Two words: buy low.
With many of us law graduates carrying over $100k in debt, home ownership may seem like a pipe dream. And in many parts of the country, there are no jobs.
If you're going to be unemployed, why not do so in a place where houses cost $500 (plus property tax)? Even if you can't find law-related employment, a job as a barista would cover the property tax and cost of restorations.
Seriously folks: let's do it. Mass migration.
This Might be a Terrible Idea ...
Of course, any good lawyer would look at both sides of the argument. Yeah, you're getting a house for $500, but there is a catch, besides "there's no law jobs there, either."
It's Detroit. It's the most dangerous city in America, per Forbes and the FBI crime statistics, and it has a murder rate ten times the national average.
But Maybe ...
There are reasons for optimism, however. The city has hit rock bottom. There is nowhere to go but up, and it's already trending that way. The violent crime rate is actually down, a state-appointed emergency manager is guiding the city through Chapter 9 bankruptcy, and the bankruptcy court recently ruled that the city may be able to escape some of its crippling pension obligations, which should go a long way towards funding a functioning police department.
More police means more prosecution. More prosecution means more prosecutors and defense attorneys. See where I'm going with this?
What's Your Alternative?
Where are you living now? LA? NY? Miami? Anywhere else with a high cost of living and, at best, $45,000 per year jobs? If you're going to struggle to pay your bills, you might as well do so in a city where the cost of living is pretty much nonexistent. (One month's rent here in Silicon Valley buys two houses in Detroit. Two. Outright. No mortgage.)
Besides, with the title of "most dangerous city in America," there's plenty of criminal defense work to be had. We can see it now: thousands of unemployed lawyers flood into Motor City, hang their shingles, and start offering "Buy One, Get One Free" felony defense cases.
Or not. It's just a thought.
- Detroit Again Tops List Of Most Dangerous Cities, As Crime Rate Dips (Forbes)
- Detroit Bankruptcy is Largest Ch. 9 Filing in US History (FindLaw's Courtside)
- The Top 5 Worst States for Law School Grads' Job Hunting (FindLaw's Greedy Associates Blog)