Florida, between states where the law degree "worth more"

MIAMI — A new ranking reveals which states offer lawyers the highest return for their degree, based on tuition rates, job opportunities, costs of living and earning potential. Each state was given a score out of ten to establish where it is easiest for a lawyer recoup your college expenses.

While New York, which has the prestigious Yale University, leads the list with a score of 7.8 out of 10 and Illinois is in second place with 7.7, the ranking leaves a very good stop for Floridain third place with 7.1, the same score as Virginia and Louisiana.

Beyond looking at typical annual salary and tuition rates, this new ranking goes a step further, looking at how it compares to the state’s cost of living, and found that the average lawyer should have $143,161 of disposable income left. once your essential expenses are accounted for.

The findings, compiled by Uplift Legal Funding, consider each state’s degree affordability, financial aid, tuition expenses, loan debt, annual salary, disposable income, rental costs, job opportunities, and hourly rates to identify the best states for attorneys based on where you can get the best return on investment for your title, based on the multiple factors cited.

Jared Stern, legal expert at Uplift Legal Funding, believes that wage versus debt ratios don’t paint the whole picture, as job opportunities are an important factor.

What happens in this regard that puts graduates in New York in an advantageous position is that it is easier for them to recover costs than in any other state, despite expensive rental rates, thanks to high demand and a salary generous. Florida is in the same vein.

Meanwhile, Mississippi graduates often find it harder to recoup their student debt, as the state offers far fewer job opportunities for lawyers.

According to legal expert Jared Stern, existing rankings that look at lawyers’ median annual earnings four years after graduation are too restrictive and misleading for graduates.

While research comparing median earnings to tuition rates reveals where debt is easiest to pay off, it doesn’t paint the whole picture, as it won’t factor in costs of living, job opportunities, or lack of financial aid, all of which can slow down newly qualified lawyers. While research comparing median earnings to tuition rates reveals where debt is easiest to pay off, it doesn’t paint the whole picture, as it won’t factor in costs of living, job opportunities, or lack of financial aid, all of which can slow down newly qualified lawyers.

“This may lead future lawyers to apply to a college that offers high earning potential, but also has a higher cost of living in the state and an overly competitive job market,” he said.

Based on these factors, while the new ranking still considers each state’s reported median annual salary, according to the Bureau of Labor Statistics, and typical tuition rates, it also considers other key factors, including the likelihood of receiving financial aid while studying and the job appetite of graduates.