Is a Law Degree Worth It? (In-Depth Guide)
A law degree has long been viewed as a ticket to a high-paying and prestigious career.
However, times have changed and going to law school no longer guarantees a lucrative job.
With the market saturated and average debt burdens over $100k, many prospective students are wondering—is law school still worth it?
We’ll cover the financial costs, job prospects, and lifestyle factors to consider before taking the leap.
You’ll also find actionable tips on evaluating if a JD is right for your goals and how to make smart decisions when applying to programs.
The Allure of Law School
Law degrees have an undeniable allure. They open doors to respected careers like attorneys, judges, politicians.
Many pre-law students are drawn to fields like criminal justice, civil rights, and environmental law as ways to create meaningful change.
In the past, a law degree was viewed as a solid return on investment. Lawyers earned six-figure salaries right out of school and had strong job security.
Even with tuition costs, the earning potential made it worthwhile.
Prestige is another big motivator. Getting into a top tier law school like Harvard or Yale carries serious bragging rights.
Even mid-ranked regional programs allow you to put “Esquire” after your name.
For these reasons and more, law school applications increased 7.3% from 2020 to 2021.
Interest remains high even among warnings that the industry is oversaturated.
The Realities of Law School Today
While the potential upside of a law career still exists, the realities of earning a JD have changed:
Lower Salaries, Fewer Jobs
The average starting salary for new attorneys was $72,500 in 2020 – an affordable living in most places, but a far cry from the six-figure jobs of the past.
And that’s just the average salary. The lowest 10% of earners made $52,000 or less.
Landing any job at all is tough. There’s an oversupply of lawyers competing for a limited number of openings.
In 2020, only 68.7% of JD graduates had full-time jobs requiring bar admission.
The overall employment rate for law grads was just under 87% – the lowest level since 1994.
Prohibitive Costs
Law school is more expensive than ever. For 2021-2022, average annual tuition was over $45k for private schools and $27k for public in-state schools.
Over three years, total tuition ranges from $81k to $135k.
That doesn’t even include living expenses and the cost to prepare for the bar exam.
As a result, the average law student now graduates with over $108,000 in debt – making it second only to med school grads in debt burdens.
With lower salaries at graduation, such high debt makes finances extremely stressful for newly minted lawyers.
It can take over a decade to pay off loans, limiting career options and lifestyle flexibility.
Key Factors to Consider
Deciding if law school is worth the investment depends largely on your personal career goals and financial situation.
Here are some key factors to weigh:
1. Desired Specialization
Some legal fields have better prospects than others. Corporate law, tax law, and patent law tend to pay higher salaries, while public interest and government jobs pay less.
Before applying, research the hiring demand and earning potential of roles you might want.
For example, tax attorneys have a projected 8% job growth from 2020-2030 and median pay of over $125k.
Meanwhile, civil rights lawyers have only 2% projected growth and make a median of $79k.
2. Geographic Flexibility
Location also impacts jobs and salaries. Big law firms cluster in major metro areas and pay “big law” sized starting salaries.
In smaller legal markets, jobs pay $20-$30k less. Before picking programs, see which schools place grads in your target locations and jobs.
Cost of living matters too. Making $70k in Ohio goes much further than in New York City. Factor in expenses when evaluating salary data.
3. Prior Work Experience
Work experience before applying boosts job prospects after graduation. Legal internships and jobs demonstrate interest plus develop useful skills.
Applicants with experience often have advantage getting post-JD jobs.
However, taking time to work can increase total costs and debt burdens. Evaluate whether potential advantages outweigh added years of low income and borrowing.
4. Personal Circumstances
Finally, your personal financial situation should guide decisions.
Those with minimal undergrad debt and family support can better manage law school costs.
If you already have six-figures of college debt, taking on more is extremely risky.
Your family plans matter too. JD programs require intense study with little free time.
If you want to start a family soon after graduation, ensure you choose options with good parental leave and childcare support.
Tips for Evaluating Law School Worth
If you’re on the fence about applying or accepting an offer, here are some tips:
Thoroughly Research Programs and Job Prospects
Move beyond rankings and prestige when evaluating programs.
Look for real data on bar passage rates, job placements, and salaries by region and specialization.
Call career offices to ask for transparency on their employment reports.
Check if schools offer scholarships or tuition matching programs to help lower costs. Calculate total estimated debt at graduation to make sure salaries could support repayment.
Talk to Practicing Attorneys
Get first-hand perspectives beyond the law school hype.
Ask attorneys about the reality of paying off debt, work/life balance, and how competitive specializations really are.
Connect with recent grads to see if their job matches expectations.
Consider Alternate Options
A JD isn’t the only path to a legal career.
Paralegal certification takes just 1-2 years and has better job prospects than lawyers in many states.
Or explore law-adjacent careers like policy advising, contracts management, compliance, etc.
Make a Post-Grad Budget
Map out a detailed budget based on likely post-JD income and expenses. Account for student loan payments, taxes, housing, food, transportation and other costs. Be realistic about salaries and earning potential. See if the numbers work before committing.
FAQs on Law School Worth It
Still trying to decide if law school worth it? Here are answers to some frequently asked questions:
Is getting a law degree worth it financially?
From a pure financial perspective, law school is riskier than in the past.
With lower salaries and record debt burdens, it often takes 8-15 years for JD graduates to break even on costs.
Evaluate projected salaries and jobs in your desired field to see if law school debt makes sense.
What tier law school is worth it?
Attending a top-tier, T14 law school generally provides the best job prospects and earning potential.
However, mid-tier regional programs can also be worth it if total costs are lower and they place grads well in local legal markets.
Avoid law schools with low bar passage rates or poor graduate outcomes.
Can you work while getting a law degree?
It is extremely difficult to work more than 10 hours a week during full-time law programs.
Expect 80+ hour study weeks. Working could hurt academics and bar prospects.
However, some part-time programs allow students to work using a stretched out schedule – often at night or weekends.
At what age is law school worth it?
The average law student is around 26-27 years old.
There is no “best” age, but attending in your mid-20s to early 30s allows around 30+ years to practice after graduation.
Older applicants with more work experience often stand out, but have less working years to earn potential higher salaries after graduation.
Can you get a law degree online?
Yes, around 25 law schools now offer Juris Doctor programs fully or partially online.
Top options like Syracuse, University of New Hampshire, and Seton Hall provide flexibility for working students.
However, remote programs can limit networking opportunities and on-site clinics.
Key Takeaways: Is Law School Worth It?
- A law degree no longer guarantees a lucrative career like decades past
- Lower lawyer salaries and record-high tuition have made law school risky financially
- Job competition is fierce, with only 68% of 2020 grads landing full-time JD-required roles
- Certain specializations like tax and patent law continue to pay six figures
- Attending top tier law schools provides access to the best job prospects
- Law school is still worth it for some, but evaluate costs carefully before applying
Figuring out if law school is worth it means weighing personal career goals with economic realities – it’s not a one-size-fits all answer.
Hopefully this article gave you tips and transparent data to evaluate whether a JD makes sense for your situation.
