Rantings and tirades of a frustrated economist.
I wish more people understood the reality of higher education ...If you graduate from one of the top 50% of schools, in a field in the top 50% for job prospects, in the top 50% of your class, and are in the lowest 50% of student loan debt your education will probably be worth it. The further you get away from this ideal the worse of a payoff there will be.Unfortunately, a lot of people made bad decisions about their education and are doubling down by entering into law school. When they don't graduate from one of the top 50% of law schools, with one of the top 50% of disciplines for job prospects, in the top 50% of their class, and in the bottom 50% of debt it won't work out for them.
Jesus, $40,000 for a kid with 6 figure debt? I've got 20 year olds who can barely read working for me who make double that. I should be recruiting law school grads for deckhand jobs on my boat. They could pay their loans back.
So why do lawyers still charge so much money?
What would your advice be for a second-year law student (one more year to go) with about $50k in law school debt? Seems stupid to drop out now, but . . .
Anon 6:08Get out of law school. Cap will correct me but I believe you are making an analytical mistake called 'the sunk cost fallacy.'Every law specialty is saturated, including patent law and tax law.Besides, even if you manage to get a job, you will hate, hate, hate it in five years. Law is hard, grinding, uninteresting work for the most part. You will be putting in 50-60 hour weeks. Thanks to the cell phone your clients will call you seven days a week, day and night.I practiced law for twenty five years and going into the field was the single worst decision I ever made. 80% of lawyers I know would agree with that.Assuming, of course that you are actually able to find work, which, in this market is highly unlikely unless you went to a top 5 law school. Otherwise If you don't practice law, that J.D. will actually hurt you when applying for other jobs.You should take a look at blogs like 'First Tier Toilet' for the modern reality of law school.
Bones, I totally agree with you. I practiced law for over 25 years, and I hated it. Even when it was (mostly) lucrative it was (barely) tolerable. I quit the profession, went to technical school, and got an A&P license. I now work as an aircraft mechanic, and I love what I do. I currently make in a year what I made the first year I was a lawyer in the mid-1980s, and I don't care at all. I actively work to discourage anyone from going to law school. EVERY lawyer I know would rather be doing something else.Anonymous 6:08, here's a suggestion: drop out of law school, get a welding certification, and make a lot of money. Pay off your law school loans and enjoy your life.
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