IS LAW SCHOOL FOR YOU?
As an injury lawyer running my own firm for over 13 years
now, I am often asked if I think someone should go to law school. In general, I discourage it. Here is why.
Back in the mid-1990s, when I graduated, jobs were plentiful
enough that most of my peers were employed before graduation. Even as recently as 2007, some statistics
showed that a whopping 91% of law school graduates were hired, and usually at
very good compensation rates. But just two years later, in 2009, full time
legal placement was reported at only 65%.
Let’s do some math here.
Average college grads are already carrying $26,000 in student loan debt
when they earn their sheepskin and might get accepted to law school. Then,
average school debt for newly minted law school graduates is $100,000.
So, the average hopeful lawyer-to-be may have $126,000 in
debt, plus interest, riding on his or her ability to land a very scarce legal
job!
But this is what they find: Insurance companies have fired
large firms and gone in-house with their lawyers. These able attorneys are on salary and thus,
costs are held down, and insurance defense firms that once hired many top grads
have shrunken. Travel costs have also
been cut. There was a time that if a
large insurance company asked their attorney to travel overnight, he would bill
“portal to portal.” In other words, billing would begin as he exited his door
and continue till he returned to that door.
Now, travel is often expected to be absorbed as a “soft cost.” Software and web-available forms are now to
the point that some review and document drafting is automated. India has lawyers that will do some of the
tedious work for 20% of an American attorney’s pay. Insurance companies and large clients also
have services review attorney billing to cut costs anyway they can. Many
lawyers will tell you that their rate has not increased in ten years!
So, is law school for you?
In this climate, or any other, I would say only if you are
called to it. If not, there are easier
ways to make a living. If you like to
argue, salesmen get more opportunities to do that than attorneys. If you like to analyze, reporters and
accountants do that more than lawyers do. If you like the idea of changing people’s
lives, social workers and nurses have much more daily ability to do so.
But if, like me, you are called to plead the case of the
injured, little man against the Goliaths of the world, you must go and go now.
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Mr. Peel seeks justice for those injured in car
accidents, work place incidents, medical malpractice, and nursing homes. He
often addresses churches, clubs and groups without charge. Mr. Peel may be
reached through PeelLawFirm.com wherein other articles
may be accessed.