Law School Not Worth It For Many - Amer. Bar Assn.

Jan. 3, 2011 - PRLog -- The American Bar Association [ABA] has issued an analysis on its web site warning prospective students that going to law school may not be worth it because the huge debt incurred by many may not be recouped by high salaries, and that the "high debt can limit career choices  . . .  or delay home ownership or marriage."

The ABA suggests that those who do nevertheless decide to go to law school should attend a local law school and live at home (to save on housing and transportation costs), go "to a public [law] school where one can get in-state tuition," or enroll in a part-time program and continue working - all suggestions, which if followed by a significant number of young people, could adversely impact top law schools, says public interest law professor John Banzhaf.

This warning may have been triggered by a growing chorus of complaints, including many by law professors and lawyers, that students considering law school may not be aware of the dramatic changes which have occurred in the legal profession over the past several years, both structurally and as a result of the recession, which make it much less likely that the money they spend for law school will ever be recouped.

Indeed, some have likened the position of law schools to some for-profit colleges and trade schools where students frequently incur huge debts, only to find that there are few jobs available for them based upon the skills they have acquired.  The complaint is that such schools take the students' money without doing anything to disabuse them of the notion that their monetary investment will be well rewarded by much higher paying positions.

By the time they have enrolled - often relying upon reported starting salaries of $160,000/yr for beginning associates, and enticing life styles as portrayed on "LA Law," "Boston Legal," "The Defenders," and other TV programs - it may as a practical matter be too late to turn back, says Banzhaf.

As the ABA warns: "many members of the class of 2010 and 2011 may graduate without a job, and those who are lucky enough to find employment likely will collectively have lower salaries than their predecessors. In short, the job market is more challenging than it has been in many years, as well-paying jobs are in short supply."  The organization points out that high paying jobs at the top big-law firms, always in scarce supply, may now have been cut in half, and it's not clear that they will ever return.

"It's not unlike a lot of inner city kids who spend endless hours honing their basketball skills hoping to make millions in the NBA.  While such huge salaries are indeed possible, very few players, even from the top college basketball teams, ever make them," suggests Banzhaf.

As the ABA itself warns, "far too many law students expect that earning a law degree will solve their financial problems for life. In reality, however, attending law school can become a financial burden for law students who fail to consider carefully the financial implications of their decision."

PROFESSOR JOHN F. BANZHAF III
Professor of Public Interest Law
George Washington University Law School
FAMRI Dr. William Cahan Distinguished Professor,
FELLOW, World Technology Network
2000 H Street, NW, Suite S402
Washington, DC 20052, USA
(202) 994-7229 // (703) 527-8418
http://banzhaf.net/