2.95 162 Need Advice! Forum

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stanbeeman

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2.95 162 Need Advice!

Post by stanbeeman » Sun Aug 12, 2018 9:11 pm

I have posted before but no responses. I am a 30 something entrepreneur based in the Denver Area. DU law seems to be a lackluster option which leaves me with CU which I think I can get in in-state with my numbers and work experience. I own a home and have two kids so moving is not going to be viable unless there is an extremely compelling reason. My family is in PHL and I also will apply to Penn, Temple and Villanova. Temple is my dream law school as I am interested in trial. Given my deep connections to Colorado and particularly the business and legal community here, does it make sense to go to Temple because I will possibly get a better legal education there than CU and have more opportunity for experience in a city like PHL than Boulder, CO? I have the funds to pay for school so not taking on any debt. I would likely pay full price at CU and maybe get 10-15k per year at Temple. Thanks.

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unsweetened

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Re: 2.95 162 Need Advice!

Post by unsweetened » Mon Aug 13, 2018 2:47 pm

One piece of sage advice I got from TLS when I was a 0L was go to school where you want to practice. It seems crazy to move a house and kids and everything else from CO to PA to spend 3 years in school not making money.

Frankly, I think law school is a poor return on investment. Why not take the money that you want to spend on law school and develop your business? Why not invest that money?

stanbeeman

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Re: 2.95 162 Need Advice!

Post by stanbeeman » Tue Aug 14, 2018 1:27 am

Unsweetened,

Thanks for the input. I would continue to earn money from my business while in law school. The business has 80+ employees so its not like if I leave it stops going. I will still be drawing a six figure salary while in school plus will earn any profit from the business which is generally > than my salary.

I spend about $120K/year on legal fees for my business. I figure if I spend $120K on tuition over three years, I can then likely save at least $30k per year in legal expenses per year with things I can do on my own. Thus, the investment would have a very good return in my case over ~10 years. Plus, I would have a degree so when I exit my business I could have a second career as an attorney. I also think I would enjoy law school.

Sounds like I should just stay in CO and go to CU if this is where I want to live after. DU might also be in the running if its free.

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Re: 2.95 162 Need Advice!

Post by unsweetened » Tue Aug 14, 2018 3:07 pm

stanbeeman wrote:Unsweetened,

Thanks for the input. I would continue to earn money from my business while in law school. The business has 80+ employees so its not like if I leave it stops going. I will still be drawing a six figure salary while in school plus will earn any profit from the business which is generally > than my salary.

I spend about $120K/year on legal fees for my business. I figure if I spend $120K on tuition over three years, I can then likely save at least $30k per year in legal expenses per year with things I can do on my own. Thus, the investment would have a very good return in my case over ~10 years. Plus, I would have a degree so when I exit my business I could have a second career as an attorney. I also think I would enjoy law school.

Sounds like I should just stay in CO and go to CU if this is where I want to live after. DU might also be in the running if its free.
It certainly sounds like the money part has been worked out already, which sounds great. I'd also consider the amount of time that law school consumes. Law school is basically a full time job and it's one that is not really practice oriented. Further, to practice as an attorney, you would need to sit for the bar, which is its own special kind of awful. Even then, the bar exam probably covers a lot of stuff that would be zero practical use to you.

It would make more sense to me just to learn how to do what you want on your own and then do it on your own. It would have less of an opportunity cost and you would see greater savings as a result. Alternatively, it would take less time and money to find a more affordable legal services providers.

I can't speak to whether someone else would enjoy law school, but I can assure you that it's a minority position. It might be worth contacting the admissions department and seeing if you can sit in on a class. It might not change your opinion, but it would at least be a point of reference that would let you make a more informed decision.

One of my classmates in law school took the approach that a legal education would help him run his business more efficiently. While I don't know if he actually succeeded in that plan, I can assure you that he was miserable for the better part of three years.
Drawing a six figure salary was the one thing that kept me out of law school to begin with. Losing it was what got me back in school.

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