For almost 20 years, when I was asked hey, should I go to law school? I would not hesitate to say yes. There was always room for more good lawyers, I reasoned. Not anymore. The costs of law school have skyrocketed (even state schools now charge over $30,000/year just for tuition) at the same time that the legal job market has cratered. For many years, law schools fought to avoid releasing honest and accurate job information that would show the dismal state of the job market. Now that it has become clear how bad it is, applications to law school have crashed to historic lows. The cost of law school, especially if financed with student loans, cannot be justified by the prospect of high paying jobs, except for an increasingly narrow sliver of the most qualified students from the most highly credentialed schools. Worst of all is the student loan racket. Schools are free to set their prices as they wish, knowing that students will be able to borrow any amount, guaranteed by taxpayers. Only on the back end do students, not able to find jobs that can support the massive debt load of law school costs, discover that there is no escape from the ill-advised debt, and the prospect of a home purchase or even a car is foreclosed by the amounts owed for student loan repayment. Its the next big nasty bubble facing the American economy. Bet on it. So for anyone thinking about going to law school, please, I implore you, think again, read up on all the available information out there, and unless you or your family can pay for it without loans, dont do it.
Posted on: Fri, 19 Dec 2014 14:16:06 +0000
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