HOW TO BE FINANCIALLY LITERATE IN LAW SCHOOL?

In Present
November 16, 2021

“At least eighty per cent of millionaires are self-made. That is, they started with nothing but ambition and energy, the same way most of us start.” – Brian Tracy.

Is your financial situation preventing you from attending your preferred college? Law education is, indeed, an expensive investment; the cost of law school is far greater than it used to be. When determining the total cost of attending law school, you must also account for rent, food, books, transport, and personal expenses. A law student has to be extraordinary these days when it comes to funding their study expenses.

Finding a happy medium between improving your CV and earning a nice stipend isn’t as difficult as you would think. As a law student, you can take advantage of multiple such possibilities, which are listed below. As the sequence continues, the experience needed rises, as do the returns: Here Are Some Ways to Persuade Financial Aid to Help You Pay for Law School:

  1. Work-from-Home Internships (moving from free to paid assignments)

You must write like a law student. It is preferable to begin this activity as soon as possible to prepare for the future. Several legal start-ups provide work-from-home internships. Except for extraordinary circumstances, you will not get any stipend throughout the general course. Work for these organisations to improve your CV and increase your chances of being hired for genuine paid work. Working for free is only a tactical maneuver to have a better understanding of how blogging works. You can go on to the next stage once you’ve mastered this. Begin to request payment for the job as your credibility grows. While this does not guarantee success, you will be aware of your current situation and plan your next steps.

  1. Participating in Various Competitions

There is a slew of competitions with huge cash rewards for the winners:

  • Mock Trials/Moot Courts
  • Competitions for essay/judgment writing
  • Client Counselling Competitions / Parliamentary Debates / Regular Debates

These are just a few of the more well-known tournaments held by numerous law schools and organisations throughout the year. There are also legal fests that include all/most of them. The issue with them is that the number of people who receive these rewards and honour is restricted. Furthermore, even if the experience is priceless, participation has or little value in your CV. In recent years, there have been several options for law students to enhance their income and CV at the same time. It certainly takes a certain amount of discipline to do so, but what doesn’t? However, selecting the one that best matches one’s interests and schedule is essential.

  1. Ghost-writing books

A ghost-writer is a freelance writer who writes a piece that is accredited to another person. People are willing to pay a premium for completing all the physical labour while maintaining high quality and discretion. You’ll be amazed at how much money you can make if you can take away much of their hard work and do a decent job at it.

  1. Coaching for Entrance Exams

Not every means of making money or gaining information will be relevant to your resume. However, for a law student, these are still highly useful. Competitive test coaching is one of the highest-paying professions available in this sector. It’s even been referred to as a “goldmine” by some. When you pass a difficult exam to get admission to a reputable law school, you open the door to teaching others how to do the same. You’ve already shown your worth by cracking it, so others that are interested will pay attention to you. Coaching others will function as a review of key phrases for you, and it will pay you handsomely if you call your shots correctly.

  1. Become a Research Assistant

Consider working as a research assistant (RA) for one of your professors to supplement your income while in law school. Most law schools publish a list of the research projects that professors are working on before each semester. Law students may then apply for the projects that interest them the most, and if the professor thinks you’re a good fit, he’ll hire you as his assistant. These initiatives can be about any law, including international criminal law, judicial ethics, and corporate law. Profs may study almost whatever they choose, so if they ask for a RA, the RA will help them with that research — the job might range from co-writing to copy editing to preliminary research to citation editing. This is where I believe you’ll get the most bang for your buck. Aside from the professional expertise that you’ll get as a RA, you’ll be able to make excellent money while working flexible hours. Additionally, many legal firms may need you to have RA’d before considering you for an internship, so keep that in mind as well.

  1. Tutor Other Law Students

Another excellent option to supplement your income while being in law school is to tutor other students. The limitation here is that you must be a brilliant student. If you’re anything like me, this choice may not be suitable. But, honestly, if you’re a competent student who understands the curriculum, tutoring other law students shouldn’t be too difficult. Place some fliers throughout the law school, and perhaps create a Facebook page. You’ll have customers in no time if you promote your services a bit.

  1. Get an Internship at a Law Firm

Working in a legal firm is still a possibility even if you aren’t a licensed attorney yet. Consider the web series Suits! Rachel Zane wasn’t a lawyer at the start of the programme, yet she ended up working in that posh office. Michael Ross wasn’t even in law school at the time! Let’s not go down that path now. Put it another way. Legal firms are always on the lookout for up-and-coming lawyers to join their ranks. While the work isn’t glamorous, and you won’t have an office like Jessica Pearson, it’s a great way to earn money while still in school and network with industry professionals. Not only that, but you’ll be well-positioned for employment following graduation. For both professional and financial reasons, you should seriously consider the option of a part-time or a full-time internship.

  1. Sell Your Old Law Textbooks and Class Notes

Okay, this one should go without saying, but you’d be surprised how few law students take advantage of this opportunity. You are effectively wasting free money if you do not sell outdated textbooks and class notes. Consider this: if you’re an L2 or L3 law student, L1 students are drooling at the thought of getting their hands on some prior semester’s lecture notes. As we both know, law instructors do not reinvent the wheel every year; many of these courses, tests, quizzes, examinations, and assignments, remain the same year after year. Keep up the good work! Other law students might be willing to pay for it.

  1. Apply for Scholarships

Finally, applying for scholarships is an excellent method to supplement your income while in law school. The number of scholarships that go unapplied for would astound you. Google your law school’s name + scholarship possibilities and apply for everyone that comes up. I realise this is an obvious option, and it may be too general to be on this list, but I wanted to include it nonetheless. I believe you would be surprised by the number of scholarships that go unapplied. It may not be a large sum of money, but $500 here, $2000 there goes a long way. What’s more, apart from applying for these scholarships, there isn’t much else you need to do. You’ve already put in the effort; now go the additional mile and send out a few applications; it may earn you some serious money.

I hope I’ve given you some suggestions for easing the financial strain of law school. Check to see if you’re breaking any school rules concerning working outside the classroom, as this might affect your grade or financial assistance. Also, remember to assess if your work is a smart use of your time and skillsets. It will contribute to your professional development regularly.

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