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I'd avoid option 5 like the plague - you'll lose 3 years salary and have little to show for it.
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I do not want to enter into a 'mass debate' ( ssshh.. no pun intended) on the subject of the quality of Uni's ( its been done time and time again)... but again I see this huge upturned nose against new Uni's providing LLB's.
I am ' lucky' enough to be at a more established Uni, However, out of the 200 or so 3rd yrs on my course, only a tiny handful have TC's set up for 2009. I have friends at newer uni's and they are all getting TC's. They have a hungry team of lectures, who know all the students and who want the law dept to succeed and are investing time and effort in assisting and encouraging students.
I have a good mate who did law at Oxford. She managed to get a 2:1, by slogging herself in yr 3. She had every opportunity to succeed, but she had no drive or ambition. She is now a trainee manager for M&S...
A full time degree is not as hard as it seems. I am working, with 3 kids and doing a f/t degree.. and doing pretty well. Anyone with a reasonable brain and a tonne of motivation can do it!!!
LJ