Law schools continue to get rich off a myth. The myth that anyone can go to law school, pass the bar exam, make $180,000 a year, and live the high life. Today BusinessInsider posted a great infographic on the topic.
Source: The Best Colleges
While the law school marketing departments keep on propagating this myth for the sake of profit, the truth is that each year there are less and less lawyer jobs at the big firms that pay those fat $180,000 salaries. Many law school students are lucky to get a job in law at all, and most of the 50% or so that do after graduating, are having to opt for “in-sourcing” positions or low paying temp jobs (Source: Wall St. Journal) that provide zero security.
At BusinessPundit, we have nothing against capitalism, and the law schools have a business to run. But in this case, the consequences are devastating. According to the New York Times, some law school students are graduating with over $200,000 in debt, all based on a false promise. That’s a lifetime of debt servitude in the making.
We don’t expect the law schools to stop their marketing, but we think it’s time to help get the message out about the true nature of the legal profession. We hope this infographic helps make prospective law school students aware of the huge risk they are taking on when they choose to go to law school and assume massive debt despite the increasingly poor job market for high paying lawyer jobs.
