Paul Campos wrote:My point is that just because you get a law degree that doesn't mean you get to become a lawyer in any meaningful sense of the word. A large percentage of current grads will never actually be part of the profession. A poster in this thread said that for somebody who puts a high enough value on being a lawyer any ABA law school is worth sticker. This would only be true if graduating from law school ensured that you would be a lawyer, in the same way that graduating from medical school does in fact pretty much guarantee that you'll be a doctor.
In a cost-benefit analysis the possibility of unemployment would essentially be a risk premium. You would multiple the probability of risk to expected income and this would created the expected benefit.
So, assuming no intrinsic value from the profession and a 50% chance of unemployment:
$50,000 * (1-.5) = $25,000 benefit per year.
Now, assuming intrinsic value, this can be much higher. ex:
($50,000 * .5) + $50,000 = $75,000
You would then compare that $75,000 to expected debt over "x" amount of years.
Your comment is already part of a cost-benefit analysis. I do agree with you that many 0L's do not properly consider the costs of legal education relative to the benefits. But many of the people that attend lower ranked schools at sticker do take into account these costs and benefits.