The American Bar Association has issued a warning for perspective law students about the cost of obtaining a law degree:
According to the association, over the past 25 years law school tuition has consistently risen two times faster than inflation.
The average private law student borrows about $92,500 for law school, while law students who attend public schools take out loans for $71,400. These numbers do not include any debt law students may still have from their time as undergraduates.
Before the recession, the ABA cites statistics that show an average starting salary for an associate of a large law firm of about $160,000 a year. But by 2009, about 42 percent of graduates began with an annual salary of less than $65,000.
And those are just the newbies.
This is an interesting statement: a national organization warning students about the large amount of debt they will incur (and hinting at the lack of jobs to pay off this debt) for their own profession. What do law schools think about this? What sort of discussions took place before issuing this warning? How many complaints have come from people who did not know about the full cost of getting a law degree?
It would help to have some context regarding this statement. Is this the first time the ABA has issued something like this? How unusual is this across a variety of disciplines that require a professional or advanced degree? Are other organizations interested in issuing similar statements?
(Read the full statement here.)