My best guess is that law school is not a wise investment of time, money & lost income for well over one-third of those who finish law school.
Top 14 law school grads often need to secure a high paying job in biglaw after graduation in order to pay off their law school student loan debt.
The typical new associate with a biglaw firm lasts about 4 years, although many only survive for a couple of years. After three or four years in one biglaw law firm, many leave as a “lateral” to another biglaw firm.
Equity partnerships in major law firms are becoming increasingly rare. If one does not get offered a partnership (either equity or non-equity) after 7 or 8 years in biglaw, then they are expected to move on. Most associates either leave or are asked to leave well before they hit the 7 or 8 year mark.
Biglaw salaries vary by market. In NYC, for example, new attorneys on the Cravath scale lockstep system start at $190,000 plus a bonus of about $15,000. The next year that entire class moves up in pay in lockstep.
Biglaw in secondary cities may start first year associates at $160,000 plus a $10,000 to $15,000 year end bonus.