Lawyers carry significant debt, with recent graduates often facing a median of $112,500 to $137,500 in student loans, including undergrad debt, though some reports cite averages over $160,000, impacting life milestones like homebuying and family planning, and causing considerable financial and mental stress due to high costs and potentially low initial salaries.
Here's a look at the average law school debt and earnings for graduates nationwide, according to data reported by the ABA and the Bureau of Labor Statistics: Average law school debt: $108,000. Average education debt after law school: $130,000.
Medical professionals take on the most debt—even when their high salaries are accounted for. However, their debt-to-income declines the fastest in the decade following graduation.
It is very difficult for the average lawyer working in the public sector to pay off federal student loans if they follow CFPB recommendations and guidelines. 19.1 years is how long it will take the average lawyer working in the public sector to pay off their loans if they use 25% of their income.
The Negative Impacts of Heavy Debt Burdens
A 2021 survey of early-career attorneys revealed that about 90% had taken out loans to pay for their J.D. degree or a prior degree. The average amount of debt among newly minted lawyers who had borrowed money to pay for higher education was $130,000, the survey showed.
The legal profession is notorious for its high rates of burnout and stress, but one often-overlooked contributor to this problem is the state of many attorneys' personal finances.
Loans and scholarships are the only way to get money while you're in law school. Lots of law students will hold a job of some kind while they are in school. The key to having a job while in law school is to find one that is high-pay/low-hour. Working for your school is often a great option.
Right now, the average student loan debt in the U.S. is nearly $40,000 but many students borrow much more. Depending on your field of study and career prospects, borrowing upwards of $100,000 to fund your higher education could either be a smart investment or a big mistake.
Actor Michael Sheen used £100,000 (about $129,000) of his own money to buy and then write off £1 million (around $1.3 million) in debt for over 900 families in his hometown of South Wales, highlighting issues with the debt industry and giving people a financial fresh start, documented in Michael Sheen's Secret Million Pound Giveaway. He purchased the debts at a discount and canceled them, a move that brought attention to the struggles faced by his community, particularly after the local steelworks closed.
The Worst Kinds of Debt to Have
How race and ethnicity play a role in law school attrition. The 2023 law school attrition rate was 3.8 percent, varying across demographics and institutions.
ABA data points to a median student loan balance of $137,500 among young attorneys, with additional bar loans totalling around $7,500. High monthly payments and hefty interest costs can make it difficult to keep up with your law school debt.
New lawyers are particularly vulnerable to financial stress. Despite the potential for high earnings, new lawyers often start their careers at a financial disadvantage due to the expenses incurred during years of schooling and bar exam preparation, along with significant student loan debt.
The youngest lawyer is currently Sophia Park, who became the youngest person to pass the California Bar exam at 17 years and 8 months old in late 2024, breaking her brother's record, and was sworn in as a prosecutor in March 2025 after turning 18, though records can shift with new prodigies. Her remarkable journey included starting law school at 13 and finishing early, following a path set by her older brother, Peter Park.
Law school is an academic challenge; most students agree the first year (“1L” year) is the most difficult. In part, this is because law school is taught using methods entirely different than the lecture method used in most college classrooms.
Yakowitz's findings are consistent with ABA reports. For example, in the graduating class of 2019, 8.83% of law school graduates never passed a bar exam and law schools had no information about another . 98% of graduates.