Sunday, February 9, 2014

National Study Proves Value and Versatility of Law Degree

From the ABA Journal:
Twenty-four percent of the surveyed lawyers were not practicing law in 2012, compared to about 9 percent who weren’t practicing law in 2003, according to preliminary survey findings. The results are from the After the JD study, which tracked a national sample of lawyers who passed the bar in 2000 with surveys in three waves—in 2003, 2007 and 2012....Among graduates of the top 10 law schools, only 16.8 percent were working in large firms of more than 250 lawyers in 2012, compared to 55.3 percent in 2003 and 28.7 percent in 2007.
Well, that proves versatility, don't it?  The further you get from law school, the more doors open up on the outside.  People leave BIgLaw as voluntary opportunities open and outside forces can't but help to poach young lawyers to come work as general counsel or non-profit directors.

But wait, there's more!
[A]mong graduates of Tier 3 schools...those with the highest grade point averages had median pay that was $121,500 more than those with the lowest grades.
For those of you who are deficient in math, that means that graduates with high GPAs from very fine law schools are making at least $200k (obviously, even the lowest ranking law graduates can make a measly $80k).

And with such exorbitant salaries, they've had no trouble paying off debt.
The median remaining educational debt for the survey respondents in 2012 was $50,000... Nearly 48 percent had no debt remaining in 2012.
No one's ever accused the scambloggers of financial expertise, but c'mon!  These numbers they throw around - $200k, $300k, etc. - are just irresponsibly high.  And 30 year repayment?  In the immortal words of Clay Davis, sheeeeeeeeeeeeeeeeit.  Half of these motherfuckers paid down their whole debt in a meager 13 years and these are the whiny lazy bums of Gen X.  The remainder have a median $50k left, which gets paid off easily.

Contrary to the scamblog tropes, I'm seeing a group of people who made bank.  It's in the numbers, and these numbers will totally and unwaveringly apply to today's students, particularly given that the economy is improving and a wave of boomers is about to leave openings for every girl and boy who pushes through to bar membership.




    VermonTTT Law School is now partnering with a few historically black colleges and universities, in order to get more people in seats. That's how well the law schools are doing! With a shrinking lawyer job market, these dolts just know that it will rebound so quickly and resoundingly that they can "find" jobs in Vermont for unconnected black men and women from Atlanta and Wilberforce, Ohio.

  2. "Among graduates of the top 10 law schools, only 16.8 percent were working in large firms of more than 250 lawyers in 2012, compared to 55.3 percent in 2003 and 28.7 percent in 2007."

    I am frankly surprised it is that high. In 4 or 5 more years that 16.8 percent figure will likely be significantly further reduced, and remember these are the graduates of the top 10 schools. The percent still working in law firms of more than 250 is far, far, far lower for schools outside the top 10, likely low single digit percentages approaching zero. I am also quite surprised that only 24 percent are counted as "not practicing law." That figure is far too low given my experience. I suppose they count those who have hung out their own shingle and self reported their income as "employed" or "practicing law." I know a large number of these colleagues.