“For too long, many of the students who entered law school were seeking the high paying salaries that law schools were too happy to advertise. It was a rush to greed. And many of these wealth-seekers were sorely disappointed when they failed to land the $160,000 job.
Most never even had a chance, as only 20 percent of all graduates were landing jobs with salaries greater than $100,000. But to be fair, some even failed to land the $40,000 job and now have $100,000 in debt breathing down their necks.”
This should read “MANY failed to land $40,000 jobs, and now have $100,000 in non-dischargeable debt breathing down their necks.” What do you expect from a shill?
Herwig Schlunk, professor at Vanderbilt University Law School, noted back in October 2009 that law school is a poor financial decision for most college graduates:
"There is no reason to believe that the currently-experienced changes in the legal market for freshly-minted law school graduates are temporary; indeed, some legal scholars think they may well be permanent. If so, then it is not just the current crop of Hot Prospects, but all future crops as well, who will need to ratchet down their expectations not only with respect to first-year compensation, but also with respect to job security and chances for partnership."
According to the ABA:
"The combination of the rising cost of a legal education and the realities of the legal job market mean that going to law school may not pay off for a large number of law students. Dean David Van Zandt of Northwestern Law School estimates that to make a positive return on the investment of going to law school, given the current costs, the average law student must earn an average annual salary of at least $65,315.12 As the data above show, however, over 40% of law school graduates have starting salaries below this threshold. Thus, many students start out in a position from which it may be difficult to recoup their investment in legal education. Even students who do ultimately prosper over the course of a career face difficulties from high debt loads during the beginning of their career. High debt can limit career choices, prevent employment in the public service sector, or delay home ownership or marriage. In short, going to law school can bring more financial difficulty than many law students expect." [Emphasis mine]
Might those expectations have something to do with the SELF-REPORTED, fabricated law school employment and starting salary statistics?! How many students at TTemple or CreighTTTon will make $65K a year, upon graduation? How many of those students will take on $120K in non-dischargeable debt for the credential?
“Those considering law school might want to reconsider, said Allan Tanenbaum, chairman of an American Bar Association commission studying the impact of the economic crisis on the profession. Students take on average law-school debt of about $100,000 and, given the job market, many "have no foreseeable way to pay that back," he said.
Do you see where the ABA commission chairman ADMITS that students who take on “average law-school debt” have no foreseeable way to pay this amount back?!?! As far as Crooklyn second year student Thomas Reddy goes: yeah, and I’ll be “fortunate” to have a threesome with Jennifer Lopez and Jessica Alba this weekend, too.
Look, the president of the California State Bar Association notes: “There is notoriously unreliable self-reporting by law schools and their graduates of employment statistics.”