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Author Topic: Money. Money. Money. Money!  (Read 2328 times)

gemgrl6581

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Money. Money. Money. Money!
« on: June 12, 2007, 01:30:18 PM »
So the big question is.... with so many people in law school, are there any more lucrative jobs for the average law school graduate.  Does it pay for me to rack up the debt by going to law school and getting a job that will only allow mediocre pay due to basic supply and demand rules. I want to be a lawyer, but if I can find another avenue to serve the public in a similar capacity, I may be inclined to take that path if the pay is similar or more.  Three years is a lot of time and money to invest, to not make the money I want.  It is a shame salaries are being lowered so much.  Unless you are a grad from Harvard or Yale (or the alike), I am not sure lawyers can make the kind of money they used to (unless they have connections or good luck).

Any insight?

gemgrl6581

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Re: Money. Money. Money. Money!
« Reply #1 on: June 12, 2007, 02:18:57 PM »
Super!

Big Slick

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Re: Money. Money. Money. Money!
« Reply #2 on: June 12, 2007, 03:20:20 PM »
So the big question is.... with so many people in law school, are there any more lucrative jobs for the average law school graduate.  Does it pay for me to rack up the debt by going to law school and getting a job that will only allow mediocre pay due to basic supply and demand rules. I want to be a lawyer, but if I can find another avenue to serve the public in a similar capacity, I may be inclined to take that path if the pay is similar or more.  Three years is a lot of time and money to invest, to not make the money I want.  It is a shame salaries are being lowered so much.  Unless you are a grad from Harvard or Yale (or the alike), I am not sure lawyers can make the kind of money they used to (unless they have connections or good luck).

Any insight?

I think supply and demand rule for lawyer is strictly dependent upon area of specialization.  For example (not based on any statistics or studies, just for sake of the argument), there might be more DUI defense attorneys than immigration attorneys.  Accordingly, DUI defense attorneys, on average, may earn less than immigration attorneys do.  This is textbook supply and demand at work.

I plan to be a tax attorney because of my educational and professional background in accounting and tax.  This area is not so easy to enter for someone with, say B.S in English/JD unless LLM in tax.

Typically speaking, BMW mechanics' wages are higher than Chevy mechanics, Heart surgeons make more than family practice, Orthodontists make more money than regular dentist, and so forth and so on.

I saw "top 25 paying job" on MSN recently which showed that only professions that have higher avg salary than a lawyer were various types of MDs.

DDBY

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Re: Money. Money. Money. Money!
« Reply #3 on: June 12, 2007, 04:14:41 PM »
I don't believe the competition is that stiff.  There are plenty of potential lawyers that fear the debt enough to never enter the market.  There are the ones who don't believe enough in themselves to put up any seroius competition; The "realists" who quit when their grades are looking bad and think thier dreams are shot. Then there are the near sighted who believe somehow thier incomes will never increase over time and they will be broken by debt, and high opportunity costs.  These are the ones who never make it out of the gate. Alot of them post here on LSD.

 ;D ;D ;D

DDBY

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Re: Money. Money. Money. Money!
« Reply #4 on: June 12, 2007, 04:17:50 PM »
I don't believe the competition is that stiff.  There are plenty of potential lawyers that fear the debt enough to never enter the market.  There are the ones who don't believe enough in themselves to put up any seroius competition; The "realists" who quit when their grades are looking bad and think thier dreams are shot. Then there are the near sighted who believe somehow thier incomes will never increase over time and they will be broken by debt, and high opportunity costs.  These are the ones who never make it out of the gate. Alot of them post here on LSD.

 ;D ;D ;D

DDBY

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Re: Money. Money. Money. Money!
« Reply #5 on: June 12, 2007, 04:20:25 PM »
No there aren't.  You shouldn't even bother.

smack

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Re: Money. Money. Money. Money!
« Reply #6 on: June 22, 2007, 08:37:54 AM »
I know, in Texas at least, that salaries for new associates are increasing at the mid to large size firm.  At the firm I worked for, the salary for a brand new associate was raised last year from $100K to $120K.  That does not sound so bad to me.

Slim

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Re: Money. Money. Money. Money!
« Reply #7 on: June 22, 2007, 09:58:06 AM »
I think he was also alluding to the salary increase with seniority. Senior associates (5-7yr) make over 200K at big law, I assume over 150k elsewhere.  You won't die in L.S. debt. If you continue to live like a Law Student the first year or two out of L.S.; it is possible to pay down a huge chunk of your debt.   But most of these guys are near sighted, and anxious.  They don't go to L.S., or will quit with bad grades because they can't see the potential for success 5 or 10 years down the road.
Enlighten the people, generally, and tyranny and oppressions of body and mind will vanish like spirits at the dawn of day. - Thomas Jefferson.

psychobubble

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Re: Money. Money. Money. Money!
« Reply #8 on: July 03, 2007, 08:23:54 PM »
I saw a Yahoo! headline this week on the top 10 big-money careers for the next decade.  One was law..specifically health care law, Intellectual Property, and Environmental Law areas.

The Dukes

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Re: Money. Money. Money. Money!
« Reply #9 on: July 04, 2007, 09:58:47 PM »
We are very disappointed. We expected a discussion on the current state of the market.

Harrumph.
Money is everything.