Law-Forums.org

[atworth49]

Hey Everyone,

I just posted this question in the Finance > Real Estate section and am now reposting in the legal section to maybe get some more answers from legal professionals. Thanks.

I am a soon to be college graduate (December 2011) and I can't seem to figure out what I want to do after I graduate. I am going to graduate with a Finance degree (3.4 GPA) from a large state university and I also have my real estate license. I'm not sure what career path I want to take when I graduate but I do know that money isn't everything. If I have a job making decent money (100K a year) and actually had a life, other than working 80 hours a week and making 150k a year, I would rather have less money. The only two classes I have actually enjoyed since coming to school were Business Law and one of my Corporate Finance courses. I know with being a lawyer comes a steady paycheck and lots of different fields of practice. With being involved in real estate usually comes with your salary made largely up of commissions(I know some people that do land sales and commercial real estate and make over 500k a year) . I have read numerous books on real estate investment and personal finance and know that if I want to get started in real estate investing now is the best time to do it in like the last 50 years or so. I applied to several law schools yesterday to keep my options open....

What advice can you give me?
Are there some cross over practices of law that could allow me to be in corporate law and real estate or M/A law?
The idea of also being part of an investment bank also interests me....

My future business goals in life are to have my own practice where I also broker real estate and sell investments...
Any advice on how to get going in that direction?

Thanks so much!

[bearchan]

Forget law school. The reality is the economy, which has dramatically changed. Choosing a career is one of life's most important and difficult decisions. But knowing what your expectations are, and then comparing them to the realities will help you make educated decisions.

Warning> Jobs in the field of Law are drying up fast!! This no longer is a good field to invest time and/or money into. This is a SHRINKING, crumbling, and dying vocational field. Many, many reasons.

There are more attorneys than there are legal employment positions. We simply already have way too many Legal Professionals. AND the legal profession is dramatically changing: it is in absolute CRISIS! And, every year, more and more people graduate from law school, but there are fewer and fewer jobs. Even the largest and most reputable law firms are experiencing unprecedented cutbacks. I don't expect the situation to improve in the coming years....

The field of Law has a mystique that actually exceeds reality. The field of Law is a vastly overrated career - especially by television.<< There are many myths regarding the field of Law. Law is a more demanding profession than most people realize. It is not like what you see on TV.

Cost of law school to be lawyer, approx $150,000+. Be prepared to take on a LOT of debt, if becoming an attorney is your "true", ultimate goal!!!<<

Even if you do finish law school, you won't be able to find a job when you are done. Since this vocational field is shrinking (at an alarming rate), many new attorneys/lawyers are, themselves, having to work "down" as Paralegals, Legal Assistants, Legal Secretaries, Bailiffs, Court Reporters, etc, etc, to simply try to keep some of their bills paid <<this would be your competition. And the competition is fierce in TODAY's job market!!

Now... the law schools know this, but they won't tell you the truth >that the job market/economy is just SATURATED with way too many Legal Professionals. Instead the schools will feed you a fairytale and will LIE to you. The root of the problem is we already have too many law schools. We are STILL in a Recession, and the schools are fighting for their own survival - they will tell students anything to get to the students' money. (Which is why they won't tell you the truth about the job market for the field of Law.) And these schools continue to recruit and churn out even more graduates.............Remember>>> law schools are BUSINESSES - their TOP concern is making money for themselves. Law schools are cash cows.

>>>>>THE #1 MOST IMPORTANT THING (and I can't stress this enough>>>): You ESPECIALLY have to beware of the BOGUS, INFLATED law school salary/job stats given out by >law schools< (AND by the U.S. Bureau of Labor)!!***<<<<<

If you don't believe me, then:
**Check out these websites:
http://www.nytimes.com/2011/01/09/busine…
http://www.nytimes.com/2011/07/17/busine…
http://www.nytimes.com/2011/03/05/scienc…
http://www.nytimes.com/2011/05/22/nyregi…
http://subprimejd.blogspot.com
http://finance.yahoo.com/college-educati…
http://lawandletters.blogspot.com/2007/1…
http://www.psychologytoday.com/blog/care…
http://www.abanet.org/lsd/legaled/value.…
http://lawshucks.com
(A link to a website does not constitute endorsement.)
**do a SEARCH here on Yahoo Answers to see what other posters are saying about the current status of the field of Law.

If you want a JOB when you are done with your studies, consider and look into the fields of: >>>Healthcare<<<, Information Technology, Law ENFORCEMENT, environmentalism, emergency planning, accounting, education, entertainment, utilities, home-car-commercial-industrial repairs, vice industries, clergy, and/or debt collection. I spoke to a career counselor from Jobs and Family Services, and HE told me that these areas are where the jobs are, and future job opportunities/availability....and scholarships.

Good luck.


(This is based on my current knowledge, information, belief, and life experiences. This was intended as personal opinion, and not intended to be used as legal advice. Please be careful and do your research.<<< You DID ask the question here on Y/A. I am just trying to help you.)

[jasper]

Go for the career that you feel that will be the most satisfying.

You have to enjoy what you are doing.

[curney13]

My first hit: The real estate market is up and down, but lawyers are always needed.

[chen12]

A law degree and a career in real estate need not exclude each other. For example, there are tons of foreclosures going on right now, yes? That all has to be handled thru court. Another thing, there is/will be tons of tax sales going on also, when the value of the house becomes worth less than the real estate tax on it. These will go thru the court system also. Being on the inside of this activity, this would be a sweet place to be.

If I were you, I would be thinking about working during the the day and getting your law degree at night. In the short time to come, there will be an opportunity to aquire houses at bottom basement prices and and when the economy picks up again, to make a bundle. Those who invested in real estate a few years ago lost their pants. But now that it is near bottom, it is good opportunity, if you had some money to start with with.

My feeling is, a law degree by itself is not worth much these days. Because there is a glut of lawyers already and people will begin hating lawyers now more than ever before. I mean, look at 'Occupy Wallstreet' I doubt lawyers are much farther down on the list. But if you look at the overall occupation of real estate, a law degree, or even an accounting degree, will be an asset