Should I drop out already?

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gmoney57
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Joined: Sat Oct 01, 2011 2:00 pm

Should I drop out already?

Postby gmoney57 » Sun Aug 26, 2012 10:40 am

Hey all, as you can see from the topic, I'm unsure if I should stay or go, but I'm leaning toward leaving. I just started at a TT school, and I have a decent scholly, but I'd still be looking at $100-120k in debt, prob over $200k with the compounding interest. If I left now, I'd owe the school another $2k and my landlord another $6k, so I'd have $8k in debt, and I'd be able to pay off $4k right away. In all, it would put me in a $4k hole, but I wouldn't be taking out any loans either. Everyone is telling me not to worry about the money, but I don't want to have a crippling debt with a 50/50 chance of making no more than the salary I was making going into school. If I were to find a job comparable to my last making $55k, over three years it would be over a $350k swing in my favor, figure $150k in income vs. $200k in debt. I think I went to law school for the wrong reasons, and I'm not hell-bent on being a lawyer. Thoughts?

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cinephile
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Joined: Sun Jul 18, 2010 3:50 pm

Re: Should I drop out already?

Postby cinephile » Sun Aug 26, 2012 10:58 am

You're not hell-bent on being a lawyer, so why did you go to law school?
Honestly, I would drop out. If you didn't now, you will probably regret it later. The small amount of debt you'd have now can be paid off without hardship. And you've earned $55k prior to this as a non-lawyer. If you finished law school, you'd probably come out earning as much or less than your prior job, but with the burden of $120k of debt. It really doesn't make sense to stay to earn less and owe more.

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rayiner
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Re: Should I drop out already?

Postby rayiner » Sun Aug 26, 2012 11:02 am

gmoney57 wrote:Hey all, as you can see from the topic, I'm unsure if I should stay or go, but I'm leaning toward leaving. I just started at a TT school, and I have a decent scholly, but I'd still be looking at $100-120k in debt, prob over $200k with the compounding interest. If I left now, I'd owe the school another $2k and my landlord another $6k, so I'd have $8k in debt, and I'd be able to pay off $4k right away. In all, it would put me in a $4k hole, but I wouldn't be taking out any loans either. Everyone is telling me not to worry about the money, but I don't want to have a crippling debt with a 50/50 chance of making no more than the salary I was making going into school. If I were to find a job comparable to my last making $55k, over three years it would be over a $350k swing in my favor, figure $150k in income vs. $200k in debt. I think I went to law school for the wrong reasons, and I'm not hell-bent on being a lawyer. Thoughts?


What are your long-term career prospects in your old job? Statistically, you're unlikely to make more than $55k at a TT school, though $60-65k might be possible.

Look here: http://employmentsummary.abaquestionnaire.org at Penn State U.

Only 8% of the class ended up at firms of over 50 attorneys. 7% ended up at firms of 10-50 attorneys, and another 13% ended up at firms of 2-10 attorneys.

If you look at the ABA's salary data, you can see that it's only at the 50+ attorney group where median salaries are high enough in Philly to justify the debt: http://www.nalp.org/reported_salaries_by_city. The median salary for the 10-25 attorney group is $62,500, and the median salary for the 2-10 attorney group is $55,000.

Note that not all firms are NALP firms, especially ones in the 2-25 attorney range. Typically NALP member firms are "better" firms and thus may pay more than other firms in their size range. Also, the NALP data is for class of 2010. Salaries have actually dropped a bit due to the recession.

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manofjustice
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Joined: Thu May 17, 2012 10:01 pm

Re: Should I drop out already?

Postby manofjustice » Sun Aug 26, 2012 11:16 am

What school?

If you wanted to make a go of it, you would have to do very well your first year and transfer. You cannot survive OCI at a TTT...I mean, there really isn't an OCI at a TTT.

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northwood
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Joined: Fri May 14, 2010 7:29 pm

Re: Should I drop out already?

Postby northwood » Sun Aug 26, 2012 11:39 am

take a few days and seriously mull this over ( weigh the pros and cons of leaving and staying). Ask yourself why you went there, and waht you want to do. 8K isnt that bad. Dont fall behind in your work though ( in case you do stay). next weekend( labor day) make a decision and go. Just so you know, last year there was a kid in another section who left after a week- so it happens ( he ended up going into another grad program). Pm me if you want

hiima3L
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Joined: Sun Mar 25, 2012 10:26 pm

Re: Should I drop out already?

Postby hiima3L » Tue Aug 28, 2012 3:42 am

gmoney57 wrote:I just started at a TT school, and I have a decent scholly, but I'd still be looking at $100-120k in debt, prob over $200k with the compounding interest.


Leave ASAP.

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JCFindley
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Re: Should I drop out already?

Postby JCFindley » Tue Aug 28, 2012 8:45 am

YES!

The answer seems clear given your disposition.

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sunynp
Posts: 1899
Joined: Tue May 24, 2011 2:06 pm

Re: Should I drop out already?

Postby sunynp » Tue Aug 28, 2012 8:55 am

Yes, drop out now before you owe any more money. You are not in a good position to have a career as a lawyer. Also, you don't want to be a lawyer - so don't go.




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