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Aug
6
Law School Debt Buries Attorneys
Filed Under law
A majority of mid-level associate attorneys have significant amounts of student loan debt, reports Am Law Daily.
A majority have more than $50,000 in debt, even after several years on the job — 16.4% have $100,000 plus owed for student loans.
Huge student loans might not be a bad deal for an associate working in a large city with a few years experience making megabucks at a large firm — some starting salaries in Indianapolis have hit $100K and Chicago has some at $160K — but for some lawyers in small cities and towns, the average salary doesn’t necessarily equal the rock star wages paid by larger firms in the big cities.
However, the government reports that median attorney salaries 9 months after graduation were $60,000 for all attorneys in 2005, so there is some hope that student loans won’t consume ever penny of a new law grad’s salary after settling into a job.
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Your post makes one think! Great article. Thanks for allowing me to comment!