• A picture of a coil of movie film.

    The silver screen has always loved lawyers. From Atticus Finch to Vinny Gambini, Clarence Darrow to Rusty Sabich, lawyers have been among the most durable and popular characters on the big screen. Their legendary negotiation skills and effortless charisma makes them aspirational for every law grad. So if you’ve run through all the seasons of […]

  • Twitter 101

    Cops got your phone? Join us tonight (May 29) from 8pm to 9pm ET for a TweetUp about cell phone searches incident to arrest, and the recently argued Supreme Court cases, Riley v. California and U.S. v. Wurie. @StudentAppeal hosts @t10nbaum, @MUDDLAW, @SarahEliMattern, and @JamesHaggard as we discuss warrantless cell phone searches, and the preservation […]

  • Scenes from the Supreme Court following their ruling to uphold the Affordable Care Act

    By JAMILA YOUNG – Coming to the close of law school, I was certain the time wasn’t right for me to practice law. I questioned myself and asked “So why did I go to law school”…



  • Lee Burgess & Alison Monahan

    By LEE BURGESS & ALISON MONAHAN – If you’ve ever wanted to get inside your professor’s head and take a look around, we’ve got the next best thing! Two former law school Teaching Assistants (who together covered Contracts, Torts, and Civ Pro) share ten tips that would have made their students’ lives a lot easier.

  • The entire semester has come down to this. The tests that will determine grade point averages, class rank, summer associate positions, job offers, life goals, etc. Finals season is upon law students.

  • By SARAH ELI MATTERN – I would recommend Themis to anyone. The price is right, the program solid, and the customer service superb. While I have some critiques of the new bar prep, they have instilled loyalty in me. I pray (fervently) that I will never have to take another bar exam, but if I do I will use Themis.


Saving Law Students From Bankruptcy Post-Graduation

Kristopher K. Leon

A graduate of the University of Kentucky with a bachelor’s degree in corporate communications, León currently is a Juris Doctor candidate at Florida A&M University, College of Law. León is a native of Philadelphia, Pennsylvania with career aspirations in commercial real estate, securities, and taxation.

Latest posts by Kristopher K. Leon (see all)

Short on time? Read this article in seconds using spritz.

Page: - 1 - 2 - All Pages

Law schools have put a lot of emphasis on the students getting through law school and passing the bar, as they should. Law schools, however, should also address student’s need for financial management education.

Financial management as a lawyer.

Most law students are accustomed to managing their lifestyles according to financial aid. Most students started this pattern freshman year of undergrad.

With these budgets based on some government calculation of student’s living expenses, students are limited to the bare necessities and grow accustom to it. You have law students accustomed to receiving anywhere in the range of $5,000 – $10,000 per semester to live on. Now, after passing the bar and securing employment, students are earning in the range of $50,000 – $90,000 per year.

They suddenly make more than they have in previous employment. During law school, a majority of students do not get paid for employment. They often accept unpaid internships. After graduation, their income increases drastically and places them one or two tax brackets higher than before. Assuming that law students find a job in this unforgiving job market, ex-students turn into well-paid professionals.

Apart from the basic necessities and the ever-present student loan debt to pay off, what do these enabled individuals do with their income? Do they even know what to do with it? Sure, they’ve mastered how to apply the reasonable person standard and synthesize cases, but are they willing to live on the same budget which they have for the past decade?

Most law students do not enter law school with a business degree. Students are coming into law school with degrees in political science, criminal justice, and/or philosophy. It is very possible that these students have never even taken a course in finance let alone have a degree in the subject-matter. This is where the problem lies. A problem that few law schools have implemented programs to mitigate, as they have with Bar prep courses to alleviate the problem of school bar passage rates.

Sure, passing the bar is paramount, but what weight does it carry when three or four years down the line, post-graduation, young lawyers are filing for bankruptcy? Law schools offer Bankruptcy law courses and debt courses, but there is a need for personal finance seminars for these graduating law students. These schools need to educate students on financial planning so that they can make responsible financial decisions in their future.

Law schools have a duty to assist these students, who have invested upwards of $100,000 for a three-year legal education, in handling their finances for the next thirty years in the legal profession. This duty is not to provide them financial advising services for the next thirty years, but to provide the proper education during their final year of law school, so that they can responsibly handle their own finances for the next thirty years. Educational seminars should be implemented to emphasize the following topics:

Page: – 1 - 2 - All Pages

Copyright © 2013 — The Student Appeal Law Journal. All Rights Reserved.