Originally Posted by Svenn
Honestly, unless someone really wants to be a lawyer no matter what, that proposal sounds really depressing. If I could do it over again, I wouldn't have done it at all
. I would have headed to med school like my brothers, or any other technical-based profession that actually has employment prospects. Sure I'd prefer to be a lawyer, and hell I know in 10 years I'll probably be in a position I'm happy with, but the struggle and most importantly uncertainly involved developing your career just isn't worth it. I relish the old days you kids are in now where all you have to worry about is exams and applying for clerkships, real life isn't that simple or straightforward.
Are you aware of income-based repayment (IBR) through the feds? A new revision that I was told will likely pass is 10% of your income, any remaining amount forgiven after 20 years of payment. Not a bad deal, unless I'm missing something.
especially the part in bold. That said, whenever I think about it I'm not sure what else I would've done... there's really not that many great options for those of us with backgrounds in political science, history, english, etc.
To the other guy who posted - its not 25, it was 25 until recently when they shortened it to 20. However no one seems to know who the new 20-year period applies to, and if there's some cut-off date etc. IBR is weird in that I now feel like I have no incentive to pay my loans right now as the bigger they get (from compounding interest) the more I'm guaranteed to be able to stay on IBR farther down the road. I graduated in May '10 and my loans are at about $130K, which while not as bad as the people who owe 175 and 200k+, its still enough that I'd be paying 800-900/month on the regular old 30-yr plans... so might as well let the amount get bigger so I don't get kicked off IBR if some day down the road I actually make decent money.
As far as the job market- it's as bad as everyone says, especially for recent graduates as (and this is probably true of every non-medical field) no one and I mean no one
wants to take the time and/or money to develop new people. Almost every job posting I see wants multiple years of experience, and not just general experience, they want very
specific experience meaning the exact practice area and often sub area of that practice area. I've noticed that a number of more experienced lawyers that haven't had to search for a job in a while are unaware of quite how bad it is right now and are shocked when someone informs them that the going rate for an entry level(ish) associate job is 30-40k... even in larger cities like mine.
The only places that do hire recent grads, aside from the occasional shitty paying states attorney job, are shit-firms like "debtstoppers", etc. that hire recent grads to do bankruptcy, insurance defense, or personal injury and pay them 20-40k/yr for long hours. I've known a number of people that've worked these sort of jobs and almost no one lasts at them more than 1-1.5 years.
Out of the class I graduated with (which has been out a year and a half) I can think of almost no one that has a job that, in better times, I would say "yeah, that's a good job, I'd be happy with that" to. Everyone I know from that's working in the legal field - was hired by states att., works at one of the aforementioned shit-law jobs, or is doing doc review. Document review, assuming you can get relatively continuous work, pays better than than the other two as going rate is usally 23-30/hr and unlike "real lawyer" jobs you often get time and a half for your overtime. FYI I went to a top 100 school in my city (Chicago).
To be honest, the scariest part of it all is I really don't see any light at the end of the tunnel... I don't see the job market getting any less crowded any time soon, nor a big uptick in hiring. And even when it does pick up, even somewhat, I don't see there being many "good" jobs. I'm not talking big-law, which gets too much attention IMO as its a small portion of the profession, but mid-to-small size firms.
* also to whoever posted it a ways back- what state are you in where people can do doc review without a law license? Here, every doc review requires you to be a licensed attorney.
edit- the tl;dr - don't go to law school, there are no decent jobs for graduates right now and there probably won't be any for a long long time