I came across an article on Yahoo yesterday about how graduate school degrees are being considered worthless by more and more people in these poor economic times. After further research, I have discovered that law degrees especially are being chastised because of how expensive they are.
Just last year, the American Bar Association issued an analysis on its website about the risks of going to law school. It said that a law degree may not be worth the thousands of dollars spent simply because there is a good chance that the debt incurred from taking out a student loan may never be recouped due to a fewer amount of job openings in the law field and/or because you may receive a salary lower than what you expected. The ABA also stated that the "high debt can limit career choices...or delay home ownership or marriage". They've also claimed that "far too many law students expect that earning a law degree will solve their financial problems for life. In reality, however, attending law school can become a financial burden for law students who fail to consider carefully the financial implications of their decision". Undoubtedly, attending law school is one of the more rigorous education paths one can take, but for the ABA itself to issue out a warning is rather shocking.
For the optimistic students who still choose to enroll in law school, the ABA urges them to go to "a public [law] school where one can get in-state tuition", which still may not help graduates find a job suitable enough to pay for the student loans. In fact, the ABA predicted that "many members of the class of 2010 and 2011 may graduate without a job, and those who are lucky enough to find employment likely will collectively have lower salaries than their predecessors. In short, the job market is more challenging than it has been in many years, as well-paying jobs are in short supply". As college preparation is in full bloom for many of us, does this recent analysis discourage you from considering enrolling in graduate school?
