Is Law School a Losing Game?

[Mr S]

Interesting article about student loan debt and the usefulness of a JD degree nowadays...

http://www.nytimes.com/2011/01/09/busin ... ted=1&_r=2

[NorthAmericanguy]

To add to this article, the problem I see today is that too many young people are pursuing overpriced, and in some cases worthless degrees all while passing up the practical inexpensive business/trades.

These young people then graduate at 30+ with mounds of debt and are too discouraged, and too mind F**ked from all the years of sitting in a classroom to do anything about it.

[MrPeabody]

The problem is that the tuition levels have gone to ridiculous extremes, while at the same time, most lawyers are now just worker bee employees with a very few obtaining the coveted partnership. If you are a man, you could spend decades trying to work off an oppressive debt load in a country where women are hard to come by. You really need to rethink these traditional strategies which worked in the past but don't necessarily work in the present. You could end up much happier with a modest job in a foreign country.

[globetrotter]

You could just move overseas, tell the debtors to f**k off, and live a nice life with that JD. Degrees earn high respect outside the USA.

[gsjackson]

I went to law school to impress women. Helped a little, but in those days I didn't need the crutch. Wouldn't recommend it nowadays as a strategy to anyone. Now the JD, and the PhD I also got (mass communication) -- both from Big Ten conference schools and presumably of value -- are worthless to me except for chickenshit adjunct faculty positions paying below poverty level. Globetrotter, I wish I had your confidence that these degrees could be parlayed into something overseas, but this society has me completely convinced that as a middle-aged white male I have no value whatsoever.

[Contrarian Expatriate]

After doing two years of law school, I can tell you that it is only worth it for those who truly have a passion to practice law, or those who have a gilded path to a lucrative job right after passing the bar.

I saw people mortgaging their futures left and right! I was on a scholarship and I still went into $11,000 of debt and lost out on $120,000 of money I did not earn while in law school. That $120,000 is opportunity cost and it must be factored into the law school equation.

Bright people become lawyers, but brilliant people employ lawyers.

[Think Different]

I think something we've completely lost sight and appreciation for in the US, is the skilled artisan, like you found or perhaps can still find in Europe and other places. I think a lot of men like to work with their hands, to create things of value and to be their own boss. In many countries you can still do apprenticeships, which is a lost concept in the US. Nowadays, with all our jobs leaving, you're left with very high level and basic entry level or low service level jobs. On the job training has vanished, and getting a degree (I have advanced degrees too) is a waste of time and money. I'm almost resentful that I never learned a hands-on skill like carpentry or cabinet making; instead I spent 8.5 years at the university following the traditional path, and now I have to leave the country because there are no decent jobs left. I'm hoping I can start over as an apprentice to a vintner or something in Italy. We'll see how it all pans out.

[Mr S]

I went to law school to impress women. Helped a little, but in those days I didn't need the crutch. Wouldn't recommend it nowadays as a strategy to anyone. Now the JD, and the PhD I also got (mass communication) -- both from Big Ten conference schools and presumably of value -- are worthless to me except for chickenshit adjunct faculty positions paying below poverty level. Globetrotter, I wish I had your confidence that these degrees could be parlayed into something overseas, but this society has me completely convinced that as a middle-aged white male I have no value whatsoever.

You can work in any university in Asia with those academic credentials and make okay money in whichever country you happen to be living in. You won't get rich but you will have a decent middle class lifestyle. I would go to China where a Phd in communications would get you in the door fairly easy. Also you could do IELTS examinations on the side to boost your income immensely.

You may need to get a TEFL or CELTA certificate just to have some English language teaching background but your academic qualifications are more than enough to live overseas perpetually in a middle class life style. You could even go to the middle east and teach if you don't mind being over there and make really good money.

[Mr S]

You could just move overseas, tell the debtors to f**k off, and live a nice life with that JD. Degrees earn high respect outside the USA.

I'm in a situation like that where I live overseas and won't be coming back to USA anytime soon. The problem though is the debt never goes away cause most student loans are backed by the US government. So if you don't make payments they inform the school you came from and you can't get any school records until you pay it off. You can stock up on transcripts but some countries and companies want sealed transcripts direct from the school to be able to get a work visa. So you could be shit out of luck if you go that route. Plus since it never goes away interest just accumulates on your debt so if you ever had to go back to work in the states the government would realize it once you started paying taxes again and then they would start garnishing your taxes or wages potentially.

If they were private loans then it wouldn't be a big deal but since they are student loans backed by the government there is no way to get away from them, ever, unless they change the law in the future.

Plus your credit will be shot, perpetually....