Which Law Schools Make Rational Economic Sense to Attend
Kelsey A Webber
Georgetown University Law Center
February 3, 2014
The debate on whether or not it makes rational economic sense to attend law school has grown as the cost of law school tuition continues to rise and the job market for starting lawyers has declined. Legal academics, journalists, bloggers and even law school professors seem split on whether going to law school in the current economic climate is a rational economic decision.
Previous studies have focused on the economic value of a law degree, or whether it is economically rational to attend law school in general. I improve upon previous studies by giving students an exact cutoff point of which law schools make rational economic sense to attend. To make this determination, I use data from the class of 2012 to estimate the cost of attending each law school and the average salary that students from each law school made one year after graduation.
I estimate that if a student pays full sticker price to attend law school, then based on data from the class of 2012 there are only 48 law schools the student could attend and expect to have a positive economic return within 10 years. If a student receives a partial scholarship, there are 80 law schools the student could attend and expect to have a positive economic return within 10 years. If a student receives a full scholarship, there are 139 law schools the student could attend and expect to have a positive economic return within 10 years.
Number of Pages in PDF File: 60
Keywords: Which law schools make rational economic sense to attend, law school crisis, problems with law schools, should I go to law schoolworking papers series
Date posted: May 7, 2014 ; Last revised: November 23, 2014
© 2015 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo3 in 0.563 seconds