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True, we [lawyers] build no bridges. We raise no towers. We construct no engines. We paint no picturesβunless as amateurs for our own principal amusement. There is little of all that we do which the eye of man can see. But we smooth out difficulties; we relieve stress; we correct mistakes; we take up other men's burdens and by our efforts we make possible the peaceful life of men in a peaceful state.
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I don't even know people (apart from some UPSC) who wanted to do law as a first choice. This became the most commercial skill I have, and i hate myself for it everyday.
In terms of payscale, definitely it does. Initial returns can only come your way if you are in a tier 1/2 law firm. Litigation does not pay bare minimum generally (even in metro cities). Getting good in-house jobs for freshers is generally impossible. You will see an engineer graduate before you and earning more than you, despite the cumulative investments being more in law schools.
The legal industry is not big and generation currently at the helm, is worst in terms of business mindset, payscale to employees, work culture. The recent AZB event reflects the fiasco which the law firms are. Forget who says what in this episode, such thing came out and devoured the brand (if there is any) of AZB, itself shows that the firm does not enjoy a respectful command in the eyes of its employees.
And what to talk about law chambers. Even in cities like Delhi/Mumbai/Bangalore, the average pay (for those who pay) hovers around 15k-18k for freshers. One would be lucky to start from 25k per month. But even then, the work pressure would be so high, that you would consider it better to do a corp law thing than to continue with litigation where the pay range won't increase much even after 2-3 years. The pay and work pressure definitely need fixing.
Now when I said no the law does not suck, here is what I meant. The immense scope one has, to do any work which directly impact people is so enticing that no immediately remunerative professional choices like engineering can prevail over. You can do litigation, go for judicial services, get in legal policy work, work as law clerk for a judge, try for fellowships, and many other things (which I am personally still exploring; and know there are a lot more jobs that I can take with my law degree).
The pay is not good. As I mentioned it for litigation before. But imagine, if you are from a Tier 1 or Tier 2 city, the opportunities for a law graduate are numerous. No matter if you don't make good money for some 2-3 years, you will be living with your parents and doing stuff which interests you.
Now compare this with an engineer graduate who gets employed to serve clients dealing with stuff like coding mostly in the office. Life of a lawyer, I believe, is certainly more adventurous than such professions. And once you will get old, you would yourself depreciate the fact that you considered immediate earning in 20s as that important, which you would wish you had not.
(These are my personal opinions. Your thoughts may differ. Please don't post trollish comments.)
Plus the opportunity cost to do the MBA and the student loan repayment. Even on scholarship you'd have to loan out a considerable amount, unless you're some unreal scholarly guy with a good history of business/investment that even harvard would like to have, which most people won't be.
so no, don't do mba either if you want to get wealthy.
I also believe you're talking about only MBAs from abroad here and not iim which doesn't make sense for someone who has a t1 job lined up.
and I'm also talking about USA jobs only since it pays the best.