NY Times: Is Law School a Losing Game?

[marmar]

Is Law School a Losing Game?
By DAVID SEGAL

Published: January 8, 2011


IF there is ever a class in how to remain calm while trapped beneath $250,000 in loans, Michael Wallerstein ought to teach it.

Here he is, sitting one afternoon at a restaurant on the Upper East Side of Manhattan, a tall, sandy-haired, 27-year-old radiating a kind of surfer-dude serenity. His secret, if that’s the right word, is to pretty much ignore all the calls and letters that he receives every day from the dozen or so creditors now hounding him for cash.

“And I don’t open the e-mail alerts with my credit score,” he adds. “I can’t look at my credit score any more.”

Mr. Wallerstein, who can’t afford to pay down interest and thus watches the outstanding loan balance grow, is in roughly the same financial hell as people who bought more home than they could afford during the real estate boom. But creditors can’t foreclose on him because he didn’t spend the money on a house. ............(more)

The complete piece is at: http://www.nytimes.com/2011/01/09/business/09law.html?_r=1&hpw

[bluestateguy]

1. Unless you are wealthy enough to avoid student loans, only go to a top 10 school

That's what my friends in the legal profession are telling me right now (I am not a lawyer or law student; thank God).

[Hippo_Tron]

12. Or go to a state school where the tuition is low

[CrownPrinceBandar]

2. I considered law school before settling on a nursing program.........

The job outlook kinda made the decision for me.

[no_hypocrisy]

3. It was for me.

Haven't had steady employment since I graduated in '92. Worked mostly as a legal secretary and/or paralegal. The first job I had as an associate was two years ago, one year of which my boss still owes me my salary. I was let go because the firm wasn't making any money. I would love to start my own firm but I'm very nervous about making a mistake and getting sued for malpractice. (No, I don't have enough money for insurance.)

Don't know what my next move is.

[Coyote_Bandit]

6. I graduated in '86

and I've had the same problems as have many of my former classmates. I worked in private practice briefly - for a small firm that couldn't meet payroll two weeks after inducing me to turn down another opportunity (another small firm known to have a tumultuous relationship amongst the partners) and hiring me (eventually they did pay me back wages with interest but because it was paid as a settlement no Social Security was paid in on my behalf). Stayed there and took pro rata wages while looking for something else. Took 6 months - and I transitioned into the corporate world working in the insurance industry for awhile. Got an inside view of an insurance company going under. Went back to school and got my MBA then worked in investment management for awhile. I'm pushing 50, long-term unemployed and either overqualified or underspecialized for what jobs there are. I've had more than one headhunter tell me that my best bet is to open my own shop. I don't really have the $$$ to do that, don't particularly want to put what I do have at risk, don't have current experience in private practice and don't think that my personality is particularly suited for the endeavor. Last year I went back to tech school but the program I enrolled in was terminated before I had an opportunity to finish it. Yippeeee! More good luck for me! My two younger siblings have died and I am now the sole caretaker for my aging parents. While I am happy to fill that role it is a complicating and limiting factor in regard to my employment options. I have no idea what my next move is. There are no good options - and few feasible options.

Good luck to you. There are a lot of us in the same position.

[no_hypocrisy]

7. Nothing's more frustrating than having the training and the potential to be good

at a vocation and being denied the opportunity.

[Coyote_Bandit]

8. I would also list

the frustration of being presumed by others of being either incompetent or lazy.

It takes a lo of internal strength, self-confidence and determination to keep reinventing oneself - especially when such efforts seem to be penalized rather than rewarded.

[Seedersandleechers]

4. My son graduated Law School recently in NYC

$150,000 worth of loans, but had a job before he even graduated with Baker Botts at 30 Rock as an IP/lawyer with an incredible salary. (Over $160,000) Had a physics engineering degree as well.

[bluestate10]

10. What you defined is the path the the most successful are taking.

One degree is no longer cutting it. Minor degrees fell out of favor, but students that want an inside track and can't go work for dad or mom after college are advised to have a serious minor degree. An engineering degree with a minor in Finance, a Finance degree with a minor in engineering or engineering technology. For the first years of college, taking classes for the minor adds little to the cost of an education.

[varkam]

5. I'm in my last semester of law school and yes, yes it is.

More than the economy being in the tank and the legal field being too crowded to begin with, the price of a decent law school education is akin to highway robbery. Maybe in the golden days when you could get a starting salary of 100k+ fresh out of law school it wasn't such a big deal, but now competition is tight even in the public sector. It's dog-eat-dog right now.

[Manifestor_of_Light]

9. I earned a Juris Doctor in 1985.

Never got a job using it; went to a well regarded private school. Don't have loans to pay. A complete waste of time and money as far as getting a job. I am glad I got the knowledge though, because it's a broad education.

Paid for it by being a court reporter and going to night school. When I graduated tuition was $125 a semester hour which was really steep.

[bluestate10]

11. What type of work do you do now? nt