It depends. If you manage to land a biglaw job and stay in biglaw for a few years (leading to exit options), I would say that CLS/NYU are worth sticker. If you end up under/unemployed, I would say NYU/CLS aren't worth it. Therefore, the answer ultimately depends on your outcome. NYU/CLS at sticker is definitely a risky move, but it's not a rationally poor decision.
It really isn't if you can do math. Weighted for risk, law school (a T14) pays for itself in just a few years of big law, and everything after that you're coming out ahead.
lol I would love to see your "math" for this
So let's start with this data: http://www.law.northwestern.edu/career/statistics/
52% in $160k jobs or federal clerkships. Payoff, $450k after-tax including shitty bonus after four years.
7% in $140-160k jobs (probably $145k). Payoff (assuming typical $145k scale and secondary-market tax rate), $400k after-tax.
9% in $100k-$140k jobs. Payoff (assuming $120k average), $320k after-tax.
4% in permanent PI. Payoff (amortizing loan forgiveness and assuming $50k/year salary), $220k after-tax.
28% in other things. Let's assume doc review at $45k/year for simplicity. $130k after-tax.
Weighted average of the above is $336k return over four years.
Now, assume our baseline job is $45k/year, or about $32k/year take-home, or $130k over four years. You're up roughly $200k over what you'd have in the base line, or basically even accounting for loans ($230k full freight - $30k SA take-home thanks to ridic favorable tax situation).
Future classes will have higher tuition, but also higher employment than C/2011.