Should i go to Law school?
I am getting a major in Finance at the moment. The endurance of Law School and the work load does not bother me as i will make the necessary life style changes. The problem with it is that 1. it costs a ton of money 2. The time spent getting my law degree has an internal cost of the money foregone from teh 3 years of working. 3. I will get out without any work experience other than internships. 4. i do not want to practice law, only be affluent in the legal system so that I can further push my careers in the finance world ( I.E. I could be an investment banker with the knowledge of everything legal) It will however open up doors that would previously be shut, I.e. government official and etc... Is it worth it?
Public Comments
- Hmm well I work in investment banking and you don't have to be an attorney to know the legals issues surrounding your work, unless you work in the legal dept. You will learn them as you learn about the career. I am involved in Mergers & Acquisitions and while we need to know the legal aspect of contracts, purchase documents, etc. we learn it from the Partners and VPs - just like they did. I don't think it will hurt you if you don't go but like you say, it is a plus. Depends on whether you are ready to make the sacrifice. Most places look for an MBA in the finance world.
- A general rule frequently stated is that law school isn't worth the time and money if you aren't going to be a lawyer. In your situation, I'd say this rule definitely applies. To get into investment banking, you'd be much better off getting an entry-level anaylst position with your finance degree and working your way up. This would also put you in a much better financial position-you'd be making money instead of blowing it on tuition. Finally, after the time you've spent in law school, you could possibly make associate in Investment banking, a great position. If you went to law school and had no real work experience in finance, you'd have to get an entry-level position instead of being hired as an associate. Basically, you can either 1. Get an entry-level finance job now. 2. Get an entry level finance job after law school. A J.D. isn't really going to get you ahead in the finance field-it's for the legal field.
- It took you a while, but you finally answered your own question, deep in Reason #4--your answer being, by the way, "Yes, I should go to law school." Thirty-three years ago I decided to go to law school. I didn't know at all whether I wanted to be a lawyer. My sole reason for going, other than the excitement of the intellectual challenge, was that I wanted to know how things work, or, as you put it a little clunky, "the knowledge of everything legal."
- Don't go to law school. You're better off served by getting an MBA than law school. Just take a few business law classes. That's all you really need. Even community colleges offer some basic business law classes.
- I will tell you that a law degree is never a bad thing to have. Even if you are not practicing law, it has still taught you how to analyze facts and reach logical conclusions. It has also taught you how to research a problem. Employers will see it as dedication to a goal (particularly if you did well). Doing well in law school shows a commitment to a goal, a degree of perfection, and intelligence. It will be a benefit to you in whatever job you take. All that being said, I would not recommend going to law school unless you *know* you want to practice law and here's why I say this: law schools are expensive and becoming increasingly so (and those that are affordable are likely to be less well-regarded--although this is not always the case). A good law school will run you almost $200k in debt witht the cost of living added in (I spent $174k for my three years and two summers). By the time you graduate, pretty much the only profession that can help you pay back your loans in a timely manner is the legal profession. Perhaps this was different 33 years ago when all someone needed was an interest in the law, but it's not realistic today. It used to be that a law degree was helpful for any profession that you chose to go into. While that's still the case, not just "any profession" will give you the salary you need to pay back your loans. The median salary of an entry-level private attorney is about $90k nationwide (high 40s for government). Entry-level salaries at the big DC and NYC firms are approximately $140k. After two years of clerkship, I'll be entering a firm next year in DC as a third year associate at $185k. Here's what I would recommend...get your entry level analyst position after law school. Work your way up to a mid-level manager. That's when I expect that you'll start needing those doors opened for you--to reach the upper eschelons. At that time find a *quality* school with a good part-time program (4 years instead of 3) and work while going to school. Costs less per year and you make money while attending which solves 1 and 2, solves 3, and gets you the benefit of 4.
