So you made it through four years of college, then aced the LSAT to get into a top-drawer law school, then survived the bar exam. Now you’re anxious to start paying off the student loans you have amassed, and you have your work cut out for you: According to the reform group Law School Transparency, the average newly minted attorney who graduated from a public law school carries with him or her a staggering $84,600 in education debt. The cost is even greater for those who matriculate from private colleges–their average debt amounts to just over $122,000. PL Risk Advisors can help with providing a quality insurance program to protect you from the risk you will encounter as you conduct business, but a risk that goes above and beyond coverage will be simply making enough to cover your student loans.
Enough bang for the educational buck?
The concern is, according to this reform group, that law students are taking quite a gamble in their educational path. That’s because while they are assuming tremendous amounts of debt in the hopes of securing a good job at a well-regarded firm after graduation, legal firms are actually reducing hiring. The result: a lot of unemployed attorneys. In fact, only about 56 percent of all law school graduates were fortunate enough to find full-time employment in their chosen field in 2012, and almost 28 percent found themselves either underemployed or worse, unemployed.
School pedigree is essential
What’s more, the caliber of the school one attended is one of the most important factors in how well he or she is regarded by potential employers. As one law professor puts it, the only law students who are certain to be financially successful after graduation are the cream of the crop–those who are at the top of their class at either Harvard, Yale, or Stanford, or who make law review.
Of course, not everyone can attend those schools or have those results. The bottom line for those who are considering the field? Know that substantial debt and less than stellar employment prospects are the reality, and carefully consider all your educational options. And if you’re new to the field, congratulations! To help ensure you have all the funds available to help repay those loans, make sure you work with the professionals at PL Risk Advisors to set up a program that will offer you comprehensive protection for your business practices at an affordable price.