Desert Fox wrote:You are essentially betting 200K that on a 50/50 wager. If you lose, you work shitty hours with massive debt that you'll never pay off. If you win, you still work shitty hours to pay off your debt just before big law lays you off.
Still, MVP at sticker is better than half tuition at a regional T1. Though money at DNBCG is credited in a lot of cases. Especially since BDNC seem to have equal job placement.
DF, I usually think your advice is credited, but this is so oversimplified. Say 30-40% get biglaw from MVPB post-ITE (if and when post-ITE comes). A good percentage of people at those schools don't even want biglaw. Many more will start out in small firms, and yes, they may be making 40-60k starting out. It may be a rough few years. But this constant "Oh noes I missed da big lawz!" gets a little old sometimes. Many, many, many people struggle as associates in smaller firms in small markets during their early years, but there is a light at the end of the tunnel for many of these people. It happens in other professions as well; you start at the bottom of the totem pole and try to scrap your way up. Few lawyers (if any) start out makind 40k now and are still making 40k in 10 years.
ITE sucks, even for the people at T10 schools. Anyone who has ever read a romothesavior post knows I'm extreme pessimistic and I know how bad things are. I realize that a lot of people in the bottom third at a lot of these T10 schools will be in really big trouble. But to say 50% of MVPB students are going to fucked by a life of indebtedness is just a little extreme, IMO.
Wagering $200,000 of debt against only a 30% (!!!!) of a salary that justifies that debt just does not make sense.
Yes, in the past many new lawyers could start out at 40k and slowly build a career. That made sense when tuition was under $20k/year. With tuition at $40k a year it is just crazy.
It makes MUCH more sense to become an electrician for the vast majority of law students... to include the top 10 schools.
I could see making the above wager if I was 90% certain of getting a salary to justify that level of debt so that leaves YHS Columbia, and maybe Chicago and NYU?
Never mind the fact that we are generously assuming ANY job AT ALL... which in this economy seems to be a pretty fucking big assumption. I personally know several Columbia graduates with no jobs whatsoever. What the hell are they going to do?
And if Columbia has a small group in that position, how many unemployed grads are there at other schools?
Holy crap. Who would have expected this back in 2006?
Anyway, sorry to derail the thread. I hope things turn around for you current batch of law students, I really do. I feel very lucky to not be screwed right now.