Paying for Law School?

[she____atomizes]

Hi Everyone,

I was just looking at LSNs and it made me curious how everyone is paying for their education? If you are one of the unfortunate ones that has to take out student loans are you worried about paying them back? What is the job market like for lawyers? How about the chances of getting a job after law schoo?

[Ninja1]

Loans out the ass.

Not worried about it though, the new fed loan forgiveness program is pretty nice.

[she____atomizes]

Loans out the ass.

Not worried about it though, the new fed loan forgiveness program is pretty nice.

i thought that program was just for teachers and nurses?

[bl825]

Hi Everyone,

I was just looking at LSNs and it made me curious how everyone is paying for their education? If you are one of the unfortunate ones that has to take out student loans are you worried about paying them back? What is the job market like for lawyers? How about the chances of getting a job after law schoo?

Most people will have to take out some loans.  There are people who take out close to $200k just for law school.  And the job market is weird: the income distribution for people right out of law school has two peaks: one at around $40k and one at around $150k.  So chances are that you're either making a lot of money right out of law school, or you're making a much smaller amount.  We'll see if this starts to break down with the economy, as the big firms stop trying to all pay the top of the market rate.

And my general sense of getting a job out of law school is that if you're at a very top program, you have a good chance at getting a high-paying job just based on where you went to school.  If you're not at one of the very top programs, then barring being at the top of the class, your job prospects depend to a large degree on who you know and your ability to build contacts in the local legal community.

These are just my impressions, so take them with a grain of salt. 

[CTL]

Hi Everyone,

I was just looking at LSNs and it made me curious how everyone is paying for their education? If you are one of the unfortunate ones that has to take out student loans are you worried about paying them back? What is the job market like for lawyers? How about the chances of getting a job after law schoo?

Most people will have to take out some loans.  There are people who take out close to $200k just for law school.  And the job market is weird: the income distribution for people right out of law school has two peaks: one at around $40k and one at around $150k.  So chances are that you're either making a lot of money right out of law school, or you're making a much smaller amount.  We'll see if this starts to break down with the economy, as the big firms stop trying to all pay the top of the market rate.

And my general sense of getting a job out of law school is that if you're at a very top program, you have a good chance at getting a high-paying job just based on where you went to school.  If you're not at one of the very top programs, then barring being at the top of the class, your job prospects depend to a large degree on who you know and your ability to build contacts in the local legal community.

These are just my impressions, so take them with a grain of salt. 

...and I give an unprecedented +1 to bl!

[bl825]

Hi Everyone,

I was just looking at LSNs and it made me curious how everyone is paying for their education? If you are one of the unfortunate ones that has to take out student loans are you worried about paying them back? What is the job market like for lawyers? How about the chances of getting a job after law schoo?

Most people will have to take out some loans.  There are people who take out close to $200k just for law school.  And the job market is weird: the income distribution for people right out of law school has two peaks: one at around $40k and one at around $150k.  So chances are that you're either making a lot of money right out of law school, or you're making a much smaller amount.  We'll see if this starts to break down with the economy, as the big firms stop trying to all pay the top of the market rate.

And my general sense of getting a job out of law school is that if you're at a very top program, you have a good chance at getting a high-paying job just based on where you went to school.  If you're not at one of the very top programs, then barring being at the top of the class, your job prospects depend to a large degree on who you know and your ability to build contacts in the local legal community.

These are just my impressions, so take them with a grain of salt. 

...and I give an unprecedented +1 to bl!

I'm doing a screen-save of your post, printing it out, getting it framed, and hanging it on my wall. 

[Ninja1]

Loans out the ass.

Not worried about it though, the new fed loan forgiveness program is pretty nice.

i thought that program was just for teachers and nurses?

Nope. Anyone in the right sector.

http://www.finaid.org/loans/publicservice.phtml

[SwampFox]

I'm planning on borrowing a boatload of money, and then putting off the lenders until the combination of the govt. mega-stimulus and the money-printing scheme by the Fed drive inflation into the stratosphere.  Then, I can pay off my loans with my pocket change.  Hooray!

[NYCFed]

I'm planning on borrowing a boatload of money, and then putting off the lenders until the combination of the govt. mega-stimulus and the money-printing scheme by the Fed drive inflation into the stratosphere.  Then, I can pay off my loans with my pocket change.  Hooray!

http://www.cnn.com/2009/WORLD/africa/01/16/zimbawe.currency/
Zimbabwe's already printing notes denominated in the trillions.  For comparison, Warren Buffet is worth 50-something billion USD.

[The Harvard Guy]

I got loans as well.  I'm paying them back now.  The job market for lawyers RIGHT NOW isn't very good.  Litigation is way better than transactional.  It'll get better, though, as we move out of this recession (hopefully soon).