Is anyone else having second thoughts?

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HWS08
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Re: Is anyone else having second thoughts?

Postby HWS08 » Thu Mar 17, 2011 9:50 pm

Another update: I am a nerd and just made a spreadsheet determining the difference in income I'm likely to make. I assumed a post-law school salary of between 100K and 140K and a non-law school salary maxing out at 100K (assuming I never pursue any type of grad school). After accounting for loans (approx. 220K when you consider principle+interest), for me getting a law degree beats not getting one somewhere between six and seven years after graduating (if not sooner; I was trying to use conservative salary estimates). Around 20 years after graduating I'll have earned at least $1 million more than I probably would have over the course of my life without going to law school. This all assumes I can find a job right out of school paying at least $100K, but I feel a little reassured after crunching those numbers.

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NCtoDC
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Re: Is anyone else having second thoughts?

Postby NCtoDC » Thu Mar 17, 2011 9:52 pm

I know a lot, not all, of people considering law school have never sustained a household on their own without help from mom and dad...my husband and I TOGETHER only grossed 33k this past year...granted we live in a low COL area, but we have a pretty decent life. We eat out more than in, I buy new clothes at least once a month, and my animals (3) are all up to date on their vet care. I don't think some of you realize how far money can go because you've never had experience with it. (this is not directed at any particular poster, just as a personal perspective) If you have 30k to live on after taxes and loan payments you will be comfortable.

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kapachino
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Re: Is anyone else having second thoughts?

Postby kapachino » Thu Mar 17, 2011 9:55 pm

lawscholar20 wrote:
HWS08 wrote:I've been focused on going to law school (studying for the LSAT, taking the LSAT twice, and applying to schools) for close to two years. I had a much better cycle this year than last year, but now I am having second thoughts about law school. I am enthusiastic about working in law, am confident in my ability to do the work and get the good grades in law school, etc. but it seems like the job market is still just not that great. I'll probably have $125K+ in loans to pay off so that means I need to get a job paying over $100K right out of school. Plus, I keep hearing from/reading posts by attorneys who say that they wish they'd never gone to law school because of the crippling debt that makes them feel trapped in the profession. I wonder if I would be better off financially finding something else to do.

Anyone else in the same boat?


Please tell me a profession that isn't suffering due to the downturn in the economy? (Doctor, Financial Lawyer)

Point is everyone is having a hard time. You just got to be better than the majority of your profession to be successful. It's always been like that, it's just a little more of an "all or nothing" atmosphere now.



The financial industry is doing incredibly well, as compared to other fields.

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ThomasMN
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Re: Is anyone else having second thoughts?

Postby ThomasMN » Thu Mar 17, 2011 9:58 pm

If you are getting into law just for the money, then yes you should have some serious second thoughts. If you have some actual interest in the profession, go for it. If its all about the Benjamins, well there are other jobs that won't tax you the same way LS will.

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kapachino
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Re: Is anyone else having second thoughts?

Postby kapachino » Thu Mar 17, 2011 10:00 pm

To answer OP, I was having second thoughts about it, until I realized that I could start putting money in a high-yield savings account now and let it mature for a few years, as well as adding to it over time. I could use that pay down some school debt after graduation, or to live off of while making loan payments. Hopefully, I'll end up with some scholarship money, but if not, I think I can manage. There's no other field I want to go into. Law has been my focus for years, and I don't want to give up on that just because the economy is shit right now. I do think I have to be smarter about where I apply, and how much debt I'm willing to take on, but that can be worked out.

Why consider fields that hold little to no interest for you because you're scared of taking on debt?

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ThomasMN
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Re: Is anyone else having second thoughts?

Postby ThomasMN » Thu Mar 17, 2011 10:13 pm

kapachino wrote:To answer OP, I was having second thoughts about it, until I realized that I could start putting money in a high-yield savings account now and let it mature for a few years, as well as adding to it over time. I could use that pay down some school debt after graduation, or to live off of while making loan payments. Hopefully, I'll end up with some scholarship money, but if not, I think I can manage. There's no other field I want to go into. Law has been my focus for years, and I don't want to give up on that just because the economy is shit right now. I do think I have to be smarter about where I apply, and how much debt I'm willing to take on, but that can be worked out.

Why consider fields that hold little to no interest for you because you're scared of taking on debt?


Poverty.

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EdmundBurke23
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Re: Is anyone else having second thoughts?

Postby EdmundBurke23 » Thu Mar 17, 2011 10:18 pm

don't go to law school. there's a downward trend in the # of law school apps this year, and i'd like people to continue that trend. i'm hoping that the number of law school graduates churned out by law schools each year would decrease to 30,000 like the late 20th century. you can help us accomplish that.

Chants
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Re: Is anyone else having second thoughts?

Postby Chants » Thu Mar 17, 2011 10:26 pm

Of course there is more concern (or should be) among those entering law school now as opposed to 10 years ago. For me, I think (outside the T14/13) choosing $$$ over rank has comforted me in my decision. Take the higher scholarship and run with it all day in this economy (within reason, of course).

keg411
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Re: Is anyone else having second thoughts?

Postby keg411 » Thu Mar 17, 2011 10:35 pm

HWS08 wrote:Fair enough. I'm referring to Boston College. I do want to stay in the Boston/New England area.

WUSTL for $90K may not be too bad. It seems like they are pretty generous with merit aid. I have a friend who got offered $75K at BC but a full ride at WUSTL, which I think is ranked higher.


If you want to work in Boston/New England, go to BC, not WUSTL. And tell your friend to do the same (if he/she wants to work in Boston). WUSTL may be ranked higher, but it is still a regional school (midwest) and Boston is not part of its target region.

HWS08
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Re: Is anyone else having second thoughts?

Postby HWS08 » Thu Mar 17, 2011 10:41 pm

keg411 wrote:
HWS08 wrote:Fair enough. I'm referring to Boston College. I do want to stay in the Boston/New England area.

WUSTL for $90K may not be too bad. It seems like they are pretty generous with merit aid. I have a friend who got offered $75K at BC but a full ride at WUSTL, which I think is ranked higher.


If you want to work in Boston/New England, go to BC, not WUSTL. And tell your friend to do the same (if he/she wants to work in Boston). WUSTL may be ranked
higher, but it is still a regional school (midwest) and Boston is not part of its target region.


Sorry for any confusion! I didn't apply to WUSTL, I was responding to a previous poster who said he was debating between WUSTL on scholarship and some other school.

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Malcolm8X
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Re: Is anyone else having second thoughts?

Postby Malcolm8X » Thu Mar 17, 2011 11:50 pm

EdmundBurke23 wrote:don't go to law school. there's a downward trend in the # of law school apps this year, and i'd like people to continue that trend. i'm hoping that the number of law school graduates churned out by law schools each year would decrease to 30,000 like the late 20th century. you can help us accomplish that.


Funny. I slightly agree too. I was kinda disappointed at the poster who posted the National Law Journal link also. The less people going in, the better for me..




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