The New York Times’ David Segal has a lengthy piece out detailing the malinvestment in going to law school. Owing 6-figure loan balances after graduation seems to be the norm. And while U.S. News says 93% of law school grads are gainfully employed, any law grad working at anything–waiting tables or stocking shelves–after 9 months is considered employed. But it’s tough fading a $2,000 or $3,000 monthly student loan payment if you’re slinging drinks at the local pub.
Segal writes that law schools are cash cows: no expensive labs to build “If you’re a law school and you add 25 kids to your class, that’s a million dollars, and you don’t even have to hire another teacher,” says Allen Tanenbaum, a lawyer in Atlanta.
The demand for lawyers has plunged, but law schools have plenty of willing students cashed-up with federally backed student loans. About 43,000 J.D.’s were handed out in 2009, according to the Times, 11 percent more than a decade earlier.
Nine new law schools opened their doors in the last decade, and five more are seeking approval to open in the future.
Thinking about law school? Check out Shilling Me Softly, Subprime JD and Rose Colored Glasses.
If you’re a lawyer and need work, check out S**t Law Jobs.
If nothing works out there’s always politics. At least 45 of the new members to Congress have a J.D., with 41 having been practicing attorneys before heading to Washington to do the people’s business.
The total number of attorneys in the 112th Congress is 202, which is down from 203. The number of farmers in Congress has also fallen by one: from 7 to 6.
