And many were discussing employment opportunities for graduates of the profession, this article seemed very interesting.
It can’t be said enough, so I’m going to say it again: The American legal profession is currently generating about 20,000 new jobs for lawyers each year. Roughly two-thirds of these are products of outflow from the profession, while the rest represent actual growth. This means ABA schools are graduating roughly 2.2 graduates per year for every available legal job.
The average educational debt upon graduation of the 90% of people currently enrolled in law school who have educational debt is going to be about $150,000. The average interest on that debt is going to be about 7.4%. This will require monthly payments of $1,774 for ten years or $1,100 for twenty-five years to service at the contractual rate.
The majority of current law school graduates are not going to have real legal careers, and the majority of the minority who will have legal careers are not going to earn enough money in those careers to service the debt the average law graduate is now incurring.