received a 25% scholarship.