A Juris Doctor is a terminal degree. Not because it kills you, though it might, but because it's the highest level of degree awarded in legal studies. So what do you do if a J.D. just isn't enough? You go down one -- to a Master of Laws, or LL.M. degree. An LL.M. is usually a one year course of study in a specialized area of law. You can get, for instance, an LL.M. in environmental law, tax law, or fashion law.
Generally, LL.M.s require a lot of extra debt while resulting in few career benefits. That's why people often refer to it as a "Lawyers Losing Money" degree. They're not worth it -- except when they are. Here are three times when it might make sense to go back and get an LL.M.