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NithinKumarSecondPaper 3 - 11 Jul 2012 - Main.NithinKumar
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< | Law students and lawyers are risk averse people and so no one should be too surprised by the approach taken by most law students towards their debt. Having incurred an enormous amount of debt, students look to the employers who will promise the most amount of money to pay off loans as quickly as possible. This was certainly by frame of mind when I decided to attend law school by borrowing tens of thousands of dollars. Having not relied on student loans as an undergraduate student, the idea of taking on such a substantial financial burden was understandably worrying. But like many of my peers, I was comforted by the fact that few other schools can offer better opportunities in the legal market, and if I did reasonably well, I would be able to get a job and pay off my loans. | >
> | Law students and lawyers are risk averse people and so no one should be too surprised by the approach taken by most law students towards their debt. Having incurred an enormous amount of debt, students look to the employers who will promise the most amount of money to pay off loans as quickly as possible. This was certainly my frame of mind when I decided to attend law school by borrowing tens of thousands of dollars. Having not relied on student loans as an undergraduate student, the idea of taking on such a substantial financial burden was understandably worrying. But like many of my peers, I was comforted by the fact that few other schools can offer better opportunities in the legal market, and if I did reasonably well, I would be able to get a job and pay off my loans. | | | Having finished my first year of law school, the same facts that gave me comfort as an admitted student are exactly what trouble me now. While at first I viewed the exorbitant salaries paid by law firms as an opportunity to quickly escape the ball and chain of student loans, I now realize that debt is the bargaining chip that firms use to exert control over their young associates. Law firms are well aware of the cloud of debt hanging over their incoming associates and by offering high salaries, they essentially coerce students into applying and keep associates from leaving. Thus, year after year, incoming law students agree to the racket: borrow thousands of dollars in order to get a job in order to pay of the debt of thousands of dollars. |
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