Is Law School Worth It?

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helloperson
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Is Law School Worth It?

Postby helloperson » Sun Feb 27, 2011 4:59 am

I came across this excellent analysis by some law professor at Vanderbilt. Oldish (Oct. 2009), but still excellent.

http://papers.ssrn.com/sol3/papers.cfm? ... id=1497044

Bottom line:

Three possible students, none of whom are receiving merit aid, with possible starting salaries without law school of 40k, 55k, and 70k for Also Ran, Solid Performer, and Hot Prospect respectively, would have to earn the salaries in the figure below to make law school "worth it."

Image

FiveSermon
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Re: Is Law School Worth It?

Postby FiveSermon » Sun Feb 27, 2011 5:01 am

Tell me what schools you got into and how much $$ they can offered you and I can give you a general guess as to whether it's "worth it".

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arvcondor
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Re: Is Law School Worth It?

Postby arvcondor » Sun Feb 27, 2011 6:26 am

What the hell does "also ran" mean?

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Ty Webb
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Re: Is Law School Worth It?

Postby Ty Webb » Sun Feb 27, 2011 6:42 am

arvcondor wrote:What the hell does "also ran" mean?


If you can't spot the also-ran at the able, then you are the also-ran.

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Fred_McGriff
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Re: Is Law School Worth It?

Postby Fred_McGriff » Sun Feb 27, 2011 10:30 am

Always worth it no matter what. $250,000 in debt for Ave Maria is going to be worth it, as long as you study abroad and go to Barry for an LLM in International Law. Lawyers make millions, it's a proven fact, and it takes money to make money. Even if you only make a few hundred thousand a year, you get to be surrounded by awesome courtroom drama and help Benson and Stabler solve sexy cases. What other profession lets you put the bad guys in jail, get paid to interpret the constitution, and make guaranteed mega bucks?

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helloperson
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Re: Is Law School Worth It?

Postby helloperson » Sun Feb 27, 2011 12:53 pm

FiveSermon wrote:Tell me what schools you got into and how much $$ they can offered you and I can give you a general guess as to whether it's "worth it".



I'm in a unique situation in that I have an electrical engineering background; my choice of school is somewhat less important than someone with, say, a philosophy major. Unfortunately (or fortunately, depending on how you look at it), this also makes my situation more closely resemble "Hot Prospect" from the paper than either of the other two: even with scholarships, I must earn in the neighborhood 100k+ out the gate for law school to be "worth it."

So far my top choice of schools I am in at is USD with $90k, but I am still waiting on UCLA/USC/NYU. PM me for stats.

Back to the thread topic though: what do you guys make of this professor's analysis? What flaws do you see? Should the numbers be lower/higher?

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thexfactor
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Re: Is Law School Worth It?

Postby thexfactor » Sun Feb 27, 2011 1:30 pm

ITE the numbers should be alot lower. A ok school doesnt give you 20% chance. It gives you 10% (villanova, miami, upitt, case) Good school gives you 20-25.(wust/emory/uiuc) Great school gives you 60.(CCN)

FiveSermon
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Re: Is Law School Worth It?

Postby FiveSermon » Sun Feb 27, 2011 4:38 pm

helloperson wrote:
FiveSermon wrote:Tell me what schools you got into and how much $$ they can offered you and I can give you a general guess as to whether it's "worth it".



I'm in a unique situation in that I have an electrical engineering background; my choice of school is somewhat less important than someone with, say, a philosophy major. Unfortunately (or fortunately, depending on how you look at it), this also makes my situation more closely resemble "Hot Prospect" from the paper than either of the other two: even with scholarships, I must earn in the neighborhood 100k+ out the gate for law school to be "worth it."

So far my top choice of schools I am in at is USD with $90k, but I am still waiting on UCLA/USC/NYU. PM me for stats.

Back to the thread topic though: what do you guys make of this professor's analysis? What flaws do you see? Should the numbers be lower/higher?


Oh. IP law? Then you should be fine.

seriously????
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Re: Is Law School Worth It?

Postby seriously???? » Sun Feb 27, 2011 4:55 pm

Fred_McGriff wrote:Always worth it no matter what. $250,000 in debt for Ave Maria is going to be worth it, as long as you study abroad and go to Barry for an LLM in International Law. Lawyers make millions, it's a proven fact, and it takes money to make money. Even if you only make a few hundred thousand a year, you get to be surrounded by awesome courtroom drama and help Benson and Stabler solve sexy cases. What other profession lets you put the bad guys in jail, get paid to interpret the constitution, and make guaranteed mega bucks?


Dude, benson is from a tv show, its not real. The real life benson is much hotter and willing.

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jcunni5
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Re: Is Law School Worth It?

Postby jcunni5 » Sun Feb 27, 2011 4:58 pm

thexfactor wrote:ITE the numbers should be alot lower. A ok school doesnt give you 20% chance. It gives you 10% (villanova, miami, upitt, case) Good school gives you 20-25.(wust/emory/uiuc) Great school gives you 60.(CCC)


fixed

jk kinda

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AreJay711
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Re: Is Law School Worth It?

Postby AreJay711 » Sun Feb 27, 2011 4:59 pm

arvcondor wrote:What the hell does "also ran" mean?

It is a rather weird way to put it. Why not just put salaries on the top of the chart?

Also, a 12% rate of return isn't bad and that would basically be what the discount rate means in this case. The thing that is missing is time spent working and stress level of the work. The job I was passing on would have been way less stress and more predictable times than a law job making 100K a year would most likely be.

seriously????
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Re: Is Law School Worth It?

Postby seriously???? » Sun Feb 27, 2011 5:13 pm

thexfactor wrote:ITE the numbers should be alot lower. A ok school doesnt give you 20% chance. It gives you 10% (villanova, miami, upitt, case) Good school gives you 20-25.(wust/emory/uiuc) if you have ties to that region, otherwise 10-15% Great school gives you 60.(CCN)


fixed

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Hank Chill
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Re: Is Law School Worth It?

Postby Hank Chill » Mon Feb 28, 2011 9:16 pm

Fred_McGriff wrote:Always worth it no matter what. $250,000 in debt for Ave Maria is going to be worth it, as long as you study abroad and go to Barry for an LLM in International Law. Lawyers make millions, it's a proven fact, and it takes money to make money. Even if you only make a few hundred thousand a year, you get to be surrounded by awesome courtroom drama and help Benson and Stabler solve sexy cases. What other profession lets you put the bad guys in jail, get paid to interpret the constitution, and make guaranteed mega bucks?


This is the truth.

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PomasThynchon
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Re: Is Law School Worth It?

Postby PomasThynchon » Mon Feb 28, 2011 9:25 pm

seriously???? wrote:
thexfactor wrote:ITE the numbers should be alot lower. A ok school doesnt give you 20% chance. It gives you 10% (villanova, miami, upitt, case) Good school gives you 20-25.(wust/emory/uiuc) if you have ties to that region, otherwise 10-15% Great school gives you 60.(CCN)


fixed


Ah the "ties to the region" buzzword. Not every city is parochial.




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