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White Coat Investor Podcast
WCI #361: Financial Pathways for Attorneys
Apr 4, 2024
Lawyer Chris Avery discusses education costs for legal professionals, income disparities between big law and small firms, and the financial implications of student loans for lawyers versus physicians. The podcast delves into law school scholarships, alternative career paths, and the importance of understanding personal finance in the legal profession.
57:28
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Quick takeaways
- Attorneys face substantial student loan debt challenges, averaging $120,000 to $160,000, with some lawyers carrying debt up to $300,000 for many years.
- Attorney income distribution displays a bi-modal pattern, with big law firms offering starting salaries over $200,000 while small firm attorneys earn $60,000 to $85,000.
Deep dives
Challenges of Student Loan Debt for Attorneys
Attorneys face significant financial challenges with student loan debt averaging between $120,000 to $160,000. The most significant student loan debt reported was around $300,000. Attorneys often carry this debt for many years, with some still paying off loans nearly 20 years into practice. Unlike physicians, attorneys have fewer Public Service Loan Forgiveness (PSLF) eligible jobs, making it challenging to take advantage of federal loan forgiveness programs. Employers in the legal field typically do not offer benefits for paying back student loans, leaving attorneys to manage repayment on their own.
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