Career Center Survey Results: A Generation of Debtors (Part 2)

In Part 1 of the Career Center survey results on debt, we reported that 85% of the 3,700 survey respondents have outstanding student loan debt, with more than half of them owing $100,000 or more. We also found that 75% of respondents considered their debt at least as much as other factors when deciding on where to work.  Today, we’ll take a look at a further breakdown of these numbers by job sector and amount of debt.

But first, let’s examine the extremes: respondents with the most debt, and respondents with no debt….

Of the most debt-laden respondents (i.e., those with $100,000 or more in student loans and a mortgage of $500,000 or more):

  • 94% work at a law firm.
  • 90% say debt contributed at least as much as other factors to where they work.
  • The highest percentage of them, 34%, work in Washington, D.C.

At the other extreme are the debt-free survey respondents:

  • 74% work at a law firm.
  • 84% say debt contributed very little or not at all to where they work.
  • The highest percentage of them, 36%, work in New York.

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Now, on to the tables. The table below suggests that where people work (or want to work) does not depend on how much they have in outstanding student loans:

Amount of debt

Law firm

Government

In-house

Public interest

Other

Unemployed or under-employed

None

72%

12%

8%

3%

5%

0%

$1-49,999

73%

12%

7%

2%

6%

1%

$50,000-99,999

73%

12%

6%

2%

7%

0%

$100,000 or more

70%

12%

5%

3%

6%

3%

Let’s look at the results another way, namely, how the amount of outstanding student loans varies by type of legal employment:

Amount of debt

Law firm

Government

In-house

Public interest

Other

Unemployed or under-employed

None

15%

14%

19%

19%

12%

0%

$1-49,999

17%

16%

19%

12%

16%

6%

$50,000-99,999

25%

25%

25%

16%

27%

2%

$100,000 or more

44%

45%

38%

53%

45%

92%

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Notably, although the public interest sector had the highest percentage of respondents with the greatest amount of student loan debt (53%), it also had one of the highest percentages of respondents with no debt (19%).

Additionally, of the respondents who identified themselves as unemployed or underemployed rather than specifying where they want to work, essentially all have outstanding student loan debt, with 92% of them owing $100,000 or more.

Finally, the following table shows that the vast majority of respondents in all types of job categories consider debt at least as much as other factors in deciding where to work.

How much debt contributes to your decision where to work

Law firm

Government

In-house

Public interest

Other

Unemployed or under-employed

More than any other factor

40%

23%

36%

25%

39%

55%

About the same as other factors

38%

44%

37%

44%

35%

35%

Very little

11%

18%

14%

17%

13%

5%

Not at all

12%

15%

13%

14%

14%

5%

To find out which law firms can help pay down your debt faster by offering top-of-the-market salaries and bonuses, visit the Career Center. And if you’re considering making a lateral move to another law firm or going in-house, experienced search consultants at Lateral Link can help you with your job search.