jepper wrote: JCougar wrote:
starry eyed wrote:yea the plight of laborer vs business owner still applies with associate/partner.
Jcougar doesn't seem to have a profound understanding of economics.
Not at all. I don't think there's any industry where turnover is so high in the first 1-5 years of your job. Unless you get some kind of government job straight out of law school, you're going to get used for billable hours and then spit out when you get too expensive. This may work out okay for some in Biglaw who are thrifty and/or don't have a lot of debt, but this model applies to small law, too, where you don't get paid enough to even make interest payments.
Turnover in law is epic compared to other industries.
You keep making this reference to not being able to even make the interest payment. I realize that it is a fact that the average law student faces a significant amount of debt, but you say it like the average debt of all unemployed lawyers is 200k
. I have a hard time believing that.
The current COA for a local resident going to Ole Miss is $101,658. The current COA for someone going to Columbia is $257,265. Keep in mind these numbers only take into account 9 months for cost of living, and does not account for debt from undergrad. Ole Miss and Columbia are likely two extremes on the law school COA spectrum, but I think it suggests that a total student debt burden of around 200k is really not that uncommon.
According to a 2012 ABA report, "it is not uncommon for law school graduates to carry a debt burden of between $150,000 and $200,000, and many carry much more