Desert Fox wrote: kappycaft1 wrote:
Full-time, Long-term, JD-Required: 94.1% (429/456)
Law Firm (51-100 Attorneys): 1.5% (7/456)
Law Firm (101-250 Attorneys): 2.9% (13/456)
Law Firm (251-500 Attorneys): 6.8% (31/456)
Law Firm (501+ Attorneys): 51.8% (236/456)Chicago-Kent
Full-time, Long-term, JD-Required: 50.9% (169/332)
Law Firm (51-100 Attorneys): 4.5% (15/332)
Law Firm (101-250 Attorneys): 1.5% (4/332)
Law Firm (251-500 Attorneys): % (5/332)
Law Firm (501+ Attorneys): 2.7% (9/332)
Based on this data, we can say this: You could either pay $250,000 + 3 years of your life for a 50% chance at big law, or you could receive $30,000 and pay 3 years of your life for a 50% chance to become a lawyer.
280K for 75% chance at least 2 years of big law. If you don't last 6 years in big law (which is hard as fuck) you probably end up with less money than you started.
Until NYC to 190K I think we've hit the point where law school at sticker isn't worth the risk.
Bingo. Would I take Columbia at sticker? I really don't know. But this notion that "Oh yeah, it's totally
worth close to 300k because it places more than half in biglaw!" is so short-sighted.
Say you go for sticker and spend ~$280,000, you do well and land a $160,000 biglaw gig, and last 2-4 years in NYC biglaw (pretty typical) while making sizeable payments on your loans, and then go to a smaller firm or go in house or whatever. Well... great job, now you've got $200,000 in non-dischargeable debt and your salary just got slashed by a third or more.
And that's a good outcome. What if you only start at 80k, or 100k, or you miss the mid/biglaw boat altogether (it does happen, even at CCN). Well now you're probably never paying those loans off and will have that hanging around your neck for 25 years.