Slate says it’s time to apply to law school. Wow. Talk about completely misguided.

Above the Law takes issue with the Slate article in a humorous, yet accurate, way.

Let me be clear. It’s as bad an idea to go to law school now has it has ever been.

The best time to go to law school in Mississippi was around 1980. That way, you would have been practicing around twenty years when the litigation boom hit in the late 1990’s and in prime position to take advantage of the boom.

Of course, it wasn’t clear that the boom was temporary at the time. Many lawyers who did take advantage of the boom didn’t save any money because they assumed that they would be making it forever.

I’m not saying that no one should ever attend law school. But for god’s sake, don’t go into debt to do it. The risk-reward / expected value analysis on the decision of whether to go into debt to attend law school weighs heavily in favor of not going.

Yea, it could all work out in your favor with a high paying job to pay off the debt. But odds are, it’s going to be a deep hole with little income available to pay off the student loans. Law schools encouraging prospective students to go into debt are selling a fairy tale.

Your odds with $100,000 are much better at a blackjack table in the casino than they are with law school.

Practicing law is about making good decisions. Going into debt to attend law school in the current economic environment for law school graduates is a really bad decision.