Thursday, January 18, 2007
The Truth about Law School Costs
So how much does law school really cost? Answer: a lot. According a report published by Equal Justice Works, the total cost of one year of law school at a private school, including tuition, books, and living expenses, is a staggering $40,000 per year! If you attend a public law school and are lucky enough to get in-state tuition, according the report, you're still looking at average costs of nearly $25,000 per year. In other words, your three year trip to law school is going to cost between $75,000 and $120,000. That's a lot of coin.
Ok, ok so law school costs a lot of money? Should you care? We've already discussed how big law firms pay big money in exchange for big time commitments and how starting salaries at big law firms can be as much as $135,000 per year. So you're going to make all of that money back and then some, right? For those of you who get jobs at big law firms and have the endurance to survive, that is undoubtedly true. The true problem with the crushing price of law school, however, is that it limits your options.
For example, according to the Equal Justice Report, the typical entry-level salary for a criminal prosecutor or a public defender is around $45,000. If you want to work in some other public interest job, the salary picture is even worse, with the typical entry-level position paying only $40,000. At those salary rates, students who took on a high amount of debt to pay for their legal education can't afford to even consider these career paths.
Now it is true that some law schools offer loan repayment plans for their graduates who enter public sector or public interest jobs, but those law schools are still very definitely the minority. So when it comes to managing the costs of law school, you are pretty much on your own. A common strategy for young lawyers carrying heavy debt loads is to work for a large law firm for three or four years, use the money from the high salary to pay down the law school debt (instead of buying BMW's and Armani suits, for example), and then move on to the work they really want to do once they have more financial freedom.
Because this strategy is so common, however, there is more competition than ever for coveted spots at the big law firms. Law students who in other circumstances would go to the District Attorneys office or to the Sierra Club instead apply to the law firms. There is nothing you can do about that competition, other than get the very best grades you can in law school as early in the process as you can. Good luck!
Download and read the entire Equal Justice Works Report: "Financing the Future: Responses to the Rising Debt of Law Students."
Ok, ok so law school costs a lot of money? Should you care? We've already discussed how big law firms pay big money in exchange for big time commitments and how starting salaries at big law firms can be as much as $135,000 per year. So you're going to make all of that money back and then some, right? For those of you who get jobs at big law firms and have the endurance to survive, that is undoubtedly true. The true problem with the crushing price of law school, however, is that it limits your options.
For example, according to the Equal Justice Report, the typical entry-level salary for a criminal prosecutor or a public defender is around $45,000. If you want to work in some other public interest job, the salary picture is even worse, with the typical entry-level position paying only $40,000. At those salary rates, students who took on a high amount of debt to pay for their legal education can't afford to even consider these career paths.
Now it is true that some law schools offer loan repayment plans for their graduates who enter public sector or public interest jobs, but those law schools are still very definitely the minority. So when it comes to managing the costs of law school, you are pretty much on your own. A common strategy for young lawyers carrying heavy debt loads is to work for a large law firm for three or four years, use the money from the high salary to pay down the law school debt (instead of buying BMW's and Armani suits, for example), and then move on to the work they really want to do once they have more financial freedom.
Because this strategy is so common, however, there is more competition than ever for coveted spots at the big law firms. Law students who in other circumstances would go to the District Attorneys office or to the Sierra Club instead apply to the law firms. There is nothing you can do about that competition, other than get the very best grades you can in law school as early in the process as you can. Good luck!
Download and read the entire Equal Justice Works Report: "Financing the Future: Responses to the Rising Debt of Law Students."
Labels: law firms, law school, public interest law
