Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Your DD should only go to law school if she gets into a top 15 school. The ones that can’t get lawyer jobs after graduation went to lower tier schools.

+1 to above PP on becoming a law professor - very hard.

Even if not a law professor, I think some areas of legal practice is more ‘academic’ - tax for sure, and maybe insurance, financial products? Basically, difficult and complicated subject matters that require expert knowledge. ‘Academic’ types do well in these fields, and get paid very well.

Hmm. I'm a tax lawyer and wouldn't think of it this way. Not at all.

Whether or not the practice of tax law is primarily an academic/intellectual practice depends upon one's job. For those tax attorneys involved in worldwide cutting edge mergers and acquisitions tax practices as well as many of those involved in government policy making regarding taxation and tax laws, the practice of tax law is highly academic and can be intensely academic.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not OP. But I'm interested in the same question. I've gleaned some knowledge from the thread, but hoping you can answer a couple of specific questions.

Assuming a kid applies to law school, intends to be a lawyer of some sort, and is going to need to pay for it themselves.

1. I understand from this thread that law school is very expensive, there is really no financial aid, but there is potentially merit.
So.
2. Students rack up a huge amount of student loans across three years.

My question is this. What is the 'typical' process for being able to pay back the loans.

Specifically, I'd heard that internships between first and second year, and between second and third year can pay very well-- enough to cover a lot of the next year's tuition. Is that right?

Is the starting salary for a typical law firm high enough to pay back the loan in 5 or so years?

I think there is some loan forgiveness if going into govt or non-profit work. Does that bring down the total cost a ton?

TIA!

"Biglaw" is loosely defined as law firms with at least 500 attorneys when combining all office locations. Biglaw tends to pay market rate salaries. Biglaw market rate salaries are usually lockstep salaries for the first 8 years. First year biglaw attorneys in major US markets earn about $225,000 base salary and an end of year bonus of $20,000. Biglaw Summer associates (interns) are paid the same weekly salary as a first year associate.

Those fortunate enough to land a biglaw associate position after finishing law school can pay back their loans of $200,000 to $350,000 in 5 years as biglaw salaries rise in a lockstep manner during one's first 8 years at most biglaw firms.

2024 Biglaw lockstep pay for first 8 years:

Year 1) Base salary of $225,000 plus possible--not guaranteed--year end bonus of $20,000

Year 2) $235,000 plus $30,000

Year 3) $260,000 plus $57,500

Year 4) $310,000 plus $75,000

Year 5) $365,000 plus $90,000

Year 6) $390,000 plus $105,000

Year 7) $420,000 plus $115,000

Year 8) $435,000 plus $115,000.

Just a question. I heard attorneys are required to bring in business - clients - when they are hired. Is this true? Or are the firms bringing in the clients to be assigned to different attorneys?

Anonymous wrote:

Anonymous wrote:Not OP. But I'm interested in the same question. I've gleaned some knowledge from the thread, but hoping you can answer a couple of specific questions.

Assuming a kid applies to law school, intends to be a lawyer of some sort, and is going to need to pay for it themselves.

1. I understand from this thread that law school is very expensive, there is really no financial aid, but there is potentially merit.
So.
2. Students rack up a huge amount of student loans across three years.

My question is this. What is the 'typical' process for being able to pay back the loans.

Specifically, I'd heard that internships between first and second year, and between second and third year can pay very well-- enough to cover a lot of the next year's tuition. Is that right?

Is the starting salary for a typical law firm high enough to pay back the loan in 5 or so years?

I think there is some loan forgiveness if going into govt or non-profit work. Does that bring down the total cost a ton?

TIA!

"Biglaw" is loosely defined as law firms with at least 500 attorneys when combining all office locations. Biglaw tends to pay market rate salaries. Biglaw market rate salaries are usually lockstep salaries for the first 8 years. First year biglaw attorneys in major US markets earn about $225,000 base salary and an end of year bonus of $20,000. Biglaw Summer associates (interns) are paid the same weekly salary as a first year associate.

Those fortunate enough to land a biglaw associate position after finishing law school can pay back their loans of $200,000 to $350,000 in 5 years as biglaw salaries rise in a lockstep manner during one's first 8 years at most biglaw firms.

2024 Biglaw lockstep pay for first 8 years:

Year 1) Base salary of $225,000 plus possible--not guaranteed--year end bonus of $20,000

Year 2) $235,000 plus $30,000

Year 3) $260,000 plus $57,500

Year 4) $310,000 plus $75,000

Year 5) $365,000 plus $90,000

Year 6) $390,000 plus $105,000

Year 7) $420,000 plus $115,000

Year 8) $435,000 plus $115,000.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is merit aid, especially if you are a resident of the state where you're attending a state school. She will need excellent undergrad GPA and high LSAT score. College major does not really matter for admissions.

Ok, can we get a straight answer? Some people are saying “No way, no how—no free money to law students. Just loans.”

Others are saying there IS free money at at least some law schools in the form of merit aid.

Which is true?

I really don't know how things are now. But maybe what I have to add will help at least a little. 20 years ago I was offered a full scholarship to Northern IL. They contacted me, told me about the scholarship, and asked me to come to their diversity open house. I called them and told them they'd made a mistake, that I'm white, and the admissions coordinator told me "Oh, please come to the open house, we don't have a lot of women here." It's been long enough that I imagine that is not still the case (gosh, I hope not). But the offer for that full ride clearly came to me because they were trying to diversify their class. FWIW, I lived in Chicago at the time, and I think they were looking to recruit in-state people. Notre Dame also contacted me offering scholarship money (although not a full ride). I think a few other schools did as well, but I remember those two because I actually considered Notre Dame and the IL diversity story struck me as strange. I got these offers out of the blue (I had not applied to N IL or Notre Dame) because when I took the LSAT there was a checkbox you could check allowing them to release your scores to law schools for recruiting purposes and I checked it, and then got a 99th percentile LSAT score.

I ended up full pay at a law school that didn't offer me money because it was my first choice and my grandmother graciously offered to pay.

Anonymous wrote:

Anonymous wrote:Your DD should only go to law school if she gets into a top 15 school. The ones that can’t get lawyer jobs after graduation went to lower tier schools.

+1 to above PP on becoming a law professor - very hard.

Even if not a law professor, I think some areas of legal practice is more ‘academic’ - tax for sure, and maybe insurance, financial products? Basically, difficult and complicated subject matters that require expert knowledge. ‘Academic’ types do well in these fields, and get paid very well.

Hmm. I'm a tax lawyer and wouldn't think of it this way. Not at all.

Anonymous wrote:Not OP. But I'm interested in the same question. I've gleaned some knowledge from the thread, but hoping you can answer a couple of specific questions.

Assuming a kid applies to law school, intends to be a lawyer of some sort, and is going to need to pay for it themselves.

1. I understand from this thread that law school is very expensive, there is really no financial aid, but there is potentially merit.
So.
2. Students rack up a huge amount of student loans across three years.

My question is this. What is the 'typical' process for being able to pay back the loans.

Specifically, I'd heard that internships between first and second year, and between second and third year can pay very well-- enough to cover a lot of the next year's tuition. Is that right?

Is the starting salary for a typical law firm high enough to pay back the loan in 5 or so years?

I think there is some loan forgiveness if going into govt or non-profit work. Does that bring down the total cost a ton?

TIA!

Anonymous wrote:

Anonymous wrote:There is merit aid, especially if you are a resident of the state where you're attending a state school. She will need excellent undergrad GPA and high LSAT score. College major does not really matter for admissions.

Ok, can we get a straight answer? Some people are saying “No way, no how—no free money to law students. Just loans.”

Others are saying there IS free money at at least some law schools in the form of merit aid.

Which is true?

Anonymous wrote:Your DD should only go to law school if she gets into a top 15 school. The ones that can’t get lawyer jobs after graduation went to lower tier schools.

+1 to above PP on becoming a law professor - very hard.

Even if not a law professor, I think some areas of legal practice is more ‘academic’ - tax for sure, and maybe insurance, financial products? Basically, difficult and complicated subject matters that require expert knowledge. ‘Academic’ types do well in these fields, and get paid very well.