Sofi analyzed 60,000 student loan refi applications to shed some light on the top 20 law schools whose grads earn the highest salaries. See what law school grads rake in the most cheddar after graduation. Hint: it’s not Yale.
Law School Grads Who Make The Most Money
|Law School||Average Salary||Average Debt||Salary To Debt||U.S. News Rank|
|University of Chicago||$174,238||$153,210||1.1x||4|
|University of Pennsylvania||$170,954||$146,708||1.2x||7|
|University of Texas||$147,444||$105,254||1.4x||15|
A few observations gleaned from Sofi’s data.
Not surprisingly, the vast majority of grads from law schools with the highest salaries reside in the T14. If your goal is to make as much money as possible during your first years of practice, go to a T14 law school. If you didn’t get in to a T14 out of undergrad, you can always work your butt off and transfer in!
Keep in mind that the average debt load for these grads is high! For aspiring transfers, you’ll definitely be paying full freight for your 2L and 3L years.
In order to manage such massive debt, you’ll likely need to either (1) land a Biglaw gig, or (2) take advantage of the Public Service Loan Forgiveness (“PSLF”) program. I imagine the vast majority of grads seeking to refinance with Sofi are planning to stick around in private practice for the foreseeable future.
If you want to make big money you need to go where the money is: New York, Chicago, Los Angeles, etc. All of the schools on this list place tons of grads in the biggest legal markets.
For example, Fordham, a school well outside the T14, places grads into high paying jobs due to, in large part, its location. It’s like they say in real estate: location, location, location!
P.S. Check out my 4 personal finance tips for law students.