Law School Applicants Surge 13%, Biggest Increase Since Dot-Com Bubble

[MoneyTron]

I don’t disagree there but even then some industries it doesn’t really matter. For example, I’m in technology consulting and a lot of people are killing themselves to go to a top 20 for an MBA. With 4 YOE out of undergrad you can be close to 120-130 in a MCOL city. Unless you’re really trying to pivot to a completely different industry it’s hard to justify giving that salary plus at minimum a 10% raise each year up to shell out 200k for a wharton mba and get 160 base somewhere.

True. Its very situational.

For myself, I’m going back to pivot/gain credibility. I need the clout. There’s no way I’m getting to 120-140K/year from here in the timeframe I want without business school.

However, if you’re in IT, there’s really no point.

 

[Conan]

I like the idea of reading law, it's a shame that many states have cancelled this path to practicing law. Much less expensive too.

 

[No1]

The increase in pay vs the increase in debt repayment is worth is for most people.

The problem is that the increase in pay isn’t guaranteed.

 

[Pressure]

The problem is that the increase in pay isn’t guaranteed.

Compared to what?

 

[No1]

Compared to what?

To whatever they were doing before unless they were working retail or something. There are too many law schools and the farther down you go in the rankings then the pay off is less and less. If you go to a no name law school and you are well off then you’re the exception and not the rule.

 

[Conan]

To whatever they were doing before unless they were working retail or something. There are too many law schools and the farther down you go in the rankings then the pay off is less and less. If you go to a no name law school and you are well off then you’re the exception and not the rule.

This.

Considering opportunity cost (basic economics principle) of the income foregone to enter law school, the added expenses, loan interest... The payoff is positive for a minority of law school graduates.

 

[Pressure]

To whatever they were doing before unless they were working retail or something. There are too many law schools and the farther down you go in the rankings then the pay off is less and less. If you go to a no name law school and you are well off then you’re the exception and not the rule.

The reason I asked is the relative age for law students is particularly young at 22-24. Bottom 10% of lawyers make 60k with a median salary around 100k here In NC.

I dont think it takes away from your point that lawyers make less as they go to worse off schools or that they may be saddled with additional student debt, but just raw warnings I'd imagine most end up making more than they were before.

 

[No1]

The reason I asked is the relative age for law students is particularly young at 22-24. Bottom 10% of lawyers make 60k with a median salary around 100k here In NC.

I dont think it takes away from your point that lawyers make less as they go to worse off schools or that they may be saddled with additional student debt, but just raw warnings I'd imagine most end up making more than they were before.

I mean, they probably make more but factoring in the 100k in debt it might be a nearly neutral increase.

 

[Conan]

I mean, they probably make more but factoring in the 100k in debt it might be a nearly neutral increase.

100k in debt + foregone salary for 4 years (law school + bar study + job acquisition) + additional expenses of law school

 

[CrimsonTider]

I mean, they probably make more but factoring in the 100k in debt it might be a nearly neutral increase.

100k in debt + foregone salary for 4 years (law school + bar study + job acquisition) + additional expenses of law school

you got to factor in upward mobility. What every they were doing before doesn’t have that compared to law

 

[Pressure]

100k in debt + foregone salary for 4 years (law school + bar study + job acquisition) + additional expenses of law school

If you're factoring that in you also have to factor in increased wages over the duration of your career.

 

[Conan]

If you're factoring that in you also have to factor in increased wages over the duration of your career.

Of course. I'd say that for admission into a top 10 law school and graduation in the top 10% of your class, it's a sacrifice worth making. Beyond that, one should definitely take a look at the numbers (including realistic estimates of future income).

 

[Pressure]

Of course. I'd say that for admission into a top 10 law school and graduation in the top 10% of your class, it's a sacrifice worth making. Beyond that, one should definitely take a look at the numbers (including realistic estimates of future income).

What if they enjoy the work? That certainly has to play a part as well right?

 

[Conan]

What if they enjoy the work? That certainly has to play a part as well right?

A big part. If someone derives joy from being a lawyer and can pay the bills and be good, nothing I said matters.

 

[Lucky_Lefty]

I'm getting to go for free so Ready to start the journey