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Author Topic: What Law School Rankings Don't Say About Costly Choices  (Read 4134 times)

SwampFox

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Re: What Law School Rankings Don't Say About Costly Choices
« Reply #10 on: April 20, 2009, 10:52:53 PM »
That wasn't a bad article but to some extent it was fear mongering. I'm a finance major and I've crunched  numbers to figure out what kind of return I should expect on a legal education using a 40 year working life, lost wages of 35-60k for 3 years, and a 7 percent interest rate. The amount is actually only 13-15k more per year. Before you start writing me angry comments let me explain something that doesn't mean that law school is a good investment if you can make 13-15k more per year with a JD. What it means is that from an investors standpoint you would actually be neutral about law school if you could get that return and be in favor of it if you could get more. Of course, I realize that traditional investment models have their limitations when evaluating something like an education because of the time and lifestyle investment. Still though I think that if you want to be a lawyer the actual amount of return you should be expecting from your law school investment isn't anywhere near as staggering as you might think.

Agreed. The problem with many of people's fears is that they are the result of people thinking "job". That has to stop. Lawyers are the leaders in this society and should continue to be. The world is changing fast, and, as was the case with the 1990's, those who fail to create will be left behind, figuratively and literally. Lawyers are suited for many careers, and legal knowledge is highly portable, geographically and professionally. Newly graduated JD's should expect nothing but what they left undergrad with, an education. If people prepare to graduate without a job but ready to hit the ground running, they presumably develop a backup plan, or, heck, the law job becomes the backup plan, and any law job offer becomes a nice surprize rather than a breath of relief.

I want to be an entertainment lawyer, but I also want to start a magazine, write films and continue to act. I will put my degrees to work, along WITH my JD. If others would think the same way, they would feel much butter about their futures. I am one who truly does not give a FF whether I get recruited or not. I'll make something happen. A law graduate from Loyola, CA started DADA Tennis Shoes, and she hasn't looked back since. Hill Harper graduated from Harvard Law, but became a Hollywood actor...and a multi-millionaire! Folks, use what you have...ALL of what you have.

Try looking at this blog and its responses:

http://www.calicocat.com/2004/08/law-school-big-lie.html

I do disagree with what the writer says about the portability of law jobs. As stated above, I think a law degree is damn valuable.

I'm going to have to disagree.  Yes, technically, law students are receiving an education...to get a job in a specific field.  If I can't realistically get one of those jobs after spending three years of my life and tens of thousands of dollars, why am I doing it?  If you want "lifetime enrichment," read some books in your spare time; you don't need a law degree to do that.  Yes, some people go to law school and then succeed in something else...but the lesson to be drawn shouldn't be "Wow!  I could go to law school and do something totally unrelated and glamorous!"  Rather, it should be "Why did these people waste three years and a small fortune in law school when they really wanted to do something else?"  If you want to be an actor, go to acting school, or get a job at Paramount, or wash cars in Beverly Hills, but don't go to law school.
Yes, a law degree is very valuable...to practice law.