rad lulz wrote:With $250k in loans, I'd drop out if you don't get a large firm summer associate position.
I think this is a heavily under-emphasized point for most. I think a strong argument could be forwarded that if you're at least in the top 2/3 at Penn, you've got a quality job waiting for you. If you're not at or above your school's cutoff for quality jobs, and this goes for every school, why is everyone under this assumption that people will/should stick it out for the remaining two years after a lost battle, only to triple or quadrupling outstanding debt?
A friend of mine ended up just below median at Texas a few years ago,wasn't too happy with law school anyway, and decided to cut his losses. He has roughly $40k educational debt (0 from UG), but it sure beats $150-200k debt to fight a losing battle.
JCougar's point about biglaw burnout cannot be understated either. Most people don't like to admit that most people find these jobs overwhelming and undesirable (except for the money). I myself was in that boat when I was in UG in 2006 at the tail end of the 2000s boom, and I was "gunning" for a top school so I could do corporate law and roll in the dough--I had absolutely no idea what the hell a corporate lawyer did, and just fantasized about having a big window office in manhattan and being all chummy with the neighboring socialites. I think a lot of people coming out of undergrad with no real world experience (like I was at the time) still hold this belief even in light of employment numbers because it's more comforting than the reality that the work largely sucks.
It's also quite a sobering comment to put into perspective as above that we're in here seriously debating the merits of attending one of the most prestigious law schools in the nation because the cost doesn't reflect the value of the degree. I couldn't imagine doing that for any graduate program outside of perhaps a liberal arts doctorate.