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Author Topic: How Risky Is Law School as an Investment?  (Read 568 times)

CowboyLawyer

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How Risky Is Law School as an Investment?
« on: March 09, 2007, 12:06:14 AM »
Roughly 100K of debt isn't something to take lightly not to mention the money I'm not making by going to school for 3 years. I'm in at some pretty good schools and I know I want to practice law. I have alot of passion for it, but overall, is it really that good of an investment? I think it is, but potential financial woes concern me.
Spaghetti Westerns (Pending): Cornell, Duke,
The Man with No Name (Attending):
The Good(Accepted): BC $$, George Washington $,Notre Dame $,BU, Washington and Lee $$, William and Mary $$, American
The Bad(Rejected):Georgetown,UPenn,Harvard 
The Ugly(Waitlisted):Vandy, UTexas, Washington U

SilentSwirl

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Re: How Risky Is Law School as an Investment?
« Reply #1 on: March 09, 2007, 12:37:18 AM »
Yes it is a good investment. (Hey, ask a non-specific question, get a non-specific answer...) Especially given the schools you have to choose from so far.

We have recently been discussing this.

A mostly annoying thread with some very funny comments:
http://www.lawschooldiscussion.org/prelaw/index.php/topic,83789.0.html

A more helpful one:
http://www.lawschooldiscussion.org/prelaw/index.php/topic,84002.0/topicseen.html

CowboyLawyer

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Re: How Risky Is Law School as an Investment?
« Reply #2 on: March 09, 2007, 12:51:54 AM »
ya know, to be honest with you, that's all I needed to hear.
Spaghetti Westerns (Pending): Cornell, Duke,
The Man with No Name (Attending):
The Good(Accepted): BC $$, George Washington $,Notre Dame $,BU, Washington and Lee $$, William and Mary $$, American
The Bad(Rejected):Georgetown,UPenn,Harvard 
The Ugly(Waitlisted):Vandy, UTexas, Washington U

bamf

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Re: How Risky Is Law School as an Investment?
« Reply #3 on: March 09, 2007, 01:36:16 AM »
best investment you'll make in your life
2L, Boston College Law

http://lawschoolnumbers.com/bamf

Around from time to time.  Always willing to answer any Qs about BC, my '06/'07 cycle or law school in general ... PMs work better ...

SilentSwirl

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Re: How Risky Is Law School as an Investment?
« Reply #4 on: March 09, 2007, 02:01:28 AM »
best investment you'll make in your life

Unless you are an intimate friend of George Soros.

alphadog24

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Re: How Risky Is Law School as an Investment?
« Reply #5 on: March 09, 2007, 02:50:56 AM »
Roughly 100K of debt isn't something to take lightly not to mention the money I'm not making by going to school for 3 years. I'm in at some pretty good schools and I know I want to practice law. I have alot of passion for it, but overall, is it really that good of an investment? I think it is, but potential financial woes concern me.

Just curious, how did you arrive at that 100K number? The schools you have listed generally have tuition of at least 35 K. And unless you are living at home with parents, rent+food+transportation+general crap= at least 15 K. So, at a minimum, its more like 150 K (assuming you wont be attending a lower ranked school for $$$).

This is the math I have so far. I would appreciate it if someone would point out something they think I have misssed. I have also been thinking alot lately about the cost/benefit of going to law school and how to pay for it.
Emory Law 2010

queencruella

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Re: How Risky Is Law School as an Investment?
« Reply #6 on: March 09, 2007, 06:51:54 AM »
A lot of people on here look at law school in the short-term, when what they really need to do is examine the long-term benefits to determine whether it's worth it for you. What's the outlook like for you in your current career? Do you enjoy it? Is there a lot of potential for growth down the road? Or is it a field in which you'll work for life and probably top out at what the average lawyer salary is?

With the short-term math, if a conservative estimate of what you can make when you get out - your loan payments is still more than you make now, it's a good investment. My previous career paid so terribly that even with a low-paying law job, I'd still be better off than I was before.

As for Alphadog24's comment about the $100K, maybe the OP has scholarships or grants and/or expects to defray some of his expenses by using what he makes during 2L summer, or has saved some money.

Iceslip

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Re: How Risky Is Law School as an Investment?
« Reply #7 on: March 09, 2007, 10:11:00 AM »
You're in at GW and BU.  You'll be fine.

Are you in finance in NYC at a major bank right now?  If not, then law school with those schools is a good investment.  It's quite simple really: do decently at those schools and you have a shot of making any where between $125k-$160k starting salary, working in the top US city.