With law school debt up 50 percent in the last decade, the number of legal jobs is shrinking and salaries are stagnant. This "perfect storm" has put even those fortunate enough to find jobs in a tough situation, Reuters reports.
Average debt for lawyers after graduation is now $106,000 for those who attended private schools and $70,000 for those who went to public schools. "The median starting salary in 2010, of about $63,000, isn't enough to cover this kind of debt," says James Leipold, Executive Director of the National Association for Law Placement.
"There's a mismatch between the amounts law schools charge and the pay most graduates receive," he tells Reuters. "It doesn't work."
Tuition RepaymentSource: http://www.economicmodeling.com/2011/06/22/new-lawyers-glutting-the-market-in-all-but-3-states/