Editor: Paul L. Caron, DeanPepperdine University School of Law
Friday, May 25, 2018
By Paul Caron
From Bill Henderson:
Legal Education | Permalink
Don't worry I'm pre-law.
I thought you were premed?
What's the difference?
Posted by: EDH | May 25, 2018 6:12:03 AM
Back in the day, medical school cost more than law school; now, many law schools charge as much (annually) as they do for medical school. (Harvard actually charges more per year for law school than for med school.) Yet, the job prospects are more dismal, the initial high salaries are only there for a few years except for the rare person who makes partner, and the quality of life is low. Perhaps the ready availability of public interest loan forgiveness and other programmes enabled schools to think they could continue to increase law school tuition absent an improvement in the profession - but students are likely catching on.
Posted by: bridget | May 25, 2018 7:07:23 AM
Just wait til all those med school folks figure out that socialized medicine is bad for student loans.
Posted by: Robert Arvanitis | May 25, 2018 7:44:28 AM
The market speaks. Supply and demand. Enough lawyers. Not enough doctors.
Posted by: Yehiel Handlarz | May 25, 2018 7:56:29 AM
Give it time.
In a few more years the line for medical school will look very similar to the once for law.
Universities are finding that medical students are the last cash cow they have left to milk. Accordingly, tuition rates increases topping 5% annually.l are not unusual.
Add in the fact that due to the consolidation of healthcare delivery physician compensation Has fallen below the rate of tuition rate increases as well as the rate of medical inflation and you’re going to have any number of Highly qualified applicants make the decision that the indebtedness and loss of their youth is not worthwhile.
The one big benefit of a medical education is that you’ll always be employable throughout your career. With the accelerating development of artificial intelligence even that benefit is in question.
Together with Increasing suicide rates, burn out, increasing student loan interest rates, deteriorating working conditions—-And you’ve set the stage for a tremendous workforce challenge.
Even today a student finishing their training with an average indebtedness of $275,000 at 6% interest Over 30 years will have to earn a cool $1 million of pretax compensation for their net worth to get back to zero. Given an average salary of about $250,000 per year that won’t happen until their late 30s at the earliest.
The only rational recommendation I can give the young students who come to me for my advice is that, unless they are driven to be a clinician there are much, much better ways for them to use their rare talent stacks in service to society and themselves.
Posted by: Tom Davis | May 25, 2018 1:15:05 PM
"Just wait til all those med school folks figure out that socialized medicine is bad for student loans."
Yeah, requiring everyone in America to buy insurance plans from for-profit companies is... socialism?
Posted by: Unemployed Northeastern | May 26, 2018 11:07:57 PM
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