Excerpt from: TaxProf Blog (click for full article)
Patti's comment: I am not sure I agree with this, but
thought I would share it with you anyway!
There is a crisis in law-school education, but
don't expect the institutions to tell potential applicants about it. In short,
there are far too many graduates for the number of jobs available, and the
majority of those who get jobs are not being paid nearly enough to service
their debt. ...
I graduated in
2011 and am one of the "lucky" ones. Within six months of graduation
I secured a job in my area of interest, international human rights. ... In my
case, although I found employment, my finances are precarious. With $169,000 in
law-school debt and an annual salary of $55,000 (which is within the average
range for a small firm), I cannot start paying off my debt in a responsible and
timely manner, much less afford to have a wedding, start a family, buy a home,
etc. ...
If this is my
experience, then what about the graduates who are relatively not as
"lucky," those with low-paying jobs not in their area of interest? Or
those floating between temporary jobs? Or worse, those like my law-school
friend and other similarly situated graduates who now rely on government
assistance because they cannot find a job and their debt is too crushing? ...
One wishes that
moral suasion would prompt law schools to alter their ways—admitting fewer
students, making tuition less ruinous—but change is likely to come only through
financial pressure when enrollment drops significantly. That day may not be far
off. Given current conditions, prospective law-school students would be wise to
start off the new year with a resolution to think twice about applying.
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