I think this page  does a good job really outlining some different perspectives on legal careers.  
 Even in a saturated market, there is a demand for quality attorneys with  specific experience: patent, medical malpractice, and bankruptcy are always in  demand. I can't imagine working BK, but that's just me. 
 Then it's easy enough to run the mathematical calculations: Most law  students and beginning attorney's I have worked with graduate with $120k in  loans. They aren't really able to work much to offset their loans because the  internship requirements are so stringent. Starting pay for our superstars ranged  from that $30k average (that's the CA stat: first year attorney starting wage)  up to $72k ... but that $72 k took a year to come along, and in the meantime he  was clerking for $20 an hour. So you're also looking at 3 years of school plus  up to a year for a decent job offer. 
 Paralegal programs run about $6500 and take 14 - 16 weeks. You can  graduate, work in legal field for $45k - $60k (I have received offers in that  range so know it's reasonable in today's market.) Paralegals are in high demand.  Working as a paralegal not only gives one experience in the legal field but also  will help you get the better jobs after law school, allowing one to rise to the  top of the new market field. 
 I suppose it's worth mentioning that law school does NOTHING to prepare one  as to how to be an attorney. It doesn't even get you ready for the bar exam. It  simply marks you as qualifed to take the exam ... just about everyone takes a  Bar Exam Prep Course in order to actually pass the thing (chalk up another  $5k.) In Jim's office, he took 3rd year law students who were the top of their  classes and taught them how to actually get the work done as an attorney must.  Students who graduate with a less spectacular intern experience are simply not  ready to practice - that's why that starting salary is so low ... they simply  aren't able to do much of anything that first year without proper experience!  
 You can see how that paralegal experience would certainly help increase  employability ... as man have said, it's how they learned to practice law  because paralegal programs are oriented to teach HOW TO ... law school focuses  more upon the historical WHY. 
 
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