The Jobs Crisis at Our Best Law Schools

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Blessedassurance
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Re: The Jobs Crisis at Our Best Law Schools

Postby Blessedassurance » Sun Apr 14, 2013 9:54 pm

kappycaft1 wrote:
Jordan Weissman wrote:If we were talking about undergraduate students, these numbers wouldn't seem quite as awful. But JD's consistently dive six figures into debt and give up three years of other opportunities for an education that prepares them with a very specific, not-so-easily transferred skill set (please forget the old saw that "you can do anything with a law degree").

I wonder what makes Mr. Weissman think this... Yes, undergraduate loans do not accrue interest while one is in school, and even when interest does start accruing several months after they graduate, the rate is much lower. However, at most of the top schools, tuition is still +$40,000 per year.

Undergrad:
Tuition: $40,000 x 4 Years = $160,000
Room & Board: $20,000 x 4 Years = $80,000
Other Expenses: $10,000 x 4 Years = $40,000
Total: $260,000

Law School:
Tuition: $55,000 x 3 Years = $165,000
Room & Board: $20,000 x 3 Years = $60,000
Other Expenses: $10,000 x 3 Years = $30,000
Total: $255,000 (With Interest: About $290,000

I understand that students are usually able to work during the school year in undergrad whereas this isn't as feasible with law school, but law students can work summer positions and potentially earn quite a bit during their 2L if they get a summer associate position. Also, the starting salaries of a biglaw lawyer from a top law school and an undergrad from a top university are probably very different, especially if the undergrad majored in something retarded.


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sinfiery
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Re: The Jobs Crisis at Our Best Law Schools

Postby sinfiery » Sun Apr 14, 2013 10:00 pm

Samara wrote:Not really. People at top schools can go into engineering, finance, consulting, etc. jobs that don't pay quite as much as the top tier of biglaw, but aren't too far off.

lol, you should look up the actual salary data for UGs, even from Ivies.

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Gunnar Stahl
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Re: The Jobs Crisis at Our Best Law Schools

Postby Gunnar Stahl » Sun Apr 14, 2013 10:08 pm

Samara wrote:Not really. People at top schools can go into engineering, finance, consulting, etc. jobs that don't pay quite as much as the top tier of biglaw, but aren't too far off.

You can get engineering jobs from any UG, and you make getting finance/consulting sound easy. Plus 70k is kind of far off from 160k.

NYstate
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Re: The Jobs Crisis at Our Best Law Schools

Postby NYstate » Sun Apr 14, 2013 10:15 pm

Ghost93 wrote:
Samara wrote:Not really. People at top schools can go into engineering, finance, consulting, etc. jobs that don't pay quite as much as the top tier of biglaw, but aren't too far off.

You can get engineering jobs from any UG, and you make getting finance/consulting sound easy. Plus 70k is kind of far off from 160k.


How much is a 70k job worth after the three years law school takes? And then there is the cost of attending law school.

I feel that the lure of the $160,000 salary is too much to overcome. People are so sure they will end up with that biglaw money.

Anyway the point of the article is that even top schools have employment issues, it isn't comparing to undergrad.

(For comparison of debt levels, I know Columbia has need-blind admissions for undergrad, not everyone ends up with totally debt financed educations like they do in law school.)

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Gunnar Stahl
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Re: The Jobs Crisis at Our Best Law Schools

Postby Gunnar Stahl » Sun Apr 14, 2013 10:20 pm

NYstate wrote:How much is a 70k job worth after the three years law school takes? And then there is the cost of attending law school.

I feel that the lure of the $160,000 salary is too much to overcome.

Anyway the point of the article is that even top schools have employment issues, it isn't comparing to undergrad.

For comparison of debt levels, I know Columbia has need-blind admissions for undergrad, not everyone ends up with totally debt financed educations like they do in law school.

Yeah, I know, and if you get one of those 70k jobs then you probably shouldn't go to law school.

Assuming NYC biglaw after paying sticker:
100k take home pay + 250K-300k in LS debt +UG debt + NYC COL + 3/4 years in biglaw = ???
Last edited by Gunnar Stahl on Sun Apr 14, 2013 10:22 pm, edited 2 times in total.

20141023
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Re: The Jobs Crisis at Our Best Law Schools

Postby 20141023 » Sun Apr 14, 2013 10:21 pm

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Last edited by 20141023 on Mon Feb 16, 2015 12:38 am, edited 1 time in total.

wannabelawstudent
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Re: The Jobs Crisis at Our Best Law Schools

Postby wannabelawstudent » Sun Apr 14, 2013 10:30 pm

Tag

froglee
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Re: The Jobs Crisis at Our Best Law Schools

Postby froglee » Mon Apr 15, 2013 4:08 am

bk1 wrote:More than 1/5?! This is BRAND NEW INFORMATION.

Wait... no it isn't.


Well...lots of kids will say the same thing after reading that and then start threads such as (TTT law school vs. So and so shit law school: Should I go?) or (Clown law school vs ### toilet law school: help me decide!!).

dixiecupdrinking
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Re: The Jobs Crisis at Our Best Law Schools

Postby dixiecupdrinking » Mon Apr 15, 2013 9:31 am

The difference between undergrad and law school is that very few of the most expensive private colleges actually make anyone pay sticker who can't afford it. The Ivies might be $200,000 at "sticker" but if your parents can't pay it then you'll get a whole lot of grants to make up the difference. No reason to be borrowing anything like that much money to go to college. Unless you get suckered into going to NYU for undergrad.




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