from the 2015 ISBA Economic Survey confirms that educational debt is still a
major issue for Iowa attorneys entering practice. According to the survey
results, attorneys who have practiced for fewer than 10 years had $117,000 in
educational debt on average at graduation.
More than 57 of the 288 respondents reported that there are 25 or more years remaining in
repayment for their educational loans before the balances are paid in full. On
average, respondents reported that there are 15.5 years remaining on the terms
of their educational loans. Based on the responses, the average monthly
payment on educational debt is $782.
figures and more are included in the data from this year’s survey, conducted by
Readex Research. Survey results also provide more detailed information on
educational debt held by Iowa attorneys licensed for fewer than 10 years and
average salaries for both new and more experienced attorneys based on a variety
of practice factors including average overhead expense, average billing rates
and average weekly work hours.
The complete 2015
economic survey report will be released at the 2015 Annual Meeting.