With tuition at an all-time high, more and more lawyers worry about finding work that will enable them to repay their loans. The American Bar Association reports that from 2007 to 2008, average tuition rose 6 percent at private law schools, to $34,298, and 9 percent at in-state public schools, to $16,836. Add in living expenses and pricey books, and at least 80 percent of students now rely on student loans to fund their law education. [...] …the gap between reality and expectations may now be greater than ever: Jobs are no longer a sure thing, and loans are harder to pay back. Although the job market is improving, experts caution that law school hopefuls need to carefully weigh the costs and benefits of a law degree and, whether aiming for big law or Legal Aid, estimate their personal return on investment.

The ABA Journal also chips in with some grim news:

According to a separate “Tips and Stats” article, first-year associates at large law firms can expect to make $106,500 to $131,250, down 5.1 percent from last year. At midsize firms, associates can make between $71,500 and $100,750, and at small firms they make make $49,750 to $73,000.

To make matters even tougher, tuition at all law schools has been on a steady rise and, for some schools, is now scarily close to (or even surpasses) the $50,000 a year mark. With the majority of students relying on student loans to get them through law school, many are graduating with upwards of $150,000 in debt–and with scant job prospects to help them out. In many cases, says U.S. News, it’s important for the applicant to do a thorough evaluation of both their chances and their prospects after law school:

Students themselves are critical in establishing manageable debt levels. Many do not research the real economic costs and benefits of a law degree, says Prof. Herwig Schlunk of Vanderbilt University. “It’s kind of blindly accepted that education in general, and legal education in particular, is always worth the money,” says Schlunk. “[But] there’s a lot of kids who do go to law school who really have no business, at least not as an investment matter, in going.”

Being realistic about your career path is step No. 1. Success stories from the industry’s glory days tend to fuel law students’ assumptions that they will be able to get a high-paying job, says David Stern, CEO of Equal Justice Works, a nonprofit organization that promotes careers in public interest law. “In their mind’s eye, [law students are] thinking of hitting the lottery and getting one of these $160,000-a-year jobs, and it is a fiction,” he says. “By and large, it’s just like the lottery. You’re spending a huge amount of money in the hopes of hitting the jackpot, and there’s relatively small chances, and the chances have gotten a lot smaller.”

With news like these, it seems that the question “Is it a bad time to be in law school?” only has one three-letter answer. But all is not lost. Job prospects are improving, and the universe of (lesser paid, but still incredibly rewarding) public interest still needs legal warriors in its ranks. A BigLaw job may not be in your immediate future but, if you plan carefully before and during law school, manage your debt, and become informed both about the job prospects and the job possibilities available to you once you get your J.D., you’ll do a better job of surviving the tough legal job market.

TELL US: Do you think this is a bad time to be in law school? What should law students do to make themselves viable in this (and future) economies? Where are the jobs? Are you a current law student and, if so, how do you see your employment horizon and what are you doing to make yourself irresistible to employers?

We recently had occasion to chat with a second-year student at a large second-tier midwestern law school. When we asked what she was planning to do this summer, there was silence on the phone. She had no idea.

Now, it wasn’t like this 2L was waiting to hear from a flood of employers. No, all those folks had already dinged her. Nor was she readying to send out a new batch of resumes. What was the point? She was just standing still, it seemed, and had literally no idea what she was going to be doing this summer. She dreaded having to move back in with her parents for the season. After the call, we were of half a mind to send the poor girl a check for $100. We’re sorry this has befallen you, we would say in our condolence note. We feel for you. Buy yourself some new running shoes. Or splurge on some sushi.

Ah, it’s grim. The recession is officially over, the stock markets have largely rebounded on news of strong earnings, and law firms are slowly regaining their footing. But the jobs just haven’t returned yet.

If statistics are your thing (and not just isolated anecdotes of woe), we’ve got some this morning, courtesy of the NLJ. The paper reports a reality as grim as the tales. The median number of offers by U.S. law firms for 2010 summer associate positions was seven, according to statistics released Tuesday by NALP. The number, reports the NLJ, was down from 10 offers in 2008 and 15 offers in 2007.

The offer rate was the lowest NALP has reported since the organization began gathering offer statistics some 17 years ago. The falloff was even more dramatic for firms with 700 or more attorneys. Their median offer rate was 30 in 2007 but only eight in 2009.

We’d be inclined to think, however, that the storm may be passing. If it is, however, it’s passing slowly, perhaps reflective of the job situation in the economy at large.

NALP Executive Director Jim Leipold told the NLJ: I don’t think anyone expects recruiting volumes to pick up significantly during 2010, though the worst does seem, we hope, to be behind us.”

1. Summer school. Yes, it’s summer, and you’re supposed to be having fun, or at least be out of the classroom. But what happens when there isn’t anything for you to do outside the classroom? Then stay in it! There are many advantages to summer school: You’ll get classes out of the way (which will then result in you having lighter schedules during 2L, and maybe even 3L). You won’t have to worry about subletting your apartment (and you won’t have to worry about getting a temporary place in a potentially more expensive new city). You’ll also get the undivided attention of your professors; summer classes are much smaller, and you’ll be able to connect and bond with them (which will come in handy come rec-letter time later).
2. Summer programs abroad. So many law schools offer either study or work (or, sometimes, work/study) programs all over the world; why not take advantage ot them? Just in the last two weeks, I’ve heard of students going to England, Greece, China, Australia, and France to study and work at international law firms. Of course, competition of these can be high, and there may be a lot of nooks and crannies you have to take care of, but that’s where your school’s Career Services Office can come in very handy. Reach out to them, and ask them for help. Get your applications for these programs in early, and you may end up on exciting international shores for the summer–which certainly beats a cubicle summer even in the most exciting U.S. city.
3. Research. Use your professors for more than just office hours. Ask them if they have research or writing projects they are working on over the summer, and ask them if they need help. These opportunities won’t often be advertised, and profs will jump at the chance of having help. Yes, these opportunities are mostly unpaid. However, the experience and résumé-building cred you will earn can often be priceless. Be proactive! Reach out to your favorite professors and ask. You may end up doing incredibly interesting work for one of your favorite people–it’s a win-win!
4. Unpaid internships and volunteer work. Yes, it’s unpaid. Yes, the hours are long. Yes, it’s not everyone’s first choice. However, what you can get here is experience (invaluable) and a demonstrated commitment to the profession (also invaluable). Yes, you may have to take out additional loans, work an food-and-beverage job to make the bills over the summer, or live with your parents to make it work. However, you will also be doing very rewarding work for those that need it most; at the risk of sounding cliché, that can be payment in itself.