12/3/2010
For a long time, law students have always banked on the belief that their 6-figure student loan debt can be compensated by a 6-figure starting salary when they later graduate and have a license. Although great amount of time and cash is invested by these law students just to get a juris doctor degree, the hope of landing a better and high-paying job, keeps them going.
However, going through this situation has always been a gamble for law students, even if the economy is healthy. At this point, high-paying jobs may only be availed at large firms. The legal industry was one of the hardest hit by the recent economic recession, the worst downturn in several decades.
Under the present circumstance, those considering a law degree are faced with a more complex cost-benefit analysis. Studies have shown that annually, approximately 50,000 take up the expensive 3-year law studies. By way of illustration, the annual tuition of Minnesota’s 4 law schools range between $28,823 and $36,022. Many of these law students finance their law studies with either a private or public student loan.
With the prevailing economic condition, it is sometimes not clear whether law students possess the necessary information in order to be realistic in weighing the risks and benefits associated with a law degree.
