Here's my two cents, for what it is worth:
I'm a 2L, top of my class, have a summer assoc position with one of the "big" firms in town. I'll take (and pass! I hope) the bar in 2005. The earliest DH and I will consider having children will be 2008, 3 years after starting full-time position, if God doesn't suprise us before then!
Don't get me wrong, I would love to have children right away! But, first evals will be at 18mos, and partnership track is just about 7 years. So, I feel the best thing is for me to take just one maternity leave between 18mos and being considered for partner.
I don't feel it is a waste of time and money to go to school and then stay home. School is about personal intellectual fulfillment for me, not about the paycheck it brings. If you don't go into it with that attutude it can make you miserable. Had I ended up at a lower place in my class, it would be quite possible that I could graduate and make less than what I made at the job I left to go to school (stock analyst).
My dream is to work hard for 10 years and put away a significant amount of money for retirement. Then, I would like to leave practicing law full-time in order to start a charter/magnet school for gifted kids in blue-collar towns. I grew up in a town where the school system's focus was on "preparing students for life" and life didn't often mean college, or any more college than local community college. So, I feel compelled to try and provide opportunities for bright kids who may not otherwise have those opportunities because of who their parents are, or where they grow up.
School for me is a means to that end-- it will give me knowledge, experience, and connections that will be helpful when I am ready to follow my charter school dream. By Gods grace, I did well, and will be paid well. And I was blessed with a scholarship, I don't pay tuition, only have loans for living expenses and books. So, my perspective may be atypical.
Sorry that I've given you such a long answer to a simple question, but so many people have said to me things like, "don't you want to have children?", "why go through school just to be a SAHM?", etc.
Best of luck to you with your paper! From the looks of your signature, you're a pretty accomplished young woman!