Law School Cost/Benefit Analysis

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o2bnlv
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Law School Cost/Benefit Analysis

Postby o2bnlv » Fri Jul 30, 2010 12:26 pm

Is there an up to date version of this?:

http://www.ilrg.com/schools/analysis/

rockstar4488
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Re: Law School Cost/Benefit Analysis

Postby rockstar4488 » Fri Jul 30, 2010 12:52 pm

Yes, basically with IBR, the most you are out is ~13%./y. That is with assuming a market salary 160k position. The lower the starting salary, the lower that percentage will go, down to a salary of ~21k/y, where it will be 0%. Obviously having less loans overall would also lower these percentages.

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traehekat
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Re: Law School Cost/Benefit Analysis

Postby traehekat » Fri Jul 30, 2010 1:20 pm

Spoiler - it's probably not worth it.

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General Tso
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Re: Law School Cost/Benefit Analysis

Postby General Tso » Fri Jul 30, 2010 1:30 pm

wow UGA cost under $3,000 a year

look at the UC's - $8500-9000

BeautifulSW
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Re: Law School Cost/Benefit Analysis

Postby BeautifulSW » Fri Jul 30, 2010 1:36 pm

No T2 private law school J.D. is worth paying sticker. Part-time 4 year programs are a little less dismal because of the reduction in opportunity cost. The ideal would be a nice scholarship to a PT program in a city with a low cost of living but I don't know if such a beast even exists.

Twenty-five years ago, state university law schools were cheap enough that going did make financial sense. (Disclaimer: That's what I did.) I suppose it might still make sense but you need to evaluate it on a case-by-case basis.

There's just no getting away from the numbers. Assume $120,000 in private school tuition for three years plus, say, lost income of $35,000 per year...$225,000 for a J.D. and the prospect of a starting salary of, say, $50,000...it just isn't worth it.

But ROI isn't the only gauge. If it were, Californian wanna-be lawyers would all do 4 year clerkships with Judges and attorneys and qualify for the Bar that way. Or at least earn correspondence degrees for $15-25,000. But they don't; the VAST majority of new California lawyers earned their degrees in ABA approved, full time programs.

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Borhas
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Re: Law School Cost/Benefit Analysis

Postby Borhas » Fri Jul 30, 2010 2:41 pm

General Tso wrote:wow UGA cost under $3,000 a year

look at the UC's - $8500-9000


only off by about 40,000

rockstar4488
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Re: Law School Cost/Benefit Analysis

Postby rockstar4488 » Fri Jul 30, 2010 2:48 pm

BeautifulSW wrote:No T2 private law school J.D. is worth paying sticker. Part-time 4 year programs are a little less dismal because of the reduction in opportunity cost. The ideal would be a nice scholarship to a PT program in a city with a low cost of living but I don't know if such a beast even exists.

Twenty-five years ago, state university law schools were cheap enough that going did make financial sense. (Disclaimer: That's what I did.) I suppose it might still make sense but you need to evaluate it on a case-by-case basis.

There's just no getting away from the numbers. Assume $120,000 in private school tuition for three years plus, say, lost income of $35,000 per year...$225,000 for a J.D. and the prospect of a starting salary of, say, $50,000...it just isn't worth it.

But ROI isn't the only gauge. If it were, Californian wanna-be lawyers would all do 4 year clerkships with Judges and attorneys and qualify for the Bar that way. Or at least earn correspondence degrees for $15-25,000. But they don't; the VAST majority of new California lawyers earned their degrees in ABA approved, full time programs.



This, specifically the part about it not being worth it, is false, especially if you have no other lucrative career skills. At $50k/y, with IBR, you're paying back about $4k/y. You're still doing better than working for $35k/y. All this is moot if you don't finish law school or don't pass the bar though.

r6_philly
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Re: Law School Cost/Benefit Analysis

Postby r6_philly » Fri Jul 30, 2010 4:56 pm

rockstar4488 wrote:This, specifically the part about it not being worth it, is false, especially if you have no other lucrative career skills. At $50k/y, with IBR, you're paying back about $4k/y. You're still doing better than working for $35k/y. All this is moot if you don't finish law school or don't pass the bar though.


If you want to compare 50k to 35k, you have to include the 105k lost wages into the equation. Also 3 years of seniority will net some levels of raises, maybe even a promotion to a position/title that pays closer to 50k, without the debt and lost wages.

BeautifulSW
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Re: Law School Cost/Benefit Analysis

Postby BeautifulSW » Fri Jul 30, 2010 6:30 pm

IBR, as wonderful as it may be and assuming Congress is willing to continue subsidizing overpriced law school tuition, does not address the three years of lost income. I stick by my comment.

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A'nold
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Re: Law School Cost/Benefit Analysis

Postby A'nold » Fri Jul 30, 2010 6:49 pm

Lulz at "3 years of lost income" or, the even better one: "opportunity cost."

People that point to these things typically fall under one of two categories:

1. They are naive UG's that have never had a real job;
2. They had a great job and many years of WE pre ITE OR majored in something like engineering.


To those of you in group 1: You have no idea the hell that is finding some kind of data entry, small time job and working for 5 years to "climb the ladder" under incompetent micro managing middle management loser type bosses. All of this while earning a gigantic salary of < 30k and then "working your way up" to 40k after a few years of this hell, all with the prospect of becoming that horrific, incompetent micro-managing middle manager.

Have fun with that. I'll take an interesting career that values critical thinking and autonomy.

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dominkay
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Re: Law School Cost/Benefit Analysis

Postby dominkay » Fri Jul 30, 2010 6:55 pm

A'nold wrote:I'll take an interesting career that values critical thinking and autonomy.


So, you've decided to drop out of law school? ;)

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A'nold
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Re: Law School Cost/Benefit Analysis

Postby A'nold » Fri Jul 30, 2010 7:26 pm

dominkay wrote:
A'nold wrote:I'll take an interesting career that values critical thinking and autonomy.


So, you've decided to drop out of law school? ;)


Speaking of that, I am actually a half hour away from wrapping up my 1L internship. Law is a great field. Trust me, I've tried many.

BeautifulSW
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Re: Law School Cost/Benefit Analysis

Postby BeautifulSW » Mon Aug 02, 2010 6:00 pm

So have I tried many. Naval officer, merchant mariner, even a short stint in broadcasting. But for the last 25 years, I've been a lawyer. No private T2 school is worth sticker.

rockstar4488
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Re: Law School Cost/Benefit Analysis

Postby rockstar4488 » Tue Aug 03, 2010 1:38 pm

IBR, as wonderful as it may be and assuming Congress is willing to continue subsidizing overpriced law school tuition, does not address the three years of lost income. I stick by my comment.



All "lost" income is supplanted by cost of living loans, which are included in the full price IBR scenario that I mentioned above.

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Bronte
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Re: Law School Cost/Benefit Analysis

Postby Bronte » Tue Aug 03, 2010 2:31 pm

A'nold wrote:Law is a great field.


This may be the first time this has ever been said on the internet.




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