Applicants to law school have various reasons for pursuing a legal education. Some are genuinely interested in the law and believe they would enjoy a career in the legal profession. Such individuals should be encouraged to attend law school, as they might find fulfillment in a legal career. However, many people attend law school simply because they are unsure of what to do after graduating from college or are seeking a career that offers decent pay and some level of prestige. These individuals may be better suited for careers in finance or other industries, allowing them to achieve their desired lifestyle without the challenges associated with a legal education.
Many people are attracted to law school by the prospect of a high salary. Indeed, the employment statistics from various law schools can create an inflated perception of how easily someone can secure a top salary at a prestigious firm. In reality, only a small minority of those in the legal profession secure positions in Biglaw, and an even smaller percentage of Biglaw attorneys become partners who earn substantial incomes.
In fact, the vast majority of lawyers earn a low six-figure salary, or potentially even less. While this respectable income can provide a good quality of life, many other careers offer similar or higher compensation. Additionally, law school typically lasts three years, during which most students accumulate hundreds of thousands of dollars in debt. If individuals pursue careers in finance or other lucrative fields, they may begin earning money sooner and incur less student debt from graduate school.
I know numerous finance professionals who are very successful. For instance, one individual I know in finance earns an income comparable to mine but did not attend graduate school and only borrowed money for college. The burden of student loans was significant for me, both financially and psychologically, and I envied this individual for avoiding that experience while still earning the same income as I did.
I also know finance professionals who earn astonishing amounts of money. I would bet that only the top partners at the most prestigious law firms can match the salaries of friends and acquaintances in finance who earn seven- and eight-figure annual incomes. If law school applicants are motivated by the best-case-scenario Biglaw salaries, they should definitely consider careers in finance, where salaries can be significantly higher.
Historically, people pursued certain industry careers based on their promise of a good lifestyle. For example, some commentators have discussed a “golden age” of dentistry in the past, during which people were drawn to dental school with promises of a comfortable life and easy access to money. Similarly, individuals once flocked to pharmacy schools in large numbers in search of high salaries.
If there was ever a “golden age” of the legal profession, it was likely before the 2008 financial crisis. At that time, Biglaw firms had large summer classes, and associates at these firms were offered high salaries that remained unchanged for years. A significant percentage of law school graduates during that period were able to secure coveted Biglaw positions, giving them a decent chance to pay off their student debt and lead comfortable lives.
However, that “golden age” is now over. Law students should not consider attending law school merely because a law degree can lead to a stable income. Based on my own experiences, pursuing a career in finance appears to be a more straightforward path to a good living, especially since some positions in finance do not even require a graduate degree. Of course, many people may not possess the skills needed to succeed in finance; my own challenges with math likely influenced my decision to attend law school! However, if law school applicants have the skills to succeed in multiple fields, they should seriously consider finance or other alternatives to legal education.
Jordan Rothman is a partner of The Rothman Law Firm, a full-service New York and New Jersey law firm. He is also the founder of Student Debt Diaries, a website discussing how he paid off his student loans. You can reach Jordan through email at [email protected].