ADVERTISEMENT

OT: High Debts, Low Pay Take Luster Off Law School, WSJ article 8/4/21.

Panthergrowl13

All Conference
Nov 11, 2002
4,304
937
113
Interesting article in the Wall Street Journal.

I know there are a lot of Law School Grads on the Board.

Are the Medical Professions the better bet going forward.

Thoughts.

HAIL TO PITT!!!!
 
Interesting article in the Wall Street Journal.

I know there are a lot of Law School Grads on the Board.

Are the Medical Professions the better bet going forward.

Thoughts.

HAIL TO PITT!!!!
You have to have a plan.
Graduate law school in 1995. Knew an engaged couple that had over $400K in education debt (both went undergrad to Vassar) between them upon graduation.
Went RU undergrad and Seton Hall Law, and earned tuition remission final year. Graduated with money in the bank.

Top firms in NYC (and some in NJ) pay well. But the competition for those jobs is fierce.
Litigators and specialists (IP/Patent Law and Tax Law) do well.
Don't think the medical professions are a better bet for $$, but as we have told our sons, don't pick a career for the money, pick a career because it is what you want to do.
 
The medical profession is stable but once again, I do not recommend unless you really want to do it. Don't do it for stability or the money. With 8 years of schooling (undergrad and med school) followed by 3-7 years of residency making minimum wage, you end up sacrificing your 20's and almost half your 30's. You also start your career with over 200K-500K of debt at a later stage in life. (Think about it, you could also be investing your money all this time.)

When comparing law school vs. med school, residency training is probably the biggest reason for choosing law school followed by a job at a top firm over med school. (You start your career 3-7 years earlier and you can then invest this money if money is the only reason.)

I also had a friend who graduated from Columbia with a biomed engineering major. She then went to medical school and became a pediatrician. Her classmates from Columbia all make more money then she does and have less debt. (I am almost certain that she would have made more if she just started working as an engineer with her magna cum laude Columbia degree.)

In short, do not become a doctor for the money.
 
I also had a friend who graduated from Columbia with a biomed engineering major. She then went to medical school and became a pediatrician. Her classmates from Columbia all make more money then she does and have less debt. (I am almost certain that she would have made more if she just started working as an engineer with her magna cum laude Columbia degree.)

In short, do not become a doctor for the money.
But she gets to make, or keep, kids well. Which may be well worth the trade off for her.
 
making money is only a big deal if you need money. If I told my son do something you love, he would be a superhero or a special assassin.
 
  • Haha
Reactions: Leonard23
The medical profession is stable but once again, I do not recommend unless you really want to do it. Don't do it for stability or the money. With 8 years of schooling (undergrad and med school) followed by 3-7 years of residency making minimum wage, you end up sacrificing your 20's and almost half your 30's. You also start your career with over 200K-500K of debt at a later stage in life. (Think about it, you could also be investing your money all this time.)

When comparing law school vs. med school, residency training is probably the biggest reason for choosing law school followed by a job at a top firm over med school. (You start your career 3-7 years earlier and you can then invest this money if money is the only reason.)

I also had a friend who graduated from Columbia with a biomed engineering major. She then went to medical school and became a pediatrician. Her classmates from Columbia all make more money then she does and have less debt. (I am almost certain that she would have made more if she just started working as an engineer with her magna cum laude Columbia degree.)

In short, do not become a doctor for the money.
Health care is quickly evolving. Docs are now normally just employees of systems, organizations, or groups. Those days of being a solo practitioner with huge earnings are fading away. The good news is that you don't have to run your own business and worry about such headaches, but the bad news is your income potential is more limited.
 
  • Like
Reactions: 93RUDoc
If you have the skill set and interest (and want to be an employee, not a business owner) be some type of engineer. I am a financial advisor on a team that manages about 1.1 billion in client assets and our wealthiest ‘regular’ clients are all engineers…
 
ADVERTISEMENT
ADVERTISEMENT