HELP! Should I stick with law school or start my life?

[Steve Hyduchak]

Hey Guys and Gals,

This is not your typical post on BP but, since y'all are going to be similar to me and looking at things from a financial sense I would like to hear your opinions. And a lot of you have experience with what I would eventually like to get into also.

First off, I graduated from a state university with an undergrad in Finance then decided to make the plunge into law school. Moved down to North Carolina and am currently a 1L law student. Took out a 25k graduate loan that has a 6.9% interest rate that is accruing from the moment taken out, even while in school and now I am scared.

Law school is okay, I am top 30% in my class which is okay, but the debt concerns me. As you all know lawyers are a dime a dozen. The market is saturated and I am seeing that even for an "unpaid internship" the market is competitive! It disgusts me. I am questioning whether I made the right financial choice and have plans to finish my 1L year and move on with my life.

At the end of the day I do things as most of you that benefit me financially and will make my life more comfortable. Multiple people and attorneys told me to be weary of law school but I said, "no I will be the exception" and get those high paying jobs. Now I am thinking I may have made a mistake.

I guess I was hoping if any of you are attorneys or have experience with them in real estate what you thought or recommend? Just trying to learn from people's experience that have gone through what I am doing and what others can see.

Thanks in advance!

[Bill Gulley]

Same basic concerns of a burned out biology engineering student last night, after discussions he has decided to bite the bullet and finish school. Which is what I'd suggest you do too.

Along with Andrew's comment as to work and go to school, a couple options maybe.

You might really dislike the military, but you'd be a JAG Officer out of school, you'll be an O3 by the end of a year, hang around into year 4 you'll be an O4, not sure what the pay scale is but I'll bet is better than most firms starting off. Just to set you at ease, JAGs are not out in the field as seen on TV, you're at a Division level (Army) or higher, not many bullets fly in that area. Then get out with bills paid and hang your shingle out.

Look to government. If your finance degree had 12 hours or more that qualifies as an accounting major, look to regulatory agencies in banking FDIC, Treasury, Fed, and even the CFBP (who has a great pay schedule) would allow you to work and finish school. Finance is the key to the door of RE, any type of RE.

I know several attorneys well, all are successful in their practice. I know of many more. One comes to mind in family law that I doubt he can afford new shoes to go to court, that or he's very thrifty. I hired an attorney full time with about 5 years out for, well, I better not say, but a GS 9 or an O2 in the military would make more.

No degree of any kind will make you wealthy, it only opens the door to opportunities of a better quality of life, financially and socially. What you do with it is up to you and a law degree opens about any door in business.

You won't be walking into an institution as an underwriter where you are right now, you're about two years out if you got in the right position starting as a loan officer. You might get into compliance to train, that's another alternative in a larger bank. Neither are exciting nor are you overpaid. What you get is experience that you can adopt in your own business.

Obviously you had a goal, so now the question is, what are you made of? That's giving you a swift kick in the tail, employers and successful people want those who complete goals, will make things happen, regardless of the roadblocks or hardships encountered. Nothing will be handed to you, unless you have a wealthy family, you will have to work hard and make sacrifices to succeed, that's part of success, the fight getting there. When you are my age will you be able to truthfully say that you did everything you could to be what and who you wanted to be?

I'd say finish the cheapest way you can. Unless your heart lies in corporate law in a large firm or getting into politics, the license is the goal, not trying to set yourself up with old college buddies. Most likely, your social network will be local in your area of operations. While I know folks nationally, they don't really impact RE in my area and really never had to call on them as all RE is local. If you go into a planning and zoning hearing it won't matter one bit if you went to Harvard or if you went to night school at some state school. Old school buddies aren't likely to influence your building department or your city council in getting what you need, unless they are on city council. RE is political and any law degree can open that door.

It's impossible for you to measure the opportunity costs of your choice, but I think you may be overvaluing the jobs you might get now and undervaluing the value of your future as an attorney or having a JD. Three of the largest developers in this area are/were attorneys. Three others are attorneys who are in home developments and custom homes. They are all self made multi millionaires, and really, they ain't that brilliant, but they do have the gonads to go after goals and make things happen.

My crystal ball says finish school, one way or another, succeed! Your worst enemy is often yourself. :)