FORBES, bible of capitalism, isn't bullish on law school as an investment. In its February 2, 2009 edition, Kathy Kristof tells us the sad story of Joel Kellum. A kid who made all the right moves, Kellum did what he assumed was the right thing: When in California Western School of Law, he asked a professor if he should take out loans to help with the $36,000 in annual tuition. The professor had no reservation about Kellum taking on debt.
Kellum did get a good job in law in 1995 when he graduated. He still has a good job in law. But all that has not been enough for him to keep up with his law-school loans. He is still in a hole. That hole, combined with his then-wife's own law-school loans, also cost him his marriage. Together, at the time, they owed $173,000 in loan debt.
Kellum, of course, has been among the fortunate. He did obtain employment in law and is still drawing a decent salary. Many other recent law school graduates, associates, and the class of 2009 have not or will not luck out in that way. And, as Kristof points out, "The average law grad owes $100,000 in student debt."
What this article in FORBES is saying is clear: Law school may not turn out to be a solid investment, even if it leads to a career in the profession of law. The piece also takes on all higher education in general as a path most frequently traveled these days.
Sure, there are those who feel "called to law" as a vocation or mission. But they might consider approaching that mission cost-efficiently. They can attend a state law school in the evening and work full-time during the day. That can prevent taking on loans. It was also the way many ambitious lower- and middle-class folks went about getting a law degree, which they weren't able to afford.
$100,000? Well, what's the NPV of a lifetime of increased earnings from a law degree? Probably more, no?
Posted by: ShelbyC | January 29, 2009 at 05:00 PM
Smart post, Jane. You're right up there with Suze Orman who states that it's ridiculous to spend incredible sums on so-called 'brand name' schools that leave graduates in huge debt. Better to start at a good community college on the cheap, save the dough and spend for two years at the right university, then move into a good law school.
Posted by: Marsha Keeffer | January 17, 2009 at 05:14 PM