Law School Discussion

Nine Years of Discussion
;

Author Topic: Don't sweat it, just go  (Read 1686 times)

dullashell

  • Sr. Citizen
  • ****
  • Posts: 125
    • View Profile
Don't sweat it, just go
« on: July 29, 2008, 09:37:47 AM »
According the American Lawyer, "nearly 92 percent of 2007 law school graduates have jobs now, the highest reported figure in 20 years. And those who work at law firms are earning a median salary of $108,500 -- about $13,000 more than 2006 graduates were making when they started out."  Granted, "38 percent are earning $55,000 or less."   http://www.law.com/jsp/article.jsp?id=1202423335195

It seems silly that people fret about whether or not an average or below average performance at a T1 or T2 will leave you in a financial $h!t hole forever.  You will do fine even if you're average.  Don't worry about it so much, and just go.   

botbot

  • Sr. Citizen
  • ****
  • Posts: 2840
    • View Profile
Re: Don't sweat it, just go
« Reply #1 on: July 29, 2008, 10:49:52 AM »
But 2008 is not 2007, and the high employment rate and salary jump will probably not continue this year, says James Leipold, NALP's executive director. The economic downturn had only just begun when the 2007 class accepted their first jobs, and the Am Law world was still enjoying a record economic year, despite the second-half slowdown.

Eugene Young

  • Sr. Citizen
  • ****
  • Posts: 538
    • View Profile
Re: Don't sweat it, just go
« Reply #2 on: July 29, 2008, 10:57:46 AM »
botbot always sees the glass as half full.  ::)

people on this board generally seem to concentrate on starting salaries and not what salaries are like 5 or 10 years down the road. by then, the name on your degree matters less, your reputation as a lawyer will count more.

i will leave this thread, as i have now blasphemed this board. forgive me father, for I have sinned.

heartbreaker

  • Sr. Citizen
  • ****
  • Posts: 3817
    • View Profile
Re: Don't sweat it, just go
« Reply #3 on: July 29, 2008, 11:11:21 AM »
Quote
people on this board generally seem to concentrate on starting salaries and not what salaries are like 5 or 10 years down the road. by then, the name on your degree matters less, your reputation as a lawyer will count more.

Unfortunately, the bank isn't going to wait for 5 or 10 years before they start wanting their $3000/month loan payments.

Matthies

  • LSD Obsessed
  • *****
  • Posts: 5988
    • View Profile
    • Tell me where you are going to school and you get a cat!
Re: Don't sweat it, just go
« Reply #4 on: July 29, 2008, 11:21:54 AM »
Quote
people on this board generally seem to concentrate on starting salaries and not what salaries are like 5 or 10 years down the road. by then, the name on your degree matters less, your reputation as a lawyer will count more.

Unfortunately, the bank isn't going to wait for 5 or 10 years before they start wanting their $3000/month loan payments.

Fortunately there is an easy solution to this problem, donít borrow so much. Unfortunately that takes forethought and self restraint, something sorely lacking in many prospective law students.
*In clinical studies, Matthies was well tolerated, but women who are pregnant, nursing or might become pregnant should not take or handle Matthies due to a rare, but serious side effect called him having to make child support payments.

heartbreaker

  • Sr. Citizen
  • ****
  • Posts: 3817
    • View Profile
Re: Don't sweat it, just go
« Reply #5 on: July 29, 2008, 11:30:34 AM »
Quote
Fortunately there is an easy solution to this problem, donít borrow so much. Unfortunately that takes forethought and self restraint, something sorely lacking in many prospective law students.

Well, how would that work if you're going to a school in a city with an astronomical cost of living that isn't giving you a significant scholarship? The only option would be "don't go to that school with the bad post-grad employment options that isn't giving you money," which only gets us back to the argument the OP is trying to refute.

sassafrass

  • Full Member
  • ***
  • Posts: 32
    • View Profile
    • Email
Re: Don't sweat it, just go
« Reply #6 on: July 29, 2008, 11:35:38 AM »
Quote
people on this board generally seem to concentrate on starting salaries and not what salaries are like 5 or 10 years down the road. by then, the name on your degree matters less, your reputation as a lawyer will count more.

Unfortunately, the bank isn't going to wait for 5 or 10 years before they start wanting their $3000/month loan payments.

Such is the virtue of going to a low tuition public school

NCCU Law '11

LittleRussianPrincess, Esq.

  • Sr. Citizen
  • ****
  • Posts: 2355
  • Hopelessly devoted...to the Tennessee Vols!
    • View Profile
Re: Don't sweat it, just go
« Reply #7 on: July 29, 2008, 11:54:36 AM »
Quote
people on this board generally seem to concentrate on starting salaries and not what salaries are like 5 or 10 years down the road. by then, the name on your degree matters less, your reputation as a lawyer will count more.

Unfortunately, the bank isn't going to wait for 5 or 10 years before they start wanting their $3000/month loan payments.

Such is the virtue of going to a low tuition public school

NCCU Law '11
Sadly, not every public school has low tuition.

Bucking under $120k of law school loans as we speak.
Russian by birth, Southern by the grace of God.

Matthies

  • LSD Obsessed
  • *****
  • Posts: 5988
    • View Profile
    • Tell me where you are going to school and you get a cat!
Re: Don't sweat it, just go
« Reply #8 on: July 29, 2008, 12:01:00 PM »
Quote
Fortunately there is an easy solution to this problem, donít borrow so much. Unfortunately that takes forethought and self restraint, something sorely lacking in many prospective law students.

Well, how would that work if you're going to a school in a city with an astronomical cost of living that isn't giving you a significant scholarship? The only option would be "don't go to that school with the bad post-grad employment options that isn't giving you money," which only gets us back to the argument the OP is trying to refute.

There are many options. Work first for a few years and save money. Go to a school that if offering you a large scholarship. Be proactive about your job search at lower ranked school so youíre not reliant on what the school offers just in the way of OCI. Go part-time and work to avoid debt. Set lower and more realistic expectations in what jobs you can get thus how much debt you can afford. Wait till you older have a dual income so you can afford to go to law school. But like I said, all of these options require some forethought and giving up instant gratification. In the short run its just easier to borrow the max you can, then female dog about how your school failed you because you canít a find a job that pays enough to service your loan.  I know Iím committing the cardinal sin of millennium generation and advocating personal responsibility on LSD so shoot me.

This simple fact is people donít think 5-10 years down the line, they think solely of starting salary. That, in my view, is unwise. Give than 75% of students at any given school will not be in the top 25% of the class. There are not enough big law jobs available for everyone that wants or is qualified for them even at the top schools. We are in a downturn in the economy, one what will still have residual effects even if in clears up this year by the time the new 1Ls graduate. The legal hiring salary system in place is too top heavy and wonít continue indefinitely. The vast majority of lawyers out there are not great  lawyers, those that are will be successful those that are mediocre will be mediocre. Big law has an 80% turnover rate within the first four years, too short to realistically pay off your loans. After leaving or getting fired from big law you canít just lateral into another job making the same salary, your income will go down. Likewise as you get older your expenses go up, housing, cars, children ect.

I think both extremes are dangerous, giving no thought to how you will pay your debt or assuming that you will be fine because the starting salary at your particular school is high. How many people do you know who are homeless because of student loans and how many people do you know who have kept the first job they ever got for more than five years? Not many, the vast majority fall someplace in-between the two extremes, but its seems few give much thought to that, they think youíre either going to be overburdened by debt you canít pay or your life will be made of candy. Neither is the reality for most folks. Those that see that, and plan accordingly and realistically for the twists and turns that life will bring over the next 5 years will be better off in the end then those that donít take the time to do so.  I think people are not statistics or starting salary numbers, its unwise to predict success or failure based on some aggregate of people you are not without giving much forethought to the variables that happen after the initial salary offer is made, thatís just the beginning of the rest of your life, not the end. Too much stuff happens along the way in life to think you have made it because you got a first offer for your first job in profession before you have seen if you can get it, keep it, are good at it, or life goes exactly the way you think it would four years before.
*In clinical studies, Matthies was well tolerated, but women who are pregnant, nursing or might become pregnant should not take or handle Matthies due to a rare, but serious side effect called him having to make child support payments.

botbot

  • Sr. Citizen
  • ****
  • Posts: 2840
    • View Profile
Re: Don't sweat it, just go
« Reply #9 on: July 29, 2008, 12:03:38 PM »
botbot always sees the glass as half full.  ::)

people on this board generally seem to concentrate on starting salaries and not what salaries are like 5 or 10 years down the road. by then, the name on your degree matters less, your reputation as a lawyer will count more.

i will leave this thread, as i have now blasphemed this board. forgive me father, for I have sinned.

I was just quoting the article, but I didn't do a very good job of clarifying.

Doesn't matter how you look at it, the legal market is no where near as strong as it was in 2007.