<p>Actually according to any statistical site I could find including the US Department of Labor: Bureau of Labor Statistics (<a href="http://www.bls.gov%5B/url%5D">www.bls.gov</a>) physicians always make more. The median salary for an attorney ($98,000) is always significantly lower than the least paying medical doctor specialty. The median salary for a general practitioner is ($125,000). Heck even dentists make more ($139,000).</p>
<p>... physicians always make more because... their average is more?</p>
<p>Actually, depending on how you define "make," lawyers may actually have higher income over the long-term than i-bankers. Most i-bankers don't start off in the incredibly high range that so many people on this site dream of making. Furthermore, the turnover rate is incredibly high.</p>
<p>So while i-bankers do make high salaries, lawyers may make more in the long-run because they'll have steadier incomes that grow more solidly in the long-run. That, and the dollar/hour income may actually be higher for a lot of attorneys.</p>
<p>But shhh....i-banking is MOAR ALL EVERYTHING!!! :-P</p>
<p>oops.. nope I didnt mean "always make more". I meant in every statistical survey I could find physicians exponentially outmade lawyers. Further, lawyers have the lowest job satisfaction out of any profession and according to one recent US News article, 75% of lawyers regret their career choice.</p>
<p>Most lawyers from top schools make well over 150k when they go into private practice; the likely reason the mean is off in those statistics is due to those that go to **** schools and end up public defenders or working for small firms for a very low wage. I think if you compared the salary of the partners of large farms against the equivalent in the medical field you would see that lawyers can make a LOT more on average. I don't really see how this matters as salary should be one of the lowest on your list of why to become physician. </p>
<p>Most people go into Ibanking for its exit opportunities, and many end up in hedge funds or PE making much more than most lawyers. Although lawyers generally do work a lot of hours IBers end up working a lot more on average for about the same salary after bonuses or less.</p>
<p>Also you have to remember that lawyers and bankers receive a lot of their compensation from bonuses, whereas doctors do not. For example, a MD at a BB could make a SALARY of 250K but his bonus could be in the millions.</p>
<p>It seems to me that if you're a stone cold money man (or woman), going to professional school (or even college) is a waste of time and money. If you are a smart person and you open a small business and expand it aggressively, you can make a ton of money. </p>
<p>As a nice Jewish boy who married a nice Jewish girl, I have a ton of reasonably successful professionals in my extended family. But the richest guy by far in my extended family is a dude who ran a lumber business until he sold out a few years back.</p>
<p>Don't go to law school or medical school unless you are reasonably confident that you will enjoy practicing law or medicine. </p>
<p>That said, it's worth considering the financial aspects of each. In my opinion, one of the big drawbacks to medicine is that you have insurers and medicaid squeezing you to limit your fees. I think this is less of a problem for many (but not all) lawyers.</p>
<p>In my practice as an attorney, the ability to set fees gives me the freedom to help a lot of people free of charge; to not be constantly running around and instead to focus in a leisurely way in challenging problems; and to take days or parts of days off now and then.</p>
<p>"In my practice as an attorney, the ability to set fees gives me the freedom to help a lot of people free of charge; to not be constantly running around and instead to focus in a leisurely way in challenging problems; and to take days or parts of days off now and then."</p>
<p>True, but are you able to work a 40 hour week, make 6 figures AND have job satisfaction?</p>
<p>
[quote]
It seems to me that if you're a stone cold money man (or woman), going to professional school (or even college) is a waste of time and money. If you are a smart person and you open a small business and expand it aggressively, you can make a ton of money.
[/quote]
</p>
<p>For the most part, I don't really agree with that. Professional schools cost a lot of money and you will be buried with student loans, but in the long run your career prospects are amazing and you'll probably make a lot of money, especially if you graduate from a top grad school. However, if you can't get in to a decent law/medical/business school (say, top 100), the chances that you're p!ssing your money away become heightened.</p>
<p>I think what a lot of people find in professional school/professional jobs is security. It's almost a guarantee that if you do your job with a passable level of competency (which granted, will take a lot of work), you will be rewarded handsomely. Conversely, as an entreprenuer, you have the prospects of making phenomenal wealth...and of course, you also have the risk crashing and burning, which what happens to the majority of small business startups. In short, its a game of chance. Take the safe route and have better chances at being pretty rich or take a gamble and win (or lose) big time?</p>
<p>TexasRanger I think you are a little confused, the amount of doctors that work 40 hour weeks and make 6 figures are not as common as you think; even the MDs who do this have spent several years working endlessly to get there. It's possible to have this lifestyle in either profession, so physicians definitely don't have the market cornered on this. </p>
<p>I also think that if you are getting into medicine for 40 hour work weeks, and a six figure salary you should look elsewhere. Medicine isn't about doing the least amount of work possible which seems to be what you are most interested in. Try telling an Adcom at a medical school that you aspire to this and you'll probably get rejected on the spot.</p>
<p>"Most lawyers from top schools make well over 150k when they go into private practice; the likely reason the mean is off in those statistics is due to those that go to **** schools and end up public defenders or working for small firms for a very low wage."</p>
<p>your post is kind of illogical...think about it...only 300 or so ABA law schools; only ~T14-20. And you say most make "$150K". Very funny.</p>
<p>
[quote]
True, but are you able to work a 40 hour week, make 6 figures AND have job satisfaction?
[/quote]
</p>
<p>Pretty much, yes.</p>
<p>
[quote]
I think what a lot of people find in professional school/professional jobs is security. It's almost a guarantee that if you do your job with a passable level of competency (which granted, will take a lot of work), you will be rewarded handsomely. Conversely, as an entreprenuer, you have the prospects of making phenomenal wealth...and of course, you also have the risk crashing and burning, which what happens to the majority of small business startups. In short, its a game of chance. Take the safe route and have better chances at being pretty rich or take a gamble and win (or lose) big time?
[/quote]
</p>
<p>I agree that professional school is a more conservative option, but starting a business is not very risky, depending on the type of business. Sure, if it's some dot-com or high tech startup, it's very risky. Same thing if you open a restaurant or country inn.</p>
<p>But if you open a business that provides a basic staple good or service -- for example, a cleaning service, and you do your homework and locate the business reasonably well, you have an excellent chance of success, particularly if you were intelligent and hardworking enough to get into and succeed at law school or medical school. It's really not that much unlike opening a law office, except that it's easier to expand and also easier to sell.</p>
<p>"Pretty much, yes."</p>
<p>What kind of law do you practice?</p>
<p>There are no noble jobs - only noble people. There are just as many doctors out there with less than noble intentions as in any other profession. Behind every lawyer handling the personal injury cases that everyone is so quick to vilify there is a doctor testifying. I never had any delusions about being a doctor because math and science were not strengths, but law school was easier than undergrad in my opinion. Most of the lawyers I know never considered becoming a doctor.</p>
<p>
[quote]
What kind of law do you practice?
[/quote]
</p>
<p>Plaintiff side contingent fee litigation.</p>
<p>"your post is kind of illogical...think about it...only 300 or so ABA law schools; only ~T14-20. And you say most make "$150K". Very funny."</p>
<p>I said top law schools, maybe you should look at the stats of graduating law students from HYS. Maybe "most" is a stretch but a good many from t14that go into private practice making well over 6 figures.</p>
<p>you are right.</p>
<p>"Plaintiff side contingent fee litigation. "</p>
<p>Jesus, that's a mouthful.</p>
<p>Most plaintiff's attorneys around here have a horrible reputation. A few years ago a well known plaintiff's lawyer got sanctioned $50,000 after filing a frivolous malpractice lawsuit. This was after he opened up an office directly across from a children's hospital with a huge advertisement informing parents that his law firm gladly took malpractice claims. Because of public outcry, he was out of there within a few weeks. Unfortunately, there are many more like him.</p>