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Updated almost 6 years ago,
Law Degree for the license.
Hello,
I have been trying to decide whether or not to go back to school and get a Law degree. I dont want to be a lawyer,per say, but I want to be able to practice law. I want the license.
I have a small real estate business, and am involved in other small businesses that I'm growing. I intend to continue building "the company," not build a law practice.
In running this business, I come across countless occasions when I could use a lawyer. Not someone to represent me, but some one to write a trust, someone to close a real estate transaction, create a contract, etc. This type of legal work is expensive. A custom trust document can be thousands of dollars, title work always costs more than really necessary, and I end up writing most of my own contracts now anyway (at a fair amount of risk I'm sure).
So a law degree would allow me to get a law license, that license let's me do some of the things I already do just with a little more authority and at a fraction of the cost over time. The license gets cheaper the longer you have it, no?
Ok, so for this to work I can't spend $180k and go to a top flight school and spend the next 5 years giving my business up for a high rank or even high grades. What I would need to do is go down to UDC, and pay 8k a year at night and just focus on passing. $24k will quickly get paid back just in title fees in year one.
"Ok, what's your question."
So, the internet says this is not a good idea. At least not what I could find on Google. A few searches and all I find are get a law degree at a good school and get a job. Dont get a law degree if you dont want to be a lawyer. Stuff like that. No where have I found any advise on whether or not getting a law license is worth it for a scrappy two bit entrepreneur who's trying to cut down on title costs and create his own contracts.
Its only something BiggerPockets members could help answer.
Is it worth 5 years and $24k to get a law license if you just want to do real estate deals other business deals and not be a real lawyer?