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Author Topic: DO NOT GO TO LAW SCHOOL!!!  (Read 44154 times)

Hamilton

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Re: DO NOT GO TO LAW SCHOOL!!!
« Reply #50 on: February 24, 2011, 01:02:31 PM »
50K to 80K is not that much for an annual income - ESPECIALLY if you have significant student loans to repay.

lawstudent2011

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Re: DO NOT GO TO LAW SCHOOL!!!
« Reply #51 on: February 24, 2011, 01:45:09 PM »
For the most part I think you and I are saying the same basic thing. Don't go into ANY profession unless you are willing to put up with a little heartache from time to time. The same mentality I suspect is why less than a third of the nation even applies to serve in the military. (they might make me cry :'( ) But then again, that's probably why I have a grunt mentality on it. Do your job, get it done, move on with life.

I suspect most people are just weak and would cry no matter they do in life. For example the head banker example would require a CPA/MBA which would also put you in debt and the odds of getting that job are virtually zero. Most end up as the teller making the same as the guy serving slurpies down the road. :P



There are a lot of other options out there.  I think you and I can agree that you should go to law school if you want to be a lawyer, and then find a way to make it work.  (Although I think a lot of people go to law school without enough experience to know if they want to be a lawyer)

Feel free to ignore the rest of this post, but I'm very bored in a very boring 3L class, so I need something to do.

I want to contrast the experience of an attorney I know and a potential alternative.

This attorney was on Law review, he was in the top half of his class at a school ranked in the 60-80 range.  He built up 90,000 in debt in law school, and he got a job in a good DA's office in a medium sized metro area (Population around 2 million).

He started 8 years ago at 50,000/year and now he makes 83,000 per year.  He and I are good friends so he told me his ballpark salary for each year. 

Another man I know got his degree in business and got a job as a community banker.  He started his career the same year my attorney friend started law school, so it's perfect for this comparison.

Here's how the 11 years worked out for the two of them.

Year One:   Lawyer -30,000  ; Banker (Teller) 19,500
 Two:  Lawyer -30,000  ; Banker (Car Loans) 24,500
 Three: Lawyer -30,000  ;  Banker (Assistant Manager) 29,000
 Four: Lawyer: 50,000  ;  Banker (Branch Manager) 38,000
 Five:  Lawyer 52,000  ;  Banker  42,000
Six:  Lawyer 54,000   ;   Banker 46,000
Seven:  Lawyer (Promoted) 62,000   ;  Banker  50,000
Eight:  Lawyer  65,000  ;   Banker 52,500
Nine:  Lawyer  67,000  ;   Banker (Regional Manager)  63,000
Ten:  Lawyer (Promoted) 80,000  ;  Banker  66,000
Eleven:  Lawyer: 83000  ;  Banker  69,000

If we don't consider any interest, then the lawyer sits at a total income (minus loans) of $423,000 over 11 Years
The Banker sits at  $499,500.

Eventually the lawyer will probably pass the banker, unless the banker gets a better promotion or has a different successful business venture.  Maybe the lawyer might even jump into private practice and start making $200,000 a year.

To those who want to go to law school: Just consider how this was a good candidate who got a decent job right out of law school about 8 years ago (When the market was probably a lot better than now).   Law school might be a good investment, but think of what else you could accomplish with 3 years of freedom and close to 100,000 dollars?

I just don't think anyone should go to law school unless their primary motivation is that they want to work as a lawyer for 45-70 hours a week. 




"good investment" is a relative term. If you read my earlier posts I was argueing with some idiot who wanted to believe that most lawyers will make under $30K. You are saying(very correctly) that most will make well over $55K. Many will make well over $100K.
This is a good thing. I think we both should be able to argue that.
We also agree that students loans are payable based on income. So a "huge" debt is a relative term also. If you make the big bucks, you can pay it back with little problem(so why thebitchin? ???) If you get screwed and make tiny amounts, you walk away debt free since it evaporates in a few years anyways with $0 payments, or close to it.

You are right most will make in the middle at first, and it will help them ease into it. People just want to cry. Let them cry.
In all reality what else is there out there? Medical school? Fine, but most lawyers wouldn't be fit to work in a butchershop let alone an ER.
That leaves what, cutting hair? ::)


lawstudent2011

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Re: DO NOT GO TO LAW SCHOOL!!!
« Reply #52 on: February 24, 2011, 01:45:54 PM »
case in point with this winner eh jack? 8)

50K to 80K is not that much for an annual income - ESPECIALLY if you have significant student loans to repay.

jack24

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Re: DO NOT GO TO LAW SCHOOL!!!
« Reply #53 on: February 24, 2011, 07:21:37 PM »
That head banker is a real person.  He had a bachelors in business.  Very few community bankers go to grad school.
I was a branch manager before law school as well.

lawstudent2011

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Re: DO NOT GO TO LAW SCHOOL!!!
« Reply #54 on: February 24, 2011, 08:03:29 PM »
That head banker is a real person.  He had a bachelors in business.  Very few community bankers go to grad school.
I was a branch manager before law school as well.

I never suggested that he wasn't a real person. As a former banker yourself I think you can agree that is the exception more than the standard. Afterall, if you were doing such aces while there, why not stay for life? ???

haus

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Re: DO NOT GO TO LAW SCHOOL!!!
« Reply #55 on: February 24, 2011, 08:07:40 PM »
Do forums about technical/trade schools get filled with post telling people not to become plumbers?

lawstudent2011

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Re: DO NOT GO TO LAW SCHOOL!!!
« Reply #56 on: February 24, 2011, 08:49:16 PM »
Naw, people love pulling dead rats out of poo filled septic pipes. THATS where it's at!  ;)

Do forums about technical/trade schools get filled with post telling people not to become plumbers?

the white rabbit

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Re: DO NOT GO TO LAW SCHOOL!!!
« Reply #57 on: February 25, 2011, 12:27:16 AM »
How the hell do you figure that?


I'm glad that at least we don't disagree that you're just making an assumption.
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[/quote]

Oh I'm sorry, you DO disagree that you're just making an assumption?
Mood: Tired but cheerful.  :)

lawstudent2011

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Re: DO NOT GO TO LAW SCHOOL!!!
« Reply #58 on: February 25, 2011, 01:39:21 AM »
you just like to type randomshit huh? :-X

How the hell do you figure that?


I'm glad that at least we don't disagree that you're just making an assumption.
[/quote]

Oh I'm sorry, you DO disagree that you're just making an assumption?
[/quote]

the white rabbit

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Re: DO NOT GO TO LAW SCHOOL!!!
« Reply #59 on: February 25, 2011, 05:10:42 AM »
you just like to type randomshit huh? :-X

Oh I just like pointing out when people are essentially making stuff up and presenting it as fact.
Mood: Tired but cheerful.  :)