<p>I have been aware for some time that law school is a bad financial gamble these days. Like Calmom, I went to a highly regarded public law school in the 1970s. (It was ranked in the top 2 back then, IIRC ) Tuition was $750 a year. According to the inflation adjuster, that’s about $4,250 Inflation Adjusted 2011 dollars. Current tuition at Berkeley Law is 10 times that now. I walked out of law school and hung out a shingle with a friend. Year one, made ~$3000 - that’s $14,000 in 2011 $$; Year 2, made $10,000 ($30,000). Thing is, you could live on $3k/yr back then. Heck, I bought a house year 2! Back in my day I could graduate debt-free with the 2011 equivalent of roughly $12,500 from my parents, part-time jobs during the school year and whatever summer jobs I could scrape up. That can’t be done nowadays. </p>
<p>My overall assessment of what law school is like these days is illustrated by two recent graduates I know: Girl 1 graduated from UCLA last year, passed the bar 1st try. No job yet. 6 figure debt. Girl 2 graduated from Thos. Jefferson about 5 years ago. (Yeah, TJ is the same school as in the article. The story underplayed just how low ranked TJ is - I’m pretty sure it has the lowest rate of bar exam passers of any accredited Calif. law school.) Passed the bar on her second try. She got a job (this was a few years ago when things weren’t quite so bad - and she’s the sort of person who makes a big first impression.) But it turned out she hated the area of law she’d trained for and gotten her job in. So she quit, waited tables, and looked up a divorce lawyer she’d done scut work for in law school. She affiliated with the other lawyer (not an employee) picked up a few cases, watched and learned, started making a few bucks, got to the point where she could quit her “night job” waiting tables and she’s now making a decent if unglamorous living as a lawyer.</p>
<p>Everyone obsesses about the six-figure jobs a handful of graduates get. People: forgetaboutit!! Half the graduates of T-14 schools aren’t going to get those jobs. 95% of the graduates of the rest of the top-tier schools won’t either. And half the people who get those 80-100 hrs/wk jobs will hate them (or themselves) within a few years. It’s a reality for a few people, but not many. </p>
<p>Most good legal jobs pay mid-five figures starting out, if you can even get one. A small number of lawyers make much more than that but according to BLS the median salary for all lawyers, young and old (the ones who actually have jobs as lawyers, that is) is still only estimated to be about $110K - and to be honest, I think that’s high, because it doesn’t include the increasing number of “contract” and part-time lawyers. </p>
<p>It’s a shame, but that’s where we are. But if anyone I knew asked me, I’d recommend going to law school whichever way results in the least debt afterwords - I don’t care if the school is T-14 or 4th tier. Like most other occupations, what happens after that will matter a lot more than the name at the top of the diploma. Girl 2’s route is still viable - if you don’t mind waiting tables and hustling unglamorous cases while working yourself into a viable career.</p>