(Image via Getty) This being the month of June, law schools are in the final phases of deciding who to accept and future law students are narrowing down which law school to attend, or to even attend at all. A few months ago, I thought that law school might not be a bad idea since most law schools are being more selective and the economy is improving.
According to the ABA , the law school class of 2018 had one of the best post-graduate employment outcomes in recent years, with 78.6 perent securing full-time, long-term, bar-passage required or JD-Advantage jobs. In other words, the “good jobs.” But there were fewer graduates in 2018 compared to earlier years, which means the job market was not as competitive. Also, some of these jobs will not pay enough to service their student loans and basic living expenses. As a recent New York Times article pointed out, these lawyers have to take side jobs to make ends meet. And others are working jobs that were not their first, second, or even twentieth choice.
But what goes up must eventually come down. And when it comes down, it sometimes comes down hard. Those who entered the job market between 2007 – 2011 know this painfully well. Offers were rescinded, layoffs were rampant, and employers were only interested in hiring those who were already working.
Many top graduates applied to jobs they would not have even looked at in a good economy (and most left these jobs as soon as things got better). Which meant that everyone else had to scrounge for whatever jobs were left.
It was a terrible time where people were forced to continue living with their parents and watch their student loan balance increase with no end in sight. I know people who graduated with $150,000 balances who now owe more than $200,000 because they have pretty much given up on paying them off.
The end result for many people who graduated during the recession was that they never got a chance to get back into the career track that they planned for. In law, your […]