Law Degree No Sure Thing - Same Applies to Growing Number of Advanced Degrees (but that isn't new)

 "Graduates of seven elite law schools had median earnings of more than $200,000 after debt, while recent alumni of 33 low-ranking law schools netted a median of $55,000 or less, researchers found in their study titled, A Law Degree Is No Sure Thing: Some Law School Graduates Earn Top Dollar, but Many Do Not." 

Reuters Legal, June 25, 2024

Overall, the median for compensation, after subtracting debt payments, is $72,000. The median debt nut is $118,500. 

But what dazzles enough to motivate the ambitious to jump through all the hoops for everything from excellent grades to passing the bar is what large law firms hire in at. Cravath, Kirkland & Ellis, Paul, Weiss and more pay new law graduates annual salary of $225,000, with a shot at an annual bonus. One year, Paul, Weiss even provided an off-season bonus to the "committed."

But, of course, in my career journey and in coaching I have encountered too many law school graduates who could not make a living practicing law. Often they shifted to sectors ranging from public affairs to politics in which that background could open the doors and may prove useful in doing the job. 

As the report title indicates, the degree per se is no sure thing. 

This is not atypical. A number of advanced degrees do not "pay off" in compensation, at least not in directly applying them - or struggling to do that. 

That is nothing new. Back in the beginning of the 1970s the market for English Literature and Language professors crashed for doctoral degrees. Laden with debt, we had to scramble to put together other kinds of careers. In general, "all that education" was treated as a liability. When we had begun our studies the market for university professors had been high in demand. That brutal experience drove me to develop expertise in coaching as well as tarot reading oriented toward careers.

In recent years The Wall Street Journal published a series of articles on 1) the difficulty even landing positions associated with a broad range of advanced degrees and 2) if so, the relatively low compensation, along with the debt. That was even from elite schools such as Columbia. Here is one.  Here is another.  In addition, once The Ticket, the MBA is less in demand in the labor market. 

So human is the assumption that we are "special." We will beat the risk inherent in enrolling in a degree program and what its marketability could be when we complete it. It does happen. Read through the websites of prominent law firms and there are associates and partners listed who did not graduate from the T-14 and who survived the grim market during the global financial crisis. But, again, that's not a sure thing. 

Another assumption, which fortunately is losing its hold, is that we should follow our passion, no matter, for example, the demand, the glut in the field or the threat of gen AI.

In business and life you usually have only one shot at whatever. Up the odds of success with Jane Genova. I am a coach and content-creator. Complimentary consultation (please text/phone 203-468-8579 or email janegenova374@gmail.com)