Representing some of the highest paid professionals in the United States, the legal industry is one that is not only characterized by earning power, but also by prestige, social influence, personal rewards, and the glitz and glamour perpetuated by today’s media. And while most attorneys earn an income that exceeds the national average, many new graduates are still struggling to make ends meet while repaying their law school debt. The field continues to see an influx of new lawyers who outnumber the available jobs they so desperately compete for. And yet, the number of graduating law school classes across the nation still continues to rise.
The educational debt, time commitment, competition, and assessing the overall worth of a legal career are all factors that primarily come into play when a student decides whether to attend law school. Since no two career paths are exactly the same, the ROI (Return on Investment) for a law degree differs for each individual. The information below will address the total cost versus some of the rewards associated with a law school education:
The Average Cost of a Law School Education
According to the U.S. News & World Report, it can cost more than $150,000 to attend law school. The American Bar Association reported that the median tuition and fees for students attending ABA-approved schools in 2013 were as follows: private institutions ($40,634); public schools/in-state students ($22,209); and public schools/out-of-state students ($33,752).
In recent years, the cost associated with a law school degree has outpaced inflation. Students accumulating law school debt in the six-figure range are becoming more of the norm with new graduates finding it difficult to keep up with the repayment of loans with the income earned after passing the bar.
When asked if the cost of law school is worth it, Jannine Ramlochan answered “Generally no.”
“In terms of the literal cost, law school comes at a price tag of approximately $150,000 and tuition continues to rise,” says Ramlochan, who has a law degree, has passed the bar exam, submitted her application, and is still pending admission into the New York State Bar. “I would not advise any individual to take on such substantial debt without careful consideration about how to pay it back.”
“With the legal job market being as difficult as it is, “I’ll just get a good job after graduation” isn’t sound financial planning,” she adds.
To determine the ROI of a law degree, a graduate must achieve a decent salary-to debt ratio. Additionally, the following factors often affect the average cost and ROI of a law degree, which varies on a case by case basis:
Prestige of School: Although the prestige of a law school often leads to a student paying a higher tuition and generally facing a better chance to earn more after graduation, attending a top institution does not necessarily mean other schools do not provide a solid law education.
“Don’t have the money to go to Harvard Law? Don’t sweat it,” says Jared Staver, managing partner at the Staver Law Group in Chicago. “Any ABA-accredited law school is a great law school. Don’t let people convince you otherwise.”
Special Incentives: Although some law schools have decreased or capped tuition in an effort to attract more students, earning a degree in the field is still an expensive endeavor.
Scholarships and Grants: From academic achievement scholarships to grants that promote diversity with aid for students that fit a special criteria (such as law students with hearing loss who can apply for one of three $5000 awards given by the Alexander Graham Bell Association for the Deaf and Hard of Hearing), there are many different options to consider for lowering the overall cost of a law school education. Students who thoroughly research, apply to and receive financial assistance that does not have to be paid back receive a higher ROI on their degree.
Getting a Job After Graduation: The ability to find full-time work after passing the bar exam also determines the ROI of a law degree, and according to Staver, “…finding a job that will allow you to live comfortably while simultaneously paying off your student debt (if you have any – most do)” is significant.
“The law market is not what it once was,” says Staver. “An abundance of lawyers and law schools have essentially flooded the market.”
Recent surveys point to a modest improvement in the number of jobs available at law firms with higher starting salaries, yet the competition level for entry-level jobs still demonstrates signs of weakness for the overall market. According to the Association for Legal Career Professionals (NALP)’s Selected Findings from the Employment Report and Salary Survey for the Class of 2013, although the number of jobs obtained by law school graduates shows two years of growth, the overall employment rate for new grads still dropped for the sixth year in a row, primarily due to historically large graduating law school classes.
“Though it’s gradually improving, it’s still tough out there,” adds Staver. “That is certainly something to be mindful of.”
The Time Commitment for Law School
Coupled with the monetary cost, Ramlochan says a “law degree also takes a great deal of time.” Attorneys generally complete 4 years of an undergraduate education, followed by 3 years of law school as full-time students.”Being a student for another three years after college is burdensome,” adds Ramlochan. “The whole world seems to be moving on while you’re still worrying about final exams.”
After completing law school, a graduate must pass the state bar exam, and then gain licensure in order to work in the United States. “Legal practice is a very slow process,” says Ramlochan. “You are always waiting on something, whether it is bar results or motion decisions.”
“You will not be a lawyer until you are sworn in, which can be a year after graduation,” adds Ramlochan. “If you do not have the kind of patience to deal with that life, then do not bother going to law school.”
Furthermore, a lawyer is expected to stay knowledgeable on the latest legal developments which might affect the way he or she practices. According to the 2013-2014 U.S. Department of Labor’s Occupational Outlook Handbook, the majority of states in the United States require lawyers to complete continuing legal education every year to every three years.
Many law schools, local bar associations, and online programs provide courses and other ways for attorneys to stay current. Coursework generally covers the basic practice of law, legal ethics, tax fraud, and changes in healthcare.
Hardships Associated with a Law School Education and Career
When assessing whether law school is the right educational path to take, considering all aspects that go beyond the associated student debt and time commitment is highly recommended.
“Law graduates face a number of hardships, the greatest being gaining meaningful employment after graduation,” says Ramlochan. “It is hard to find value in your degree when you are unable to use it.”
Aspiring lawyers must also consider the following:
Highly Competitive Field: Law students enter an extremely competitive field, especially in regards to attaining higher levels of employment. It is not unheard of to see graduates with JDs and LLMs not being able to find ‘decent’ work.
“In addition, even when law graduates do gain employment, the salary is often less than their skills are worth and less than their bills require,” says Ramlochan. “Law graduates are inexperienced and numerous; as such, the job market tends to take advantage of them.”
And, receiving a degree from a prestigious school is not always a guarantee that employment awaits after passing the bar exam. Despite attending one of the leading law institutions in the country, Business Insider shared a struggling law grad’s deep regret in a piece titled ‘I Consider Law School A Waste Of My Life And An Extraordinary Waste Of Money‘. “I have a top-20 law degree and I was making the equivalent of a $12,000/year salary,” the lawyer told Business Insider when speaking of one of his jobs.
Eventually, he started earning $45,000 with 15% of his income going towards paying his $200,000 law school debt through an income-based repayment plan.
“Many people pursue the profession to help those who are underprivileged,” says Ramlochan. “It is ironic that such a significant number end up just as disadvantaged as those they seek to aid.”
Another issue regarding the employment of lawyers is changes affecting the overall practice of law, as cyclical swings in the economy often take place. According to the Occupational Outlook Handbook [1], demand for various law services decline in times of recession, such as real estate transactions, planning estates, and drafting a will. Corporations and businesses are also less likely to litigate cases when experiencing low sales and profits.
New graduates not only have to worry about competing with other lawyers for job positions, but also find that paralegals, accountants and actuaries are increasingly being hired to perform the same tasks once exclusively delegated to lawyers. The practice of outsourcing legal work overseas to places like India is also increasing, as law firms and businesses seek new ways to cut costs. Even legal self-help websites and services like LegalZoom, cut into the demand for a lawyer’s assistance.
Long Hours: To accommodate rising caseloads, lawyers tend to work more hours than in previous years, oftentimes in excess of 50-hour work weeks. The demanding profession also sees law professionals spending time on client development and managing their business, which do not fall under the category of ‘billable hours.’ As a result, a skewed work-life balance develops, which is a common complaint of lawyers.
High Stress Levels: In addition to mounting law school debt, graduates also experience high levels of stress attributed to business pressures and the everyday strains related to working as a lawyer, such as meeting deadlines, billing clients, keeping up with changes in law, dealing with client demands, and working excessive hours.
An ‘insider’s perspective’ found on QuarterLifeCrisis.com’s forum states, “I am a paralegal right now and I know I could never be a lawyer. Clients are demanding, they expect you to just “fix” the problem they made [and] if you don’t, they often blow up at you. It’s stressful…”
The job responsibilities and duties of being a lawyer are not the only triggers for stress, as the circumstances surrounding cases can also cause emotional distress and depression.
Financial Success is Not a Guarantee: With an overabundance of lawyers competing for available employment opportunities in the field, it’s getting much harder to secure a lucrative position as a new law graduate. The lack of high-paying job positions for new graduates make paying off student debt even more difficult to accomplish.
“All of my job offers out of law school were in the $30,000 – $40,000 range,” Nathan Bogart, immigration attorney, told JobShadow.com for Interview with an Immigration Attorney. “After a year of experience, I looked into the market again and interviewed for jobs in the $60,000 – $80,000 range.”
According to the American Bar Foundation’s Lawyer Statistical Report, law graduates compensated the highest are employed at mega-firms with more than 100 attorneys; these highly selective firms only represent one-percent of all law firms. Students graduating top of their class from the most prestigious law schools are often hired to work at such firms.
Poor Public Image: Although the law profession is often viewed as a prestigious career, today’s society generally holds a low public perception of lawyers. Widespread distrust is nothing new for attorneys to endure, as sensational media coverage, the rise in frivolous lawsuits, and billing rates often perceived as exorbitant continue to fuel negative judgements.
Compromise Personal Beliefs or Opinions: Depending on a lawyer’s area of expertise, he or she may have to defend people who they feel might be guilty or whose actions represents something that goes against their beliefs or viewpoints, especially in regards to religion, race, sexual orientation, politics, and violence related to rape-, abuse- and murder cases.
“Furthermore, it is not uncommon for law students to hate the profession by the time they graduate,” says Ramlochan. “In one of my very first law school classes, my professor announced, ‘If you came here to learn about truth and justice, then you came to the wrong place.’ “
“Everyone goes into law school with some idea of what they believe the profession is really like,” she adds.
Rewards and Benefits of a Law School Education
“Some of the biggest rewards associated with a law degree are the ones most people don’t often think of,” says Staver. “At the end of the day, you know that you obtained a degree that’s going to let you help people; and I mean really help them.”
Lawyers are placed in a unique position to achieve social good and make a difference in the lives of their clients which may include individuals, groups, businesses, and organizations. Public interest lawyers specifically focus on taking legal cases associated with furthering the greater good of society, as well as helping those who cannot afford legal assistance or representation. Lawyers in private practice are known to perform pro bono work to aid low-income clients and underserved individuals, from the elderly to domestic- and sexual abuse victims.
Additional rewards and benefits associated with pursuing a law career include:
A Respected Position: Well-established and respected on a larger scale, the law profession not only creates a sense of accomplishment for a graduate, but is often viewed as prestigious in the eyes of their peers – as they generally have the authority over others, earn high salaries, and associate with other influential professionals.
“I also think the honor that comes with a law degree is something worth mentioning,” says Staver. “The truth is, law school is rigorous to the nth degree.”
“Most will never know the amount of work you put in for that piece of paper,” adds Staver. “But you will know; and that is more important than anything. It’s a very special feeling.”
Multiple Career Options: Law students can easily find an aspect of the field that accommodates their primary interests, including business-, family-, and civil-, entertainment-, and criminal law. The opportunities to work in various employment settings and environments are also vast, and might include handling law suits as a corporate attorney, becoming a criminal prosecutor to represent the government, or assisting clients who cannot afford to hire legal counsel as a public defender.
Depending on their field of expertise, a lawyer’s caseload may include a constant flow of intriguing clients with challenging circumstances. The level of education, skills, and experience associated with a law degree also allows attorneys to branch off into other areas of employment.
“I earn a living in a variety of ways,” Darren Heiter told Job Shadow.com in Interview with a Sport and Entertainment Attorney. “The bulk of my income is received through my work as an attorney.”
However, Heiter also earns money from writing; real estate ventures; advertising revenues from a popular blog for sports agents he owns and operates; and co-founding Collegiate Sports Advisors (a company which provides assistance to universities looking to prepare student-athletes for life as a professional). He also taught a Sports Agency Management class at Indiana University that he created himself.
Pays Well: According to the U.S. Bureau of Labor Statistics, lawyers earned a median salary of $113,530 in 2012. Those who graduate top in their class in law school have a better chance of earning salaries more than $130,000 per year. Graduates landing jobs at one of the leading corporate law firms can earn as much as $150,000 to $170,000 soon after passing the bar.
Compensation that a lawyer receives typically increases with more years of experience, and can reach upwards to a yearly income in the $200,000 range.
“If you come out of law school in the top 10 percent of your class – whether you went to an Ivy League school or otherwise – you will be sought after,” says Staver. “This is still an industry that recognizes and appreciates hard work.”
Transferrable Skills: Law school graduates who do not wind up practicing law will find that a J.D. can serve as an entryway to a new career path and employment opportunities. Skills developed in law school are useful for management positions, book-writing, mediation services, academics, and of course, legal consultation.
Flexibility: Lawyers in private practice enjoy the independence to create a flexible work schedule, set their own fees, and decide which cases to take. Because of this, attorneys in private practice tend to have more freedom for personal matters and spending time away from the office.
Mental Stimulation: Faced with the constant challenge of deciphering the most effective strategies to use the law to work on the behalf of and solve the issues of a client, lawyers continuously exercise their mental capabilities and rely on sharp critical thinking skills.
“The largest reward associated with getting a law degree is the ability to think critically in a manner that separates your emotions from your logical reasoning,” says Ramlochan. “This is not a particularly natural ability and most people are not able to do so.”
“As a result, it becomes a valuable tool not just in legal practice, but in a wide array of other professional opportunities,” she adds. “Law graduates look at the world through very different lens than the average person and that has great value.”
U.S. News & World Report Rankings: According to the U.S. News & World Report, becoming a lawyer is one of the best choices for those seeking an occupation that pays well, and also does so within the field of social services. However, the high level of competition for jobs and overall job outlook for most graduates of law school sends a career in law midway down the Top 100 rankings:
Options for Offsetting the Hardships of a Law School Education
In addition to obtaining financial aid to help offset the cost of attending law school, there are a few approaches that an individual may take to enhance and/or improve their overall experience:
Separate the Myths from Reality: Many people have a pre-conceived notion of what it is like to lead the life of a lawyer. Television, movies and other forms of media have helped perpetuate the view that the career of an attorney is filled with excitement, intense courtroom drama, and high-powered meetings. Trial lawyers, in particular, are often viewed as leading the charge in headlining-cases, uncovering conspiracies, and getting paid exorbitant fees to ‘work their magic.’
However, the majority of work that trial lawyers completes generally takes place outside of a courtroom, and with less than one percent of civil cases actually making it to trial – most cases are settled out of court.
“One of the lesser discussed frustrations about being a law graduate is the realization that the profession was really not for you,” says Ramlochan. “Everything you expected about it going into law school was completely wrong, and now all you have ended up with is a very expensive piece of paper, a boatload of debt, and no idea what to do with your life.”
In reality, the bulk of the typical lawyer’s day (what people don’t see in the movies) involves long hours spent in ‘the discovery stage of litigation,’ reviewing paperwork, requesting information, taking depositions, and drafting documents. The law profession also centers on research and writing that includes motions, briefs, and memorandums of law.
Concentrate on a Practice Area of Interest: “Most first year students either have no idea or a completely incorrect idea of what real law practice is like,” says Ramlochan. “If you do not focus on an area that you are interested in early on, you can end up being pigeon-holed into a practice area that you dislike.”
Part-time employment or summer jobs at law firms, corporate legal departments, and government agencies allow a student to experience different areas of law. The insight gained may provide direction in which career path a student may want to pursue. For some, the additional experience can also lead to obtaining a job immediately after graduation and passing the bar.
Ramlochan mentions that it is extremely difficult to transition from one practice area to another after a law student graduates.
“Each practice area has its own set of acronyms and industry customs, so transitioning is essentially starting from scratch,” adds Ramlochan. “Law school is your window to try out different practice areas, but once you are out, you are placed in accordance with your experience.”
“Unfortunately, not everyone finds a good fit during that window,” she says.
Accept Being Graded on a Curve: “If you do decide to pursue a career in law, do not use grades as the true measure of intelligence,” advises Ramlochan.
“It does not matter if you were an A+ student during your entire academic career or the best writer in your undergraduate program,” she adds. “You will be graded on a curve and that does not work in your favor all of the time.”
“Legal writing and legal thinking are skills that must be learned and you may see some grades further away from the beginning of the alphabet than you like,” says Ramlochan. “The sooner you learn to accept this, the less stressed you will be; it does not mean that you will not be a good lawyer.”
Part-Time Study: Students wishing to balance a social life and training for a legal career may enter a part-time law program. According to the U.S. Department of Labor, nearly 1 in 10 graduates from ABA-approved institutions earned their degree through part-time study. While it takes a full-time student to complete his or her law degree within three academic years, part-time study is done in four academic years (with the option to transfer to a full-time program, if desired). It’s important to weigh the pros and cons of part-time study as well.
Benefits include being able to take classes in the evening, which makes it possible to work during the day and tend to family responsibilities. A student’s course load is also reduced, as is the immediate financial burden, which is spread out over a longer period of time. The ability to work while in school also helps to offset the cost of attending law school.
However, part-time study is still a significant time commitment, and the extra year of school does increase the overall cost to obtain a law education. Additionally, part-time students are also not eligible to apply for most academic scholarships. They also miss out on a lot of the opportunities and experiences that full-time students encounter, such as externships, moot court, student organization, and on-campus interviews.
Consider Becoming a Paralegal: Lastly, for people with an interest in law but who are not completely sold on the benefits of a law school education, the paralegal occupation is one of the fastest-growing careers in the United States, and comes with its own set of perks.
The top-earning potential for a paralegal is between $60,000 and $90,000 in most areas; and although the potential salary of a paralegal is projected less than a lawyer’s, they greatly benefit from not incurring law school debt or having to fulfill state-mandated legal education requirements. In order to practice law, attorneys must pass the bar exam, and not everyone does so their first time around, whereas paralegals do not have to take an exam in order to gain employment. Paralegals tend to also experience less stress, and are typically entitled to overtime pay.
Cost Vs Reward of a Law School Education
In regards to analyzing the cost versus rewards of a law degree, Staver says “that comes down to one word: passion.”
“If you don’t have a passion for law, it is absolutely not worth the cost,” he continues. “If you don’t absolutely love the idea of practicing law, move on.”
“There is no shame in that whatsoever,” Staver says. “Just like not everyone has the drive to go through medical school, the same is true of law school.”
When asked if given the chance, would he choose to pursue a law education again, Staver answered, “In this lifetime or the next, I would absolutely do it all over again.”
“Every day I get to walk into my office is a day that I’m happy,” he adds. “My clients are amazing; they are good, hardworking people who genuinely need legal help – I can’t even begin to describe how appreciative people are when you’re willing to take their case in a time of need.”
“As far as law school and pursuing a legal career, yes, I would do it all over again,” says Ramlochan. “I am one of the few that did end up with a job that I am happy to go to every day, and I would not have had the opportunity were it not for my law degree.”
“I enjoyed what I learned in law school and value the skills that I gained,” she adds. “However, had I been less fortunate after graduating, my answer would probably be very different.”
The stress, salary-to-debt ratios, and the demands associated with practicing law have led to high levels of career dissatisfaction amongst members of the bar. The law profession is not without escalating cases of depression and suicide. In 2008, forty-four percent of lawyers surveyed by the American Bar Association said they would not recommend the profession to a young person, while in 2013, forty percent of young lawyers in a more recent ABA survey said they would not pursue law school again, given what they know now.
Two of the primary concerns for an aspiring lawyer to consider are the potential of owing substantial law school debt and finding a well-paying job in the midst of stiff competition from both new graduates and lawyers with more experience. The pros and cons related to pursuing a career as a lawyer are different for every student, and involve many different factors.
For example, those who obtain financial assistance in the form of grants and scholarships (which do not have to be paid back) find themselves in a better position after graduation than those who must take out student loans with repayment and interest rates. Additionally, those who attend a prestigious school may pay more in education costs, but if graduate within the top of their class, are most likely to obtain a higher-paying job after passing the bar.
A law career itself offers ample opportunities for professionals to advance, gain experience, and explore multiple career options related to the legal field – which is also dependent on geographic factors, population rates, the nation’s economy, and a professional’s field of expertise. While each student initially pursues a law career for his or her personal reasons, it’s a choice that involves a great deal of research, decision-making, and gaining insight from those already in the field.
“I suggest speaking to practicing attorneys before deciding whether that is the kind of life you want,” says Ramlochan. “If you think the profession will cost you happiness, then it is not worth it.”
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