Top 10 or Regional? Debt and own practice? Forum

[Neo]

Hey everyone,
I know the general consensus on TLS is top 10 or bust; however, I wanted some insight on something. I was wondering what the thoughts were on going into $100,000+ of debt to pay off a top school if you are going to open your own practice? Is it worth it?

For example, I don't know for sure what I want to do yet; but, I know I am going to end up in Florida for family reasons and will eventually open my own practice.

So hypothetically, let's say you were to get into a top 10 school like Duke or Upenn (let's forget Harvard, Yale, and Stanford for now...) and a regional school like University of Florida. Knowing that you will eventually end up in Florida and open your own practice, do you think going into so much debt to fund a top ten school is worth it?

My first reaction is to do a simple cost/benefit analysis. And since working for yourself does not require the prestige that comes with a "top" school, and you are basically getting the same thing minus the hefty price tag at a regional school, I figured the choice would be simple: pick the regional. But at the same time, I am a person who likes to have options, and a degree from a top school like Duke opens many more doors (for example teaching somewhere would be easier with a degree from a top school, and it is something I am considering).

Anyway, I appreciate any advice/comments/suggestions and I thank you in advance.

[BeautifulSW]

Are you sure that going to a regional school will actually BE cheaper? Apply everywhere that you think you'd like to go and get solid finaid offers before you decide.

Having said that, for an intending solo, nothing will squash your dreams faster than a heavy debt load. Cooley and no debt is better than T14 with a $100,000 dead horse if the goal is to open your own shop.

Believe me, few clients will care. A law license is a law license.

[NayBoer]

Duke? That's a generous definition of "Top 10."

I wouldn't go to Duke on the off-chance you'll try to become a professor. The academia options are progressively more miniscule past YH.

However, it may be worth it to do a few years of biglaw after graduating. Then you could get experience and maybe even save some money for starting your firm.

[sumus romani]

This is a tough question. But the problem is that you won't really be able to open up your own practice just out of law school. You'll first need a job in a small/mid firm to learn how to be a lawyer (this is not taught in law school). Having said that, the credited response nevertheless might be UF, because in-state tuition is so cheap in Florida. Gainesville is cheap too. So you could really go to law school on the cheap. Still though, if you get admitted to t10, then you'll get a scholly at UF (likely). So this should make UF yet cheaper still. So UF can be the better option here. But you just have to keep debt to an absolute minimum (like, less than $40,000).

[Neo]

Are you sure that going to a regional school will actually BE cheaper? Apply everywhere that you think you'd like to go and get solid finaid offers before you decide.

Having said that, for an intending solo, nothing will squash your dreams faster than a heavy debt load. Cooley and no debt is better than T14 with a $100,000 dead horse if the goal is to open your own shop.

Believe me, few clients will care. A law license is a law license.

This is a good point, and exactly what I was thinking (especially the fact that a law license is a law license).
A regional school (specifically a state school) would definitely be a cheaper. Since I would get instate residency, the tuition would be relatively cheap.

The kicker here is that I am a reverse splitter. So my only real shot at getting into a "top" school would be to ED; therefore, I would forfeit any substantial (if any) financial aid offers.
So toe to toe, I would probably need loans to pay for the tuition (let's not consider cost of living). So it would be $45,000 for instate and $100,000+ for a "top school".

The only real reason I am considering a top school, to quote a post I read on here, is because: "I am a prestige whore and have deep self esteem issues, and I would feel inferior because I didn't hit the prestige schools." Also, I am considering a "top" school because I would like to teach, but chances are if I am teaching at a much lower ranked school in Florida, I could get a position with a degree from UF.

[Neo]

Also, I would like to try out living somewhere different since I am going to end up in Florida; however, I am not sure this is worth the $100,000 price tag...I think I would be happier staying in the same place but driving a nice sports car

[Neo]

Duke? That's a generous definition of "Top 10."

I wouldn't go to Duke on the off-chance you'll try to become a professor. The academia options are progressively more miniscule past YH.

However, it may be worth it to do a few years of biglaw after graduating. Then you could get experience and maybe even save some money for starting your firm.

Well, I classify Duke as "top ten" because it is number ten on the rankings...Also, with my numbers that's probably my best shot...

I agree about the big law point though; however, if I do well at a state school, there is a chance of landing biglaw anyway (I understand the chances are not as high as they are as if it were a top school). Additionally, how much money would I really be saving to put towards my own firm if I am paying of debt? That is also a thought which crossed my mind...

[NayBoer]

I agree about the big law point though; however, if I do well at a state school, there is a chance of landing biglaw anyway (I understand the chances are not as high as they are as if it were a top school). Additionally, how much money would I really be saving to put towards my own firm if I am paying of debt? That is also a thought which crossed my mind...

An extremely slim chance, ITE. Don't go to Florida if your plan is biglaw.

You'd have to make good money for several years before you could retire your debt and start saving, but it's easier to start any business if you have a cash reserve.

[sumus romani]

I agree about the big law point though; however, if I do well at a state school, there is a chance of landing biglaw anyway (I understand the chances are not as high as they are as if it were a top school). Additionally, how much money would I really be saving to put towards my own firm if I am paying of debt? That is also a thought which crossed my mind...

An extremely slim chance, ITE. Don't go to Florida if your plan is biglaw.

You'd have to make good money for several years before you could retire your debt and start saving, but it's easier to start any business if you have a cash reserve.

Absolutely +1. Your chances of biglaw out of florida are negligible. Your chances of academia out of Duke are negligible too. You have to make your decision based on likely outcomes. If your career path is small firm, then solo, that is fine. Just make sure that the you take on only minimal debt from UF, and don't settle for anything else.

[dominkay]

Duke? That's a generous definition of "Top 10."

I wouldn't go to Duke on the off-chance you'll try to become a professor. The academia options are progressively more miniscule past YH.

However, it may be worth it to do a few years of biglaw after graduating. Then you could get experience and maybe even save some money for starting your firm.

Well, I classify Duke as "top ten" because it is number ten on the rankings...Also, with my numbers that's probably my best shot...

I agree about the big law point though; however, if I do well at a state school, there is a chance of landing biglaw anyway (I understand the chances are not as high as they are as if it were a top school). Additionally, how much money would I really be saving to put towards my own firm if I am paying of debt? That is also a thought which crossed my mind...

Duke is 11.

[BeautifulSW]

As I said earlier, for the intending solo, a law license is a law license.

However.

If you have any thought about living and soloing in a very small state such as New Mexico or Idaho or Nebraska or even, really, Colorado, there IS something to be said for attending that state's public university. Here's why:

Where the state has only one law school or at most two schools, one private perhaps, the bench and bar of that state will come overwhelmingly from that/those schools. (The private option will be too expensive at sticker but if you get admitted to the state school, the private outfit might well try to lure you away with a really flattering scholarship.) That kind of presence is useful in getting referrals and spreading the word in the local business community, many of whom will ALSO have attended the state university's business school. And that community will give you the beginnings of a lucrative private commercial practice. Or, if a good benefits package suddenly appeals to you for some reason, you'll soon discover that the state employed lawyers who might hire you ALSO come from that one state school (or maybe the private rival.) As a "local boy/girl", you are a known commodity. And these people DO tend to favor the grads of their old school.

[BeautifulSW]

Oh, one other thing...

if you do decide to target a small state for your solo practice, be forewarned: Those state schools are often much harder to get into than their USNWR rankings suggest. You might want to move to the target state a year before applying so as to be an in-state resident. Good for applying and good for finances.