I get this question a lot - should I go to law school? I've been practicing law close to 10 years, and I'm hoping to cut my practice back to part time to focus on other ventures.
Here are my general musings about it...
1. Law school not really worth taking out student loans for. Newly minted lawyers make anywhere between $35k - $70k a year, unless you're working for a large law firm making like $150k a year. Lawyers working for firms are expendable. Especially ones without a book of business. There are a lot of lawyers who just bounce from temp job to temp job, which involves reviewing documents.
2. You can make good money in law as a solo practitioner, anywhere between $130k - $350k, but it's not great money.
3. On that note, running a law practice is extremely time consuming. Many of your days begin at 6am, and end at 10pm. You're always glued to a laptop or smart phone. In addition to having to practice law, draft briefs, and get new clients, you also have to pay bills, fix the fax machine, etc. It's hard to get in a gym routine when some of your days are literally jammed up from the moment you wake up until the moment you decide to sleep for three hours.
4. Often you're dealing with people at their worst - they've been injured, they're going through a divorce, they've been arrested, sued, etc. Imagine being surrounded by toxic angry people all the time. Try and focus your practice on investors, real estate developers, businessmen, etc. Otherwise, you're surrounded by people you won't like.
5. Knowing how to navigate the court system is actually a useful skill. I use a lot of my legal knowledge for other ventures - particularly real estate.
6. Law sounds prestigious on paper, but it's really not. A law degree isn't a versatile degree that will get you employed in any field - it's a ticket to get your law license. Once you've acquired actual knowledge of practicing law, then you might be able to transition into other fields. Oh, and often you'll find that your buddy who is a contractor and started his own shop makes more money than you. Hey, but you get to wear a suit to court.
7. The good news with a law license is you can always open your own practice. It's an easy but uncreative way to start a business. That's a positive.
8. Deadlines. There is a push within the court system to get everything done in months, even though it should take way longer. If you're in litigation, you're constantly bombarded with deadlines. Imagine being back in college and having papers due in all your classes, along with a bunch of other stuff, pretty much all the time. Except if you turn it in late, you get sued and possibly disbarred.
9. No one cares about your problems. As a lawyer, it's your job to fix people's problems, not to have them yourself. If you get sick, jammed up, or a parent dies - no one cares.
10. If your state allows it, referral fees are the best. That means if someone is in a car accident, and you send it to someone who specializes in personal injury, you get a chunk of the settlement for doing nothing. I have made a lot of money in referral fees, which is one reason to keep my law license active. You can make a good amount of money just by knowing people and having connections.
All in all, law school is one of those things that I don't regret, though I certainly wouldn't practice law forever. It's a useful skill, but I don't recommend law as a full time profession. As a full time profession, it's too much stress, too much time, too much drama, and not enough money.
On a personal level, you will also become a jaded human being to your core - dealing with everything from snotty law students, to the guy who beats his wife but "it's so unfair I got arrested", to the client who owes you $10k but expects you to do all kinds of additional legal work for him, to the judges who schedule a conference for 9am and don't bother to show up until 11:30, to the people who get mad at you for not returning their text message 20 seconds later because you were in court and that's no excuse.
Growing up, I was the "star child" and adult in the family. Everyone is so proud of Hank the Lawyer, he's so important. He did all the "right" things and went to college and then law school. My sister, the college dropout turned barista with all the tattoos, well, let's not talk about her...
Today my sister makes $65k a year (with benefits) managing a few stores, working about 35 hours a week. She lives in a part of the country where it's warm and sunny all the time. Because she didn't go to college, she has no debt, and spends most of her time spare hiking and going to the gym. She might open her own coffee shop soon, but she's also content just hanging out with very little stress. Today it's Saturday and I'm at the office working.
Often I wonder who is better off...
Here are my general musings about it...
1. Law school not really worth taking out student loans for. Newly minted lawyers make anywhere between $35k - $70k a year, unless you're working for a large law firm making like $150k a year. Lawyers working for firms are expendable. Especially ones without a book of business. There are a lot of lawyers who just bounce from temp job to temp job, which involves reviewing documents.
2. You can make good money in law as a solo practitioner, anywhere between $130k - $350k, but it's not great money.
3. On that note, running a law practice is extremely time consuming. Many of your days begin at 6am, and end at 10pm. You're always glued to a laptop or smart phone. In addition to having to practice law, draft briefs, and get new clients, you also have to pay bills, fix the fax machine, etc. It's hard to get in a gym routine when some of your days are literally jammed up from the moment you wake up until the moment you decide to sleep for three hours.
4. Often you're dealing with people at their worst - they've been injured, they're going through a divorce, they've been arrested, sued, etc. Imagine being surrounded by toxic angry people all the time. Try and focus your practice on investors, real estate developers, businessmen, etc. Otherwise, you're surrounded by people you won't like.
5. Knowing how to navigate the court system is actually a useful skill. I use a lot of my legal knowledge for other ventures - particularly real estate.
6. Law sounds prestigious on paper, but it's really not. A law degree isn't a versatile degree that will get you employed in any field - it's a ticket to get your law license. Once you've acquired actual knowledge of practicing law, then you might be able to transition into other fields. Oh, and often you'll find that your buddy who is a contractor and started his own shop makes more money than you. Hey, but you get to wear a suit to court.
7. The good news with a law license is you can always open your own practice. It's an easy but uncreative way to start a business. That's a positive.
8. Deadlines. There is a push within the court system to get everything done in months, even though it should take way longer. If you're in litigation, you're constantly bombarded with deadlines. Imagine being back in college and having papers due in all your classes, along with a bunch of other stuff, pretty much all the time. Except if you turn it in late, you get sued and possibly disbarred.
9. No one cares about your problems. As a lawyer, it's your job to fix people's problems, not to have them yourself. If you get sick, jammed up, or a parent dies - no one cares.
10. If your state allows it, referral fees are the best. That means if someone is in a car accident, and you send it to someone who specializes in personal injury, you get a chunk of the settlement for doing nothing. I have made a lot of money in referral fees, which is one reason to keep my law license active. You can make a good amount of money just by knowing people and having connections.
All in all, law school is one of those things that I don't regret, though I certainly wouldn't practice law forever. It's a useful skill, but I don't recommend law as a full time profession. As a full time profession, it's too much stress, too much time, too much drama, and not enough money.
On a personal level, you will also become a jaded human being to your core - dealing with everything from snotty law students, to the guy who beats his wife but "it's so unfair I got arrested", to the client who owes you $10k but expects you to do all kinds of additional legal work for him, to the judges who schedule a conference for 9am and don't bother to show up until 11:30, to the people who get mad at you for not returning their text message 20 seconds later because you were in court and that's no excuse.
Growing up, I was the "star child" and adult in the family. Everyone is so proud of Hank the Lawyer, he's so important. He did all the "right" things and went to college and then law school. My sister, the college dropout turned barista with all the tattoos, well, let's not talk about her...
Today my sister makes $65k a year (with benefits) managing a few stores, working about 35 hours a week. She lives in a part of the country where it's warm and sunny all the time. Because she didn't go to college, she has no debt, and spends most of her time spare hiking and going to the gym. She might open her own coffee shop soon, but she's also content just hanging out with very little stress. Today it's Saturday and I'm at the office working.
Often I wonder who is better off...