Law School Or Start A Business?
I’m thinking seriously about law school but haven’t taken the LSAT yet so I don’t even know where I’d fit in. I’ve told myself that if I scored at least 160 – 165 that I would try to get into a tier 1 or tier 2 law school. My GPA is only 3.3 so top 20 seems out of the question.
But I do have some huge concerns about law school. The availability of jobs, debt, and time commitment – in that order.
I hear that many JD’s just go on to business anyway and don’t practice law. I was a History major during undergrad so I have interest in and the capacity for heavy reading, writing, etc. But I also have a huge interest in business.
Question is: Would it be better to spend my energy into a start up or maybe even a franchise business or take on law school?
I was a claims adjuster for 4 years so I dealt with attorneys a lot for bodily injury claims. Not the most awesome job but it could be worse.
I know law school debt is crushing, but I don’t have the means or background to get a large enough business loan to start something in earnest.
Still thinking on this, don’t want to make a rash decision.
May 8th, 2010 at 11:50 pm
If your idea of “your own business” is a franchise, then don’t even bother. A franchise is a huge up-front investment, and then you’re basically required to run “your” business according to the dictates of a corporation.
If you have an entrepreneurial spirit, then go to law school and hang out your shingle afterward. It’s not there there’s no need for lawyers, it’s that most people can’t afford them. I’ve always felt that any lawyer who’d charge by the task could make a fortune.
Another thought is to get an MBA with an eye to having your own business afterwards. No, it doesn’t take a degree to run a business, but it sure does give you a great start.
Or just take an entrepreneurship seminar at a good college or from the Small Business Development Center near you.
When you do choose a business, chosse something that meets an unmet need, rather than adding more competition to things that are already out there. The world does not need another McDonald’s or KFC.
Oh, and choose something that generates jobs in the US rather than offshoring to some third world country.
May 9th, 2010 at 5:01 am
Have you thought about how much work and stress owning your own business will be, and that it could very well leave you in more debt than a JD? It sounds like you have no formal business training, which doesn’t bode well, either. You even said that you can’t get the capital to start a business, so it sounds like you have little choice but to go into law…or start over in something new.
May 9th, 2010 at 8:13 am
I say do both. Take the LSAT and apply to some law schools – you can defer admission for up to a year (depending on the law school). So if your business doesn’t work out. you would have a back up plan. If it does work out and you enjoy it the business. Then go to law school.
May 9th, 2010 at 11:53 am
Mavisthemavin, just to clarify:
Franchising does not necessarily mean Mcdonalds or KFC. These fast-food models represent only a fraction of the available franchise opportunities available in today’s business world.
I agree, we don’t need more fast-food franchises clogging up every street corner in America. However, there are numerous opportunities out there that have absolutely nothing to do with fast food. Basic, necessity-type franchise opportunities are available in categories such as disaster restoration, senior care, hair care, automobile repair and others.
Franchising is a viable way for someone wishing to escape the corporate world to be in business for himself, following a proven, successful operating system.