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Law Schools - Where and Why?

Discussion in 'Business, Careers & Education' started by El Argentino, Nov 2, 2011.

  1. onix

    onix Senior member

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    My wild guess is that it also includes consumer debt:

     
  2. Lord-Barrington

    Lord-Barrington Senior member

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    That chick is fucked. Even with a 160K a year job she'd be in for a tough haul. Without that she'll barely be able to keep up with interest payments.
     
  3. El Argentino

    El Argentino Senior member

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    Luckily, law school for me will max out at 30k debt-wise. So not super worried about repayment.
     
  4. Kid Nickels

    Kid Nickels Senior member

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    My thoughts exactly....seems like there must be something else in that wad of cash besides law school.
     
  5. Harold falcon

    Harold falcon Senior member

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    I think it's even worse than that. I've been talking with some friends and I absolutely believe our profession is only a few steps away from being outsourced to India. There's no reason to pay full price for a local attorney to prepare a will or contract for you when someone in China or India who got a law degree from a school off the back of a matchbook and passed the bar over the internet will do it for them for 1/3 the price. Attorneys who actually practice in Court will have a little longer, as long as personal appearances for oral argument or trial are required. But I don't see that lasting much past 15-20 years and eventually tele-conferencing or the future equivalent will eliminate those jobs as well. Judges routinely hold hearings for incarcerated prisoners via video conference here now, I don't see it as a stretch as the technology improves to have attorneys appear that way as well.

    The legal job market is so much more fucked than anyone wants to admit. It's just a matter of time.
     
  6. yerfdog

    yerfdog Senior member

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    Haha, yeah. I'm happy with where I am now, but if I'd known what a pain it would be to get here I'm pretty sure I wouldn't have bothered with law school.

    On the other hand, I think I'm in a pretty good career for my skills and personality, abstractly. And I don't know what I would be doing otherwise. Some "business" job I guess, but I sure wouldn't have gotten hired based on my college major or interviewing skills or networking ability. So I probably wouldn't be doing better than I'm doing now, butI would have taken on a lot less debt to do it.

    I think I did get lucky. It took me 2.5 years after graduation to find a job as a lawyer (gosh, that sucks to type out), but for 1.5 years of that time I had an ok job that paid decently and got me some good, nonlegal skills/knowledge that I still use a lot in my current legal job.
     
    Last edited: Dec 19, 2011
  7. Benzito

    Benzito Senior member

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    Well, what's just the baseline for out of state tuition per year? $50,000 or so? There is half right there. Of course, if you aren't from LA, you want to enjoy those three years and live like you are already a lawyer, which means staying in a good neighborhood and eating in Santa Monica restaurants and driving a leased car with your borrowed money. $25,000 to $40,000 a year? Throw in a bar study loan and I can see someone creeping up there. Don't forget the few thousand a year in interest on those unsubsidized loans.
     
  8. alocsin

    alocsin Member

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  9. Saltricks

    Saltricks Senior member

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    Actually I clarified it a bit with her, and its actually 300k in interest, with 200k principal, for a grand total of 500k debt. She just passed the bar, but no real job offer still.

    Edit: And the 20 year forgiveness thing doesn't apply to her.
     
    Last edited: Dec 21, 2011
  10. onix

    onix Senior member

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    Loaning failed.
     
  11. retronotmetro

    retronotmetro Senior member

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    Won't happen unless she's real world hot. Rich guys won't take on $300K in debt for just lawyer hot.
     
  12. Kid Nickels

    Kid Nickels Senior member

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    :eek: jeezsus...that's even crazier than before! she needs to go Walter White style and start up a clandestine meth lab...
     
  13. Saltricks

    Saltricks Senior member

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    That's after consolidation too. :\ If she got hired for 100k a year job, how long would it take to pay off you think?
     
  14. skitlets

    skitlets Senior member

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    I got my first acceptance for the cycle. Hoping for many more.
     
  15. ImaPro

    ImaPro Senior member

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    With that debt, she can always leave the country
     
  16. Kid Nickels

    Kid Nickels Senior member

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    Ya I thought of that too....but the meth lab idea sounded more exciting. Maybe she could start focusing on international law and extradition treaties!
     
  17. El Argentino

    El Argentino Senior member

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    Best of luck - I'm still waiting for my December score to post, and then all the apps go in.
     
  18. zalb916

    zalb916 Senior member

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    I don't entirely discount the gloom and doom discussion about law school. There is a lot of reality to what is being said. However, I find the "don't go to law school unless it's a top 14" discussion to be a lot of bunk.

    I never understand why people don't give this advice, but, if you are going to a school outside the top 20 or so, you should strongly consider going to a school in the region where you want to practice. There are lots of perfectly solid law schools putting out highly qualified lawyers that are ranked between about 25-75. The significant difference is that they are placing students regionally, as opposed to nationally. However, there's absolutely nothing wrong with that, if you are comfortable with practicing in the region where the school is.

    For instance, if you want to practice in Atlanta, you should go to UGA (ranked 35th) over a number of more highly ranked schools. I know a lot of successful lawyers in NYC who went to Brooklyn (ranked 67th), and I know a lot of lawyers who couldn't get jobs in NYC and went to considerably higher ranked schools. If you want to practice in a NYC, DC, LA, SF, Chicago, etc., then going to UNLV is not going to work. If you want to practice in Vegas, going to UNLV is probably a good idea.

    Less prestigious and competitive regional schools still graduate lots of great lawyers. Not everyone wants to practice in a major city or needs to make $160K in his first year. There are lots of great schools for these people.
     
    Last edited: Dec 22, 2011
  19. Gibonius

    Gibonius Senior member

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    That hardly seems possible, unless she took out like 25% loans somehow. It'd take 11 years at 8.5% to hit $300k in interest.

    Something is amiss about this story.
     
  20. Saltricks

    Saltricks Senior member

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    im pretty sure she had a bunch of consumer debt, rent, food, etc. all on credit
     

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