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Us - Are Law Degrees Worth It? All That Debt......

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http://www.nytimes.com/2016/06/19/business/dealbook/an-expensive-law-degree-and-no-place-to-use-it.html?ref=business&_r=0

“I think John’s going to do fine,” said Andrew Lucas, a partner at the firm where Mr. Acosta rents office space. “He’s got other life skills that are attractive to people running into problems.”

Yet in financial terms, there is almost no way for Mr. Acosta to climb out of the crater he dug for himself in law school, when he borrowed over $200,000. The government will eventually forgive the loan — in 25 years — if he’s unable to repay it, as is likely on his small-town lawyer’s salary. But the Internal Revenue Service will probably treat the forgiven amount as income, leaving him what could easily be a $70,000 tax bill on the eve of retirement, and possibly much higher.

I wonder if our tax laws will change like this?

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Just keep taking on the DEBT and we'll ask the difficult questions. Focus on your studies, an education isn't cheap you know, think of it as a long term investment in your future etc. But make sure you take on the DEBT. Preferably truckloads of the stuff.

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This money is not being paid back along with current UK student loans, government debt etc..

It just isn't possible; in real terms at least.

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The last thing America needs is... more bloody lawyers.

What the government need is to keep pumping credit into the economy to keep the bubble inflated, and, as of a year or two back, student loans were the largest source of new credit in the economy. These kids are doing their bit to keep the stock market and house prices high.

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The PhD Bubble Has Burst: Graduating 'Doctors' Are Having Trouble Finding Work
20160619_phd3.jpg

"The supply of PhD's has increased enormously and the demand in the labor market has increased but not nearly as fast. When you can import an international workforce or outsource research, you have a buyer's market... The percentage of new doctorate recipients without jobs or plans for future study climbed to 39% in 2014, up from 31% in 2009."

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The chalk & talk teaching I received at university was woeful; I'm glad I didn't have to pay much for it. With MOOCs on the internet, there is no reason why a well-taught degree should cost a lot of money nowadays.

Plus, I wish there was more transparency about graduate unemployment in th UK. Many kids who study law cannot practice it because of the (deliberately) limited training contracts available. I also have read that there are lost of techy people who struggle to find initial work. I can believe this because whilst there might be a lot of demand for specific hi-tec skills, there isn't much interest in training up green graduates. So much for rebalancing the economy.

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Just keep taking on the DEBT and we'll ask the difficult questions. Focus on your studies, an education isn't cheap you know, think of it as a long term investment in your future etc. But make sure you take on the DEBT. Preferably truckloads of the stuff.

.....better to earn your fees and pay as you go ...investing in your education with your own earnings is the real way forward....choose that education carefully....and chuck out the chancers...... :rolleyes:

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Not sure what the exact figures are in the UK but a family member studies Law at Durham Uni - one of the top Unis for Law.

Out of her class, only about 1/3 progressed to training certificates.

Shockingly, quite a few totally dropped out of all things legal. She said a couple were working at Starbucks.

Again, this is one of the top UK Unis for Law.

Law is very cheap to teach - rack em up, shove a lecturer in.

I'd love to know how grads from Unis/college outside of the top 10 fair.

My guess, its a total waste of time + money.

I think something like 80% of Law graduates do not go on to practice.

I think you need to have your training contract sorted out years before you finish.

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I like reading the nearly legal blog, housing law is insanely complex. Every so often they post job adverts:

"Hammersmith & Fulham Law Centre Solicitor £30,000 – £32,000 (depending on experience) "

​This is typical for a few years experience, you would be better of on the other side of the desk.

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I agree with the automation point, in banking many legal jobs have been cut due to the standardisation of some legal contracts relating to derivatives (just to name one example).

I have many friends who studied law (post higher rate fees so 1k per year), and then self paid to do the LPC for 10k+ expenses and still couldn't find a training contract, most now work as paralegals on 18k or general lower paid bank roles (where a law degree wouldn't have been necessary).

Now to study law you pay 10K per year, plus 5-8k accommodation, plus 3k+ living expenses. x3 then if you don't manage to get sponsored LPC you pay for all that yourself. so your easily looking at 70k minimum debt.

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