Valuable Advice from Law School: Insights for Success and Financial Security

Looking back on my time at law school, I understand now that certain pieces of advice weren't just about the legal field, but about success and financial security. In this article, I will discuss several key pieces of advice that have helped me navigate my legal career and beyond.

Expanding Your Knowledge Beyond the Syllabus

One of the most important lessons I wish I had heeded is the value of expanding my knowledge by exploring cases beyond the exact syllabus. The best students did not limit themselves to the prescribed reading list; instead, they spent time in the library researching further reading around the topics they were studying. This extra effort could have been the difference between fulfilling my dreams and making them a reality. For instance, aiming for a professorship at a university or even just achieving an excellent degree would have been achievable had I put in that extra time.

Optimizing Your Note-Taking Methods

Air writing everything out was another effective study technique that served me well during my A-level subjects. Writing in different colors helped me remember and understand complex areas of law much better. However, when I entered university, I had to adjust to a new method. Handwriting notes during lectures was simply not efficient given the volume of material covered. Instead, I discovered that converting my notes into tables in Microsoft Word and highlighting the most crucial information helped me organize my notes effectively. This method was incredibly effective and made revision much easier.

The Financial Wisdom of My Law School Advisor

One of the most valuable pieces of advice I received during my time at law school had nothing to do with the practice of law but was about financial planning. I attended Boalt Hall, the University of California, Berkeley School of Law, from 1974 to 1977, which was before large law firms in New York started paying associates incredibly high salaries.

At the time, the salary for new law graduates was relatively modest. During a job interview, the interviewer mentioned that large firms paid 18,000 dollars per year, which I knew to be a mistake as I had not dropped a zero. However, he was clearly taken aback by the number, which was still quite significant at the time. My law school advisor then gave me some advice that has significantly impacted my family's financial stability over the years.

The Investment Strategy

My law school advisor advised me to buy a second residential property as an investment. He explained that such properties would increase in value over time, providing a source of income in retirement. This advice was both practical and intentional, as it could greatly help maintain financial security during the golden years. My wife and I followed this advice and purchased our first modest house in 1978. After five years, we bought a larger house to accommodate our future children, but we kept the first house and rented it out. This property eventually paid off the mortgage and continues to generate modest income for us. Our recent retirement was made possible, in part, by the wise investment we made in real estate.

This example highlights the importance of financial planning and investing wisely even when faced with seemingly modest returns. By understanding the long-term benefits of investing in assets that appreciate over time, we are setting ourselves up for a more secure financial future.

Overall, the lessons learned from my law school experience, both in and out of the classroom, have been invaluable. Expanding my knowledge, optimizing my study methods, and making wise financial decisions have all contributed to a successful and financially secure life. As future legal students, you too can benefit from these pieces of advice, setting the foundation for a successful and secure future.