Top Decisions for Third-Year Law Students

If you’re in the third year of law school, get ready to make some crucial decisions about your career, life, and long-term financial security. Every year, many young adults begin giving serious consideration to their career paths, potential practice areas within the profession, how to repay educational loans, how to establish credit, prepping for the bar exam, and whether to work for a firm or go independent. For students, planning is a must. Consider addressing the following issues during the summer break before the third year begins. Make a schedule of how you plan to achieve each goal or deal with a particular challenge.

Career Path & Practice Area

The field of law is varied; it offers numerous paths for intellectually curious and hard-working practitioners. Besides public criminal defense work, there are other areas that attract the long-term interest of new graduates every year. Many choose to specialize in corporate, patent, malpractice, divorce, accident, and tax law, among other categories. Career paths also have their own subset of variations, including teaching, legal practice, consulting, and journalism. Recently, some of the most prominent lawyers in the nation have signed on with major television networks as commentators and analysts, a niche that is growing rapidly.

Establishing Credit and Getting a Card

It’s worth noting that most third-year law students do not have credit cards and lack an extensive financial history. However, it is the ideal time to take out a first card, particularly if you are now handling your own money and doing monthly budgeting. Keep in mind that it’s crucial to find and apply for the right card, one that suits your spending habits, budget, and goals. Step one is to review a complete guide that discusses the top credit cards for college and law students. After that, make on time monthly payments to bolster your scores with all the major credit bureaus.

Loan Repayment Plan

Make a college and grad school loan repayment plan. This step makes sense for those who have been working at least six months and have established a solid financial history. Lending institutions are usually willing to help borrowers consolidate their education loans at favorable interest rates. The move is not only an effective way of getting lower monthly payments but an advantageous way to pay less interest on college and law school debt. Regardless of the path you intend to take, spend time during your final year of school making a detailed repayment schedule. Base the specialized budget on estimates, but be sure to build a budget that covers a period of several years, at which time the loans will be paid in full.

Bar Exam Prep Method

For third-year students, the bar exam is the central life event. Preparing for it can take hundreds of hours and plenty of effort despite all the exam technique tips you can employ. Decide whether to work informally with a group of classmates, take a professional prep course, or work on your own. Before paying a large fee for a traditional review course, check out inexpensive online options.

Go Independent or Work for a Firm?

Give serious thought to whether you wish to work for a firm immediately after passing the bar exam. It’s a matter of personal preference. Some newly minted lawyers wish to guide their own careers, while others prefer the financial security of working for others. There is a compromise scenario in which new law school grads sign on with firms but then open their own practices after acquiring a few years of experience. The downside of going it alone is that you’ll have to find clients without the support of a well-financed advertising department or agency. Plus, independent lawyers have substantial start-up expenses like insurance, rent, and office supplies. Those who join established firms never have to worry about marketing, expenses, or rental costs.