New Law Grads Facing Tough Economic Climate

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With the law schools ranked, the U.S. News & World Report proceeded to paint a rather bleak picture for those desiring a career in law.

The magazine notes that as firms froze salaries and commenced layoffs during this last economic downturn, law school tuition continued to increase. As a result, “jobs are no longer a sure thing and loans are harder to pay back.”

According to the story, American Bar Association statistics show tuition increased 6 percent at private law schools to $34,298 from 2007 to 2008 and 9 percent, to $16,836, at in-state public schools.  That has led to more than 80 percent of law students to rely on loans, often at six-figures.

  

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U.S. News & World Report ultimately offered this advice: “Although the job market is improving, experts caution that law school hopefuls need to carefully weigh the costs and benefits of a law degree and, whether aiming for big law or Legal Aid, estimate their personal return on investment.”

The report goes on to note that the number of people who took the Law School Admission Test hit a decade high in 2009, up 6.4 percent from the year before. That leaves little incentive for law schools to rein in tuition, and leaves graduates facing a higher debt in a tighter labor market.