Response follows:
First, that half million dollar take-home is available to pretty much any doctor who wants to chase it. Most are satisfied with their pay and instead focus on what they like doing rather than trying to make the most money in the business. I know family docs that make around this level because they are able to do and advertise cosmetic and elective procedures such as vasectomies. This is not true in law. You can do everything humanly possible and still not make partner.
2. Honestly, it depends on the school. There are some very inexpensive medical schools that will cost $100k or less for all 4 years (e.g., Texas state schools), and there are some very expensive law schools that will cost $200k for all 3 years. The difference here is that Law schools are only 3 years, and there exist numerous 'for-profit' law schools. Most all medical schools I know of run at a loss and require subsidies in addition to tuition to operate, so the student only pays a small amount of the actual cost. In this regard, medicals school certainly cost more, but law school cost much more to the student in terms of what he or she actually gets out of it.
3. You're wrong about biglaw. 70 hour weeks are the norm and are expected. You flat out will be fired at the end of the year if you don't meet the minimum billable hours requirement, and there is no way in hell you can do that working 55 hour weeks (55 hours! that's already a lot!) all year unless you are grossly padding your timesheet. You are right about feast or famine. Sometimes your 60 hour famine work week will be pushed to 100. There is a reason that bigLaw offices have employee showers and beds. You mentioned ER doctors and bankers. ER doctors do shifts, have no call, and have very reasonable hours. Bankers don't have anything to do with the price of tea in China.
Every single person I've known who went into a big law firm absolutely despised it, even the better 'lifestyle' firms. My friend at the lifestyle firm was enticed with 10 weeks of vacation and a fat signing bonus. You know how much of that vacation she got to use? Zero. You can't bill 2100 hours a year when you are at the beach for 2 weeks and live a sane life the other 50 weeks. They stay there on average 3 years, and in many cases they move on to different careers. Keep in mind that it is mind-numbingly difficult to get into one of these firms. Of course, this is anecdotal evidence, which apparently doesn't count, so whatever. The point is that I wouldn't recommend this career to my most hated enemy.
Required reading for anyone thinking about this as a career path:
http://www.averyindex.com/happy_healthy_ethical.php
"First, that half million dollar take-home is available to pretty much any doctor who wants to chase it"
This is a bit of an exaggeration. This is simply the equal of me saying, "A million dollar a year annual income is available to any lawyer who wants to chase it - just gun hard for partner or start your own practice." In the abstract, the statement is valid, but functionally we know it's not true. There are many, many doctors who wouldn't be able to get to the $500K mark for a number of reasons. I don't know why you guys feel the need to quibble on the upper averages - I think once you're earning around a quarter million dollars a year, you're comfortably upper middle class. Your lifestyle is comparable to your neighbor making $325K/year or whatever. At this point, the discussion descends from practicality and ease of attainment into sheer greed concerning who can simply always make more. Each case is individual anyway, so to typify as "doctors can always do this" or "lawyers can always do that" is fairly ridiculous.
"Most are satisfied with their pay and instead focus on what they like doing rather than trying to make the most money in the business"
*sigh* Thanks so much for sharing your opinion. Unfortunately, as such, it doesn't mean much. Let's it least keep it to quasi-factual statements, if you don't mind.
"This is not true in law"
As I previously mentioned, most of the wealthiest attorneys in the country are not partners - they're either solo practitioners, guys who started boutique firms with a few others, or attorneys that have won mass tort cases and collect paydays in the tens of millions. Biglaw partner is not the only - and really not even the preferred - road to wealth for lawyers, if that's what they're after. Odds of becoming a multi-millionaire in law are much greater if you strike it out on your own rather than working towards partner where you have little control over what may happen past a certain point.
"The difference here is that Law schools are only 3 years"
Exactly. Cheaper and shorter than med school. About fifteen law schools (IIRC) have tuition approaching $40K and will end up costing around $200k to attend for most people. These are schools like Yale, CLS, Harvard, Chicago, Penn, etc - a good return on the investment for most. The majority of the rest of the private schools are around $28-34K a year. As I also said before, many publics have in-state tuition in the low 20s and teens, though this ranges by regions and quality. For instance, UVA still gouges like a private school for in-staters; by comparison, U. of Florida, which is a very strong regional, is something like $9K a year for residents. That's less than $30K in tuition for in-staters to attend the single best law school in their state - not too shabby. High-end law school debt for most is $150K. I think that's probably closer to average for med students, but anybody please feel free to correct me.
"The difference here is that Law schools are only 3 years, and there exist numerous 'for-profit' law schools. Most all medical schools I know of run at a loss and require subsidies in addition to tuition to operate, so the student only pays a small amount of the actual cost"
LOL - are you actually trying to move this over to operating cost? We're talking about the cost to the individual - what are you talking about?
"but law school cost much more to the student in terms of what he or she actually gets out of it."
You'll need to explain this one in a little more detail for there to be any cogency here. Are you taking this into further abstraction by saying that lifetime returns might not be as great for some? You're really stretching to the outer limits of credulity to try and make the case that law school isn't actually cheaper. Facts are facts - law school is shorter and usually costs less, therefore it is generally cheaper. Case closed friend, but please, I'd be curious to see if you can present an even more tortured scenario than the ones you contrived in the above quotes.
"You're wrong about biglaw"
No, I'm not - heck, it's even possible that I speak from some experience *big wink*
"70 hour weeks are the norm and are expected"
Nope. Let's take a moment and ask why.
Let's say our hypothetical large firm associate is actually kind of lazy and takes his two weeks vacation (according to you this can never happen, but this is hypothetical), and that he also tends to slack off around the office and only bills for about 50 hours of every 70 hour work week, meaning he spends at least a few hours a day doing absolutely nothing work related. 50h X 50weeks = 2,500 billables a year. Now, I can tell you that even the most notoriously grindhouse firms like SullCrom, Cravath, Watchell, and the rest of the v10 bad boys don't expect associates to ever bill more than 2300 hours a year, and in fact it's the norm and perfectly acceptable that associates don't meet this bar.
If we expanded this a little and took a hard-working associate who didn't vacation and bills 60 of his 70 hours a week, we'd clear 3000 hours a year - this would be the most legendary associate in all of law and he would probably have some ridiculous nickname like "The Machine" or "Marathon Man" or something (not to mention he'd die from being overworked before he hit 30).
Yet, you claim that this is the "expected average." It's patently ridiculous and you clearly pulled it from thin air to suit your arguments. I'll try to keep this in mind as I go over the rest of your comments.
"You flat out will be fired at the end of the year if you don't meet the minimum billable hours requirement, and there is no way in hell you can do that working 55 hour weeks"
Please see above - you're making she*t up with impunity now.
"(55 hours! that's already a lot!)"
LOL - are you saying residents and many doctors don't regularly pull 55 hour weeks? 50 hours is already standard for most any white collar job and certainly for people making over $100K/year. You're flailing to make a point, and in doing so you're failing to consider anything relative to your argument.
"You are right about feast or famine. Sometimes your 60-hour famine work week will be pushed to 100"
No, again, this couldn't be more wrong. A truly abysmal and high week could go as high as 70 in some rare cases. Usually when this happens, the associate and partners will immediately take some time off after the deal closes - this is industry standard. And also, since these situations are deal based, when there isn't anything on the table, many associates bill as low as 20 hours in a week. This is happening all over the country right now due to the economy, and it's not preferable, believe me. Also, note that the sort of lawyer you're talking about is just one kind. For tax groups, BK groups, and some litigators, this sort of fluctuation rarely happens as they have much more consistent deadlines. The hourly variation really hits the corporate and M&A guys, and their practice groups are all dying out at the moment.
"There is a reason that bigLaw offices have employee showers and beds"
Hospitals don't?
"You mentioned ER doctors and bankers. ER doctors do shifts, have no call, and have very reasonable hours. Bankers don't have anything to do with the price of tea in China."
It's my understanding that ER doctors work long and stressful shifts, and many doctors are in fact "on call," just as many attorneys are. And bankers are relevant - it was comparable profession (though IB is gone) to law and medicine, and they worked insane hours for the money (superior to both law and medicine). Everything in IB was deal-based, and as I noted this generates the most demanding schedules. I think that since you feel free to simply make up numbers, I can draw comparison to a third profession for the purposes of pointing out that most high-income professions demand a lot of time and effort.
"Every single person I've known who went into a big law firm absolutely despised it, even the better 'lifestyle' firms"
Interesting bit of anecdotal evidence, since 'lifestyle firms' aren't really Biglaw by definition.
"My friend at the lifestyle firm was enticed with 10 weeks of vacation and a fat signing bonus"
10 weeks? He was supposed to take two months off a year? What firm is this? Are they hiring? And signing bonuses, if they ever happen (rarely for anyone less than a laterlaing up to partner) are usually minimal. The real nature of bonuses are profit related and are doled at the end of the year as a feature of the firm's success and profit sharing. I've never heard of "fat" signing bonuses being used to entice lawyers, just marginal relocation and convenience sums.
"You know how much of that vacation she got to use? Zero"
So he banked an additional $40K for his unused vacation or what? I remind you, we're talking about over two months of work at what you claim is Biglaw for an experienced guy, so $40K would be a lowball figure. Just to make a relative statement once more - a lot of working people don't get to take a vacation every year, but not too many are compensated with a sum approaching the average national household income because they couldn't. You make it sound like hell on earth, but I bet there are more than a few people who would be pretty pleased with that, overall. I'm guessing you've never worked too much in your life at this point juding by how dismissive you are of that kind of income.
"You can't bill 2100 hours a year when you are at the beach for 2 weeks and live a sane life the other 50 weeks"
Whoa buddy - see above. 2100 hours isn't anything to sneeze at, but it's more than doable with two weeks vacation. That's only billing about 40 hours a week - what happened to seven days a week of twelve hour days? 40 hours can easily be billed by five days of 9-10 hour days, or eight hour days and a stop-in over the weekend. Considering that most Biglaw associates are able to command salaries nearing $230K in their mid 20s for those hours, does this seem totally unreasonable? Are those hours so much worse than what a young resident goes through?
"Keep in mind that it is mind-numbingly difficult to get into one of these firms"
It's not easy - only the top 10% of attorneys will work in something resembling Biglaw. So far as being so difficult, that's really just a matter of performance. Despite conventional wisdom, many do start at smaller regional firms and then lateral to huge firms as younger associates drop out, and likewise the law school race for these firms is very dependent on school. For the top 20 or so schools, anybody in the top half of the class has a shot at these jobs. Moving back to the next 30 or so, it's more like top quarter trending towards top 15%. After that, good luck - only a handful of people from most Tier 2 and beyond schools ever go this route. But this assumes everybody wants Biglaw, which is certainly not the case.
"Of course, this is anecdotal evidence, which apparently doesn't count, so whatever. The point is that I wouldn't recommend this career to my most hated enemy."
You anecodtal accounts are poor, but your numerical and 'factual' proclamations appear to be haphazardly fabricated, so I suppose I prefer the anecdotal.
Law and medicine are apples and oranges - I'm not sure where your grudge comes from or why it's so compelling that you feel the need to basically make things up to support your sentiments, but that's not the issue here. I'm just correcting bad information, and that's something you're trading pretty heavily in at the moment.