An LLM is a significant investment in time and money, but is it worth it?
The tuition fees vary according to the mode of study and the prestige of the individual law schools, but whatever way you look at it the cost of studying a Master of Laws program is quite significant.
So, let’s take a look at the reasons why an LLM is worth the money (and effort!)…
Costs less than you think
If you're already working in the area of the law that you know you want to concentrate on, then you might find that your employer will pay to improve your knowledge, which is amazing. Sadly, not everyone is in this boat, but there are plenty of ways to fund your course and avoid expensive debt. Start with applying for grants, bursaries and scholarships and then move on to using companies that specialise in loans to postgraduate students. And if you don’t strike it lucky there, private loans company Prodigy Finance are able to offer conditions and rates, such as no early repayment fees, that are specific to the needs of postgraduate students. This is a great value tailor-made financing option that is ideal for LLM students – find out more here.
Grow network of contacts
Even if you are already working in the area of the law that you are studying, meeting and networking with others whilst studying your LLM is a great way to enhance your legal world and develop your career. While you are studying you can use the contacts of your lecturers and law school to find out about amazing work experience opportunities and get useful contacts for when you've completed the course. You'll find that there will be courses at your law school to help you improve those networking skills as well.
Understanding of the law
Obviously, growing the depth of your knowledge on a specific area of the law is a good investment, but some specialisations are more rewarding in terms of future earnings potential. If you are just looking at the return on your investment, then consider areas like Corporate Law or Tax Law as these are likely to lead to a high ROI.
Work in another country
Studying in another language or abroad is a brilliant way to ensure that you know what you are doing professionally in another country or another language. In some countries, such as in the US, internationally trained lawyers are required to undertake an LLM program to qualify to take the Bar Exam. So, if you think you'd like to work in another country, you should invest in an LLM in that country to ensure that you can continue your work as a lawyer.
Improve academic credentials
LLM courses at top law schools require good law degrees and great work experience to gain entrance to the course. This means you're not going to be able to hide a poor first degree by getting onto an excellent LLM course. However, if you have a good first degree you could upgrade the law school and get yourself into one that will give an amazing return on your investment – and lead to a career at a top law firm. And if you have a less impressive undergraduate degree some law schools will still consider you, especially if you have good, relevant work experience, gaining an LLM program could give your CV the boost it needs to land that perfect job.
Top Law Schools In UK By Graduate Salary After 5-10 Years
Please note that the information here does not constitute financial advice. Prodigy Finance is one of many potential funding options for international LLM students. Other student funding options are available and LLMstudy.com advises you to research all your options thoroughly before making such a commitment. LLMstudy.com accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713.
Sources: 1 and universities' own websites.