wbrother wrote: Elston Gunn wrote: wbrother wrote:
Elston Gunn wrote:Wait, you believe that you will have a 50% chance of graduating unable to to get a JD-required job at all and having A QUARTER MILLION DOLLARS OF DEBT, and you think it's a good idea to go to law school???
Those are the facts right? Nationally only 55% of graduates from ABA law schools were able to secure JD-required jobs. It's higher at USC and Georgetown, but obviously sticker at either of these schools is a very bad idea. I think I need to clarify that I haven't YET received scholarship info. I'm not going at sticker.
You don't have the facts right, since you're lumping in Cooley grads with GULC grads, but the fact that you believed that and still think law school school is a good idea (even at $150K or whatever) is a good indication that you haven't really thought this through.
I think I clearly stated that Georgetown and USC's stats are higher than the national average. Are you saying you would advise against Georgetown and USC with a 1/3rd tuition scholarship?
LST says GULC had a 63 percent employment rate in JD-required jobs for the class of 2011, 68 percent for 2010. 2012 is expected to be as bad or worse than 2011.
Only 1/3rd of the class reported a salary of $160,000, which would justify a debt of $150k to $200k. Cost of Living in DC is going to be between $30k a year. Tuition is $47k. Let's assume you only pay 2/3rds of that. That's $30k. $30k plus $30k for living is about $60k. $60k times 3 years is $180k plus the interest for the debt you carry during the three years is going to bring you at about $200k
When you graduate, you have a one-third chance according to current statistics of getting that $160k job, and a 2/3rds chance of getting job any job at all that requires a JD. No informed commentator believes that legal market is going to improve, and some believe it will get worse - at least for recent grads.
$160k is not what you will make, because it will be taxed at, roughly, 40 percent. I say roughly because it could be a bit more, could be a bit less. Let's assume you take home $96,000 as a ballpark figure.
If you are in DC or any similarly situated city where you can earn the $160k, you're looking at at least $1200 a month in rent. That's $14,000 a year (and we're talking about some shared living arrangement) because rents in DC, Arlington, Alexandria are considerably higher than that. So let's just assume another $100 a month in utilities. Let's assume $15,000.
Plus you've got $200,000 in law school debt. So you're paying another $2,300 or so a month. That's $27,000. Plus the living expenses leaves you with $42,000 in money you don't actually get.
Right off the top that of that $96,000, that leaves you with $54,000 a year in actual cash that you get to use for everything else. Car? Figure $400 a month for something modest including insurance. About $5000 a year. Or metro pus cabs... whatever. Similar numbers.
That leaves you about $940 a week for everything else. Now, you may say, holy shit, $940 a week in left over cash is pretty awesome. You're billing 2,000 hours a year, which means you're working more than that - figure at least 60 hours a week.
I'm assuming you eat, get coffee, have some beers every once in a while, so let's take another $1,000 out for meals a month. Maybe you're more frugal. I have no idea. But $250 a week is a fair estimate ($12 a meal for 21 meals a week) for a major American city if you eat out once or twice a week.
So that's $690 a week, after eating, housing, transportation, and servicing your debt. You have not saved a dime, bought any clothes, or put away any money at this point for a downpayment on a home. You have not gone to the movies, or traveled home for the holidays. You haven't done anything except basically keep yourself alive and going to work.
And mind you, this is probably the most optimistic outcome you've got - this is you "winning" the lottery. You have a 70 percent chance, according to GULC statistics on LST, of doing worse than this.