16% of Midlevel Associates Owe More than $100K on Student Loans
Posted Aug 5, 2008 7:20 AM CDT
By Debra Cassens Weiss
Seventy-seven percent of midlevel associates surveyed by the American Lawyer have student loan balances, and some of them owe in the six-figure range.
About 16 percent report that they owe more than $100,000, the Am Law Daily reports. About 44 percent said they owed $50,000 to $99,000, while 36 percent said they owed $10,000 to $49,000.
The magazine surveyed more than 7,000 midlevel associates from 180 large law firms. While the lawyers owe a lot of money, they also earn a lot. The median salary in New York and five other big cities is $185,000 for third-years, $210,000 for fourth-years, and $230,000 for fifth-years.