Why... I spent 3 years and tens of thousands to increase my earning potential to... $40k/year?!?
Well, yeah, according to an Arizona State University paper:
"Starting salaries for attorneys have declined with firms. The average for a starting attorney used to be between $65,000 and $70,000 annually, with larger companies starting associates at $100,000 ... Now, attorneys will begin at $40,000 in smaller companies and $75,000 in larger firms."
I know this isn't news to those who are reading this blog, but to those who aren't in the know, the TV version of the legal profession and the reality are two very different things. Attorneys are not bringing in shitloads of money just because they are attorneys.
Thank FAFSA, thank Sallie Mae and thank Congress for blowing up the Law School Bubble. Attorney salaries are tumbling, contract attorney rates are falling and tuition is still... going up!
This makes no sense, which is pretty typical for bubbles. But it all is coming to an end. The student loans will default, Sallie Mae will go under. The word about the tanking salaries will get out to prospective Juris Debtors. The TTTs will go under, and the law school scam will be completely exposed in due time.
Great blog! Glad to have another anti-LS scam voice out there. I'm definitely adding your blog to my blog roll.
ReplyDeleteThank you, Esq. Never. And thanks for the Law School Carol as well... that youtube was a home run, especially the part about Steve's friend buying a house while Steve is accumulating debt as a 3L. It's all too true!
ReplyDeleteThank you for adding another voice to exposing this racket. It is disgraceful. My wife's family still cannot comprehend that I am making more working out of the legal field than I could as a new toiletlawyer/solo practitioner.
ReplyDeleteJuris Debtor = I like it!
ReplyDeleteThanks for the comment. I've added you as well. I know a guy who works a light office job at an energy company. He has no bachelor degree, but he makes $1000 more than me as a licensed attorney. Don't believe the lie that more education means more income.
AS you can see, you are a member of the official "what the f*ck" group.
ReplyDeleteThe general career path for an Attorney these days is to practice for 5 years, then leave the profession. Some people are fortunate. They are able to get back into their medical, engineering, or sales careers. Unfortunately, most TTT grads, this is their first job out of school or they were hoping to change from a poor career to something more substantive. The high debt exasperates the problem as you can feel by now. The end result is the same: no matter how many coins you throw into he wishing well you are stuck and this is not going away.
Hear hear! I finally found others whom have the same pair of REALITY GLASSES to look at the world. Law school is a scam. I walked away from the shit-paying practice of law...happiest day of my life.
ReplyDelete