Is Law School a Good Investment?

A recurring question for pre-law students these days is whether law school is a wise investment.  A few quick thoughts on the subject:

• The first thing to think about is “it depends.”  What I mean by that is that if you have not already taken the LSAT and applied to law school, you have no idea how much law school will cost.  It may be free.  Many ScoreItUp LSAT Prep students have received full scholarships, or near-full scholarships to a wide variety of law schools.  Obviously, if law school is free, or nearly free, it may change your analysis.
• Along the lines of the point made above, law schools are desperate for students now.  That means it is easier to get scholarships than it has been in the past.  Of course, there are no guarantees – and as I always remind my students, “easier” does not necessarily mean “easy.”  Nevertheless, the fact that it may be easier to get scholarship money is a good thing.
• The job market is still very challenging for a lot of law students, no question about it.  Of course, a lot will depend upon the person.  A student who graduates in the top of his class from a highly ranked law school and has excellent interviewing skills will have more job offers than he or she will know what to do with.  A student who is in the bottom of his or her class from a low ranked law school and has poor interviewing skills will struggle mightily.  Of course, the overwhelming majority of people fall in between those two extremes.  But it helps to remember that your personality makes a difference.  So does the law school you attend and how well you do in law school.  The market is a tough one, but it will be easier for some than others.
• We are coming out of a recession and jobs are often the last thing to recover.  So, it may be a more positive situation a few years from now.  On the other hand, there also is a glut of recent law school graduates who haven’t found jobs, so there may be a heavier supply of lawyers than is typically the case.  Sadly, none of us possess a crystal ball.
• In the end, a lot of it depends upon how badly you want to be a lawyer.  If you are considering law school simply because you think a law degree is a surefire way to get a good job immediately upon graduation, you may be sorely disappointed.  On the other hand, a law degree lasts a lifetime – that is extremely valuable even if the short-term outlook for lawyers is challenging right now.

As always, feel free to let me know if you have any questions!