Is the Cost of Becoming a Lawyer Worth It?
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How Much Does Law School Cost?
Private Law School Cost
Public Law School Cost
How Much Do Lawyers Make?
Mean Law School Graduate Income
Median Law School Graduate Income
Range of Law School Graduate Incomes
How Much Lawyers Make by Specialization/Industry
Pros and Cons of Attending Law School
Reasons to Go to Law School
A wide range of job options: Once a law student graduates and becomes a practicing attorney, that student has myriad professional legal options in a wide range of industries. This can include manufacturing, finance, sports, health care, politics, and criminal law, among others. Potential for great pay: You have to work hard to earn it, but an experienced professional attorney can expect to make six figures annually, particularly in the private sector. An opportunity to learn and grow: Lawyers study hard and are expected to be fast learners. Those that make the cut can expect to turn those characteristics into becoming smarter, more disciplined, more analytical, and more capable of becoming master public speakers and negotiators.
Reasons Not to Go to Law School
Law school is challenging: The attrition rate for the first year of law school is well over 3% — and there’s a reason for that. The study regimen, long hours of work, and tough academic standards make law school a daunting prospect for many law students. Some students may find it helpful to study pre-law to make sure this is an area in which they want to study further. It’s expensive: As noted above, three years in a solid law school may result in a student taking on about $193,170 in overall student loan debt. That’s a tough financial hurdle to clear, even for a high-earning attorney. You’ll likely have repayment of a student loan hanging above your head for at least a little while post-law school. Long hours after law school: Even once you’ve cleared the hurdle of law school, it’s not necessarily smooth sailing ahead. Many lawyers work long hours. Most work more than 40 hours a week, and lawyers working for big firms work an average of 66 hours per week.
3 Student Loan Refi Tips
Refinancing your student loan can lower your monthly payments and help you adjust your loan term. Compare student loan refinancing rates to find a loan that works for you. Paying extra each month on your student loan can reduce the interest you pay and so lower your total loan cost over time. (The law prohibits prepayment penalties on federal or private student loans.) Depending on their income, qualified borrowers can deduct the interest they pay for student loans, both federal or private, up to $2,500 per year. The deduction phases out for modified adjusted gross incomes of $70,000 to $85,000 for single individuals and $140,000 to $170,000 for people married and filing jointly.
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