Law degree does not guarantee a successful career in current job market

To a dedicated pre-law student, receiving an acceptance letter from a top-tier law school is a moment of pure bliss. After making it through LSAT prep courses and 17 personal statement drafts, you’ve finally made it.

But you might not want to pop open the champagne just yet.

While many students enter professional schools because of the greater potential for job security and a lucrative career, law school does not guarantee that outcome.

It’s no surprise that college graduates are facing a grim job market, but law school grads are facing something even scarier ““ a mountain of debt.

Eighty percent of law students use educational loans as their primary source of financial aid, according to the Law School Admissions Council. By graduation, your law degree could end up costing more than $150,000. Yearly tuition for UCLA School of Law (a top-tier law school) is $40,616 for residents and $50,639 for non-residents.

In terms of loan options, students can take out up to $20,500 in Stafford loans per year, and can borrow up to the entire cost of attendance in direct PLUS loans per year, according to the Federal Student Aid website.

Students traditionally justify these debts with the prospect of higher paying jobs at the end of the tunnel. A law degree offers a certain sense of security.

“It helps knowing that you can’t lose your J.D. You can’t lose that skill set,” said Katharine Hill, a third-year law student at UCLA.

However, a law degree is not necessarily a “golden ticket.” Once the reality of debt settles in, options are limited for students, although many are initially attracted to law school because of the supposed versatility of a J.D.

“Everyone hopes for a firm job because it’s really the only way to pay off that debt in any reasonable amount of time,” Hill said.

UCLA law school reports a 97.4 percent employment rate nine months after graduation for the class of 2009, but that statistic includes part-time jobs and is dominated by private practice jobs.

New graduates are angry because they feel that they lacked full information when they enrolled in higher education.

The New York Times recently reported that a new crop of unemployed law school graduates are lashing out on the Internet. Blogs called “Rose Colored Glasses,” and “Shilling me Softly” reflect the viewpoint of angry young lawyers who feel scammed by their law schools.

“Subprime JD” is a blog that touts itself as “dedicated to exposing the law school and higher education scam,” and “Rose Colored Glasses” is written by a law student who is “trying to spread the anti-law school gospel.”

Their stories are cautionary tales. Their bitterness stems from their high expectations as undergraduate pre-law students.

Instead of thinking that a career in law is the key to financial security, undergraduates need a reality check. Talk to financial aid counselors both at the undergraduate and graduate levels. Look into public interest law, because there are many federal programs that defer loan repayments if you choose public service work.

Knowing your credit score and planning for your financial future with the aid of counselors, parents or advisers will help you develop real security.

If you are truly passionate about pursuing a career in law, then law school is the right choice. However, you might want to question the decision to apply to law school if you’re applying because you want a lucrative career.

Undergraduate students should be aware of the fact that, even with a graduate degree in hand, the job market is still very tough. And debt is not easy to pay off.

If you want to go to law school, don’t let anyone stop you ““ just give yourself a course in personal finance before you enroll.

Still want to pursue a career in law? E-mail Khan at [email protected]. Send general comments to [email protected].