The median salary in 2006 was $62K, with average students loans of $85K. Less than 20% of new associates get the elite benchmark salary (currently $160K).
Bimodal Law Salaries
One Boston College Law School third-year—miraculously, still anonymous—begged for his tuition back in exchange for a promise to drop out without a degree, in an open letter to his dean published earlier this month.
Between 2007 and 2009, the number of LSAT takers climbed 20.5 percent. ... Law schools awarded 43,588 J.D.s last year, up 11.5 percent since 2000, though there was technically negative demand for lawyers.
Worse, the profession as a whole shrunk: The number of people employed in legal services hit an all-time high of 1.196 million in June 2007. It currently stands at 1.103 million. That means the number of law jobs has dwindled by about 7.8 percent. In comparison, the total number of jobs has fallen about 5.4 percent over the same period.
Excess Supply of Law School Grads
lawyers have the dubious distinction of having the highest default rates among students borrowing for graduate studies. ... At some law schools, as many as 40 percent of the past decade’s graduates have stopped paying their loans. The default rate among law school graduates nationwide is estimated at between 15 and 20 percent.
LawSchoolDebt
Like this forum contributer:
$200K Student Debt. No job. Time to skip the country?
Bimodal Law Salaries
One Boston College Law School third-year—miraculously, still anonymous—begged for his tuition back in exchange for a promise to drop out without a degree, in an open letter to his dean published earlier this month.
Between 2007 and 2009, the number of LSAT takers climbed 20.5 percent. ... Law schools awarded 43,588 J.D.s last year, up 11.5 percent since 2000, though there was technically negative demand for lawyers.
Worse, the profession as a whole shrunk: The number of people employed in legal services hit an all-time high of 1.196 million in June 2007. It currently stands at 1.103 million. That means the number of law jobs has dwindled by about 7.8 percent. In comparison, the total number of jobs has fallen about 5.4 percent over the same period.
Excess Supply of Law School Grads
lawyers have the dubious distinction of having the highest default rates among students borrowing for graduate studies. ... At some law schools, as many as 40 percent of the past decade’s graduates have stopped paying their loans. The default rate among law school graduates nationwide is estimated at between 15 and 20 percent.
LawSchoolDebt
Like this forum contributer:
$200K Student Debt. No job. Time to skip the country?