Getting a law degree and becoming a lawyer used to be one of the few guarantees to make money in business. In today's economy however this guarantee, like so many other "sure things" is gone.
You can certainly make money as a successful lawyer but new studies show that only 50% of law graduates are finding legal jobs. Combine that with the $100,000 you might have to spend in tuition and becoming a lawyer has become a big financial gamble that could leave you in debt for the rest of your life.
According to a new study released by the American Bar Association only 55 pecent of the graduating law school class of 2011 found full-time, long-term jobs that required bar passage 9 months after graduation. To supplement the bad news, the National Association for Law Placement reported in early June that only two-thirds of new graduates landed any type of job requiring their law degree.
The nonprofit group Law School Transparency used the ABA’s numbers to calculate what it calls the “underemployment rate,” including graduates who are unemployed and looking for work, in short-term or part-time jobs, seeking additional degrees, and in nonprofessional jobs. More than a quarter of new graduates — 26 percent — fell into those categories. At 20 law schools, more than 40 percent of graduates fell into Law School Transparency’s definition of underemployed.
There are no guarantees when it comes to college, but when spending so many years and so much money pursuing a degree it is extremely important to know the risks.
If you want to be a lawyer you should pursue this line of education. Just go in with your eyes wide open and understand that it is not a guaranteed road to riches.
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