Category Archive: Law School Debt

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Law Firm Salaries

So I have been writing a series of blog entries in which I have been breaking down Logical Reasoning questions from the June 2009 LSAT. However, I am taking a bit of a break to share with you some interesting stats I just stumbled upon. You see, I was recently distracted by the one topic that seems to be able to distract anyone: the almighty dollar.

These days, it is easy to find various stories about the doom and gloom of the economy. Here is a great one if you want to read about everyone filing bankruptcy. Or how about a quick read from the WSJ that claims the recovery effort is not working?

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Too Much Law School Debt to be a Lawyer?

Okay, so I’m not the first to get to this. Or the second. In fact, it kind of feels like everyone I know or read on the internet has commented on the NYT piece about the guy who was denied admission to the New York bar because he had too much debt. But it’s very appropriate for MSS’s readers, and I have my own reasons for following this story with some interest, so here goes.

The apparent facts, such as they are:

Robert Bowman apparently didn’t have much money. He thus had to work and borrow for his education, from community college to Hastings Law School, accruing some $230,000 in student loan debt along the way. While this might sound like a large sum, it isn’t unimaginable when tuition alone for graduate schools is creeping towards $40,000 a year.

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Celebrate Independence from Law School Loans

For a long time, law school seemed like a dream come true. Three more years of school, and suddenly a comm major with no job skills whatsoever can make $160K at a law firm tastefully decorated with Chinese vases. Except, as with most balance sheets, you have to keep track of the money going out as much as the money coming in. For a law school student, that can mean racking up as much as $100k or more in debt before setting foot into a job. And in this recessive economy, with big firms pushing back start dates of first year associates or buying them off to get out of offering permanent jobs altogether, being aware of law school loans is even more critical.