Law Sauce wrote:This thread is a little silly. NYU at sticker is on average a positive investment. If you stop the analysis at year 5 then obviously it does not look as good, but the investment needs to be evaluated over the life of the degree. There is no way that NYU grads on average do not have a positive ROI. That being said, I think that you are getting all the No's ITT because people are realizing that with your strong numbers you ought to be able to hope for some money somewhere else in the T14 which would probably be preferable. But I would guess that the majority of students in the T14 are going at sticker; they are not all morons. NYU has a lot of upside and, while is it a little risky, it is not as bad as many posters seem to imply that it is. You should, of course, take the risk seriously and do all you can to do well on exams and represent yourself well to employers.
Do you have any long-term data on NYU grads to support this claim?
No not really. I do not think that the data exists. But if you look at a normal year (i.e. not in the middle of the recession), NYU probably places at least 55% in big firms (for any firm that pays market the number is probably slightly higher) and anther 10% or so in federal clerkship which will turn into Biglaw if the clerk wants it (and probably some more people that do NY or other state clerkships that result in big law). Conservatively, there is another 10% of people who end up doing what they want to do that does not fall into the above two categories (government etc.). In biglaw, it is certainly possible to pay off debt in 5 years or so; paying 50-60k a year, i.e. living on something like 50k (1st year) to 100k or so (5th year) a year after tax. Obviously, not all people stay in Biglaw for 5 years do this, but many could if they chose to (at their 1st firm or another firm).
Thus, I would assume that the 65% in biglaw have a positive ROI after 5 years or at least are breaking even (working insane hours but probably living better than if they had not gone to LS). This group clearly has a very positive investment as they continue their career in-house or however else they continue. This calculation is obviously complicated for opportunity cost on an individual basis, but lots of these people don't have the option of a different lucrative career path.
The other 35% probably have mixed results. We can assume that the 10% who chose to do something else chose to do so because it was worth it. Thus we can assume that they have a positive ROI. Thus, we are really worried about 25% of the class, but, given that some in the class will be hugely successful, on average, the 75% should compensate for this 25% make the ROI on the whole class positive. Many in the 25% will do IBR or work outside of law or figure something else out that is not the best possible outcome, but is not the worst case scenario.
This is all off the cuff and a little loose. It will likely be challenged and there are certainly some holes in it, but this is the basic idea of why so many people go to good schools such as NYU at sticker and I think that it is basically correct. Obviously, I would not go to LS at sticker outside of the T14.