monetary value of LSAT

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BigA
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monetary value of LSAT

Postby BigA » Sun Jun 26, 2011 12:32 pm

So I was thinking about this. Do you think it's possible to put a monetary value on an LSAT score when you consider how each point can improve your chances for being admitted to schools, hence future earnings + scholarship money. I think the latter would be slightly easier to figure and the former next to impossible, yet interesting nonetheless. Do you think it's possible to put a monetary figure on each point? Are there are any point ranges in which the monetary value would increase or lessen?

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wtrc
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Re: monetary value of LSAT

Postby wtrc » Sun Jun 26, 2011 12:37 pm

Far more than a GPA....

Pretty much, if someone needs to sacrifice GPA or LSAT, do GPA (a 3.6/170 is a lot better than a 3.9/155).

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3v3ryth1ng
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Re: monetary value of LSAT

Postby 3v3ryth1ng » Sun Jun 26, 2011 12:42 pm

BigA wrote:So I was thinking about this. Do you think it's possible to put a monetary value on an LSAT score when you consider how each point can improve your chances for being admitted to schools, hence future earnings + scholarship money. I think the latter would be slightly easier to figure and the former next to impossible, yet interesting nonetheless. Do you think it's possible to put a monetary figure on each point? Are there are any point ranges in which the monetary value would increase or lessen?


Well, your chances at any T1 only start getting reasonable around 164+ (90th percentile or above), so add up the extra money you'll make over the course of your lifetime with a better degree, subtract the money you'll pay for sticker price at a better university, adjust for the unstable job market, factor in other variables such as GPA, area of specialty post graduation, kids, drug addictions, and...

nope. It's not possible.

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3v3ryth1ng
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Re: monetary value of LSAT

Postby 3v3ryth1ng » Sun Jun 26, 2011 12:43 pm

weathercoins wrote:Far more than a GPA....

Pretty much, if someone needs to sacrifice GPA or LSAT, do GPA (a 3.6/170 is a lot better than a 3.9/155).


Definitely. Actually, a 2.5/170 is better than 3.9/155.

duckmoney
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Re: monetary value of LSAT

Postby duckmoney » Sun Jun 26, 2011 1:00 pm

Depending on what school you are going to, you can definitely put a monetary value on it.

For instance, if you have a 4.0 / 167, you'll get into Michigan and pay sticker. If you have a 4.0 / 173, you'll get a full Darrow.

In this case, each point on the LSAT was worth $25,000.

When comparing different schools, its harder to put a price on each point.

For instance, that 4.0 / 167 will get you a full ride from Indiana. Or you can choose to pay sticker at Michigan. Which is worth more in the long run? That's a very good question.

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suspicious android
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Re: monetary value of LSAT

Postby suspicious android » Sun Jun 26, 2011 1:14 pm

To do this kind of calculus, you would need access to reliable data from law schools about post-graduate employment. The availability of that data would itself change the equation significantly, since it would probably discourage a lot of people from going to law school in the first place.

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KevinP
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Re: monetary value of LSAT

Postby KevinP » Sun Jun 26, 2011 1:15 pm

Over 9000....

dollars per LSAT point.

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BigA
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Re: monetary value of LSAT

Postby BigA » Sun Jun 26, 2011 1:18 pm

Yeah, and I think it's more interesting (and complicated) when you consider that one point might not make a difference at a majority of the schools you've applied for. But it might put you over the edge for a big acceptance or juicy scholarship somewhere. In this case I think you can put the monetary value on the best offer.

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3v3ryth1ng
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Re: monetary value of LSAT

Postby 3v3ryth1ng » Sun Jun 26, 2011 1:26 pm

duckmoney wrote:Depending on what school you are going to, you can definitely put a monetary value on it.

For instance, if you have a 4.0 / 167, you'll get into Michigan and pay sticker. If you have a 4.0 / 173, you'll get a full Darrow.

In this case, each point on the LSAT was worth $25,000.

When comparing different schools, its harder to put a price on each point.

For instance, that 4.0 / 167 will get you a full ride from Indiana. Or you can choose to pay sticker at Michigan. Which is worth more in the long run? That's a very good question.


In other words, the monetary value of each LSAT point could vary depending on on who you are, where you're going to school, your GPA, and an innumerable amount of other circumstances.

Don't get me wrong; LSAT points certainly have a high value. I would put them in the category of "priceless" though.

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JamMasterJ
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Re: monetary value of LSAT

Postby JamMasterJ » Sun Jun 26, 2011 1:29 pm

duckmoney wrote:Depending on what school you are going to, you can definitely put a monetary value on it.

For instance, if you have a 4.0 / 167, you'll get into Michigan and pay sticker. If you have a 4.0 / 173, you'll get a full Darrow.

In this case, each point on the LSAT was worth $25,000.

When comparing different schools, its harder to put a price on each point.

For instance, that 4.0 / 167 will get you a full ride from Indiana. Or you can choose to pay sticker at Michigan. Which is worth more in the long run? That's a very good question.

No one with a 4.0/167 would go to IU. That's Texas or UCLA with money

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incompetentia
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Re: monetary value of LSAT

Postby incompetentia » Sun Jun 26, 2011 1:41 pm

Yeah, because of the differences between schools, this is difficult to quantify. The 170th point will be the most valuable across the board. The 179th and 180th will probably be the least (well, the 121st and 122nd are pretty worthless too).

09042014
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Re: monetary value of LSAT

Postby 09042014 » Sun Jun 26, 2011 1:42 pm

My 176 was worth about negative 230 thousand dollars.

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BigA
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Re: monetary value of LSAT

Postby BigA » Sun Jun 26, 2011 1:53 pm

Desert Fox wrote:My 176 was worth about negative 230 thousand dollars.


I think I know what you mean. For purposes of this thread let's assume you're going to law school with whatever score you have. You can't weigh it against not going.

Yeah, because of the differences between schools, this is difficult to quantify. The 170th point will be the most valuable across the board. The 179th and 180th will probably be the least (well, the 121st and 122nd are pretty worthless too).


Yeah, figured it would tailor off at about 175 or so.
Last edited by BigA on Sun Jun 26, 2011 1:55 pm, edited 1 time in total.

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svarne2
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Re: monetary value of LSAT

Postby svarne2 » Sun Jun 26, 2011 1:54 pm

This might help... I know I read a different article similar to what you're describing but I can't find it ATM

http://www.powerscore.com/lsat/help/salary.cfm

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fastforward
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Re: monetary value of LSAT

Postby fastforward » Sun Jun 26, 2011 2:01 pm

One of our first blog posts (LinkRemoved) was about this. Pay special attention to the Powerscore link on salary, which is based on LSAC data.

Bottom line: better LSAT score=better school=better salary opportunities.

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BigA
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Re: monetary value of LSAT

Postby BigA » Sun Jun 26, 2011 2:07 pm

svarne2 wrote:This might help... I know I read a different article similar to what you're describing but I can't find it ATM

http://www.powerscore.com/lsat/help/salary.cfm


man that would be cool if that were true. Thanks for the reference though!

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fastforward
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Re: monetary value of LSAT

Postby fastforward » Sun Jun 26, 2011 2:12 pm

incompetentia wrote:The 170th point will be the most valuable across the board. The 179th and 180th will probably be the least (well, the 121st and 122nd are pretty worthless too).


Actually, the point that puts you in the 99th percentile (usually 172) is regarded as primovalue by some. In my opinion -- and it's only that -- 175+ is a premium because of the scarcity or raw numbers in this range. http://www.zenof180.com/2009/08/welcome-to-first-week-of-lsat.html. I base this on comparing the number of 175+ scores with the number of these students who matriculate at the top schools as reported by LSN.

svarne, looks like you beat me to it on the link^ :)

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suspicious android
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Re: monetary value of LSAT

Postby suspicious android » Sun Jun 26, 2011 2:21 pm

fastforward wrote:http://www.zenof180.com/2009/08/welcome-to-first-week-of-lsat.html. I base this on comparing the number of 175+ scores with the number of these students who matriculate at the top schools as reported by LSN.


Yeah, but speaking from personal experience applying with a 175+, I'm not sure how much it helps being significantly beyond a particular school's 75th percentile. I think the real marginal value for LSAT points is for a particular school; one above their median is the most valuable, one above their 75th is significantly less valuable but still pretty big. Everything else.. meh. I don't see much evidence for a 3.75/179 doing much better tan a 3.75 173 at MVP. The former will get more love at HCCN since 173 is below some (all?) of their 75th percentiles.

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wtrc
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Re: monetary value of LSAT

Postby wtrc » Sun Jun 26, 2011 2:32 pm

incompetentia wrote:Yeah, because of the differences between schools, this is difficult to quantify. The 170th point will be the most valuable across the board. The 179th and 180th will probably be the least (well, the 121st and 122nd are pretty worthless too).


Haha, agreed about the 170, but I think the 120-140 points are totally worthless entirely. I guess beating 140 will get someone into... somewhere... maybe..

cubswin
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Re: monetary value of LSAT

Postby cubswin » Sun Jun 26, 2011 2:50 pm

fastforward wrote:One of our first blog posts (LinkRemoved) was about this. Pay special attention to the Powerscore link on salary, which is based on LSAC data.

Bottom line: better LSAT score=better school=better salary opportunities.


Main point: The LSAT is important.
Primary purpose: Drive traffic to a tutor's website.

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fastforward
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Re: monetary value of LSAT

Postby fastforward » Sun Jun 26, 2011 3:17 pm

suspicious android wrote:Yeah, but speaking from personal experience applying with a 175+, I'm not sure how much it helps being significantly beyond a particular school's 75th percentile.


You're right there. But with just a few hundred 175+, and a few hundred matriculants to the very top schools, schools need a certain quantity of these numbers to maintain a high median.

Get the highest LSAT score you can. Then, like suspicious android and incompetentia, you will have the peace of knowing you gave your best shot at the one factor that is in your control.


cubswin wrote:Main point: The LSAT is important.
Primary purpose: Drive traffic to a tutor's website.


Well, sure. :wink:

flexityflex86
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Re: monetary value of LSAT

Postby flexityflex86 » Sun Jun 26, 2011 3:20 pm

try telling this to all of the 3.0 students scoring 140s on prep tests saying that they're going to get into Harvard, because it was their dream and they even have paralegal experience.

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BigA
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Re: monetary value of LSAT

Postby BigA » Sun Jun 26, 2011 3:21 pm

So let me try to make this easier, or at least more personal. Imagine somehow YOU were given the choice of an extra point on your LSAT, whatever that may be, OR X amount of money to spend as you please. How much cash would it take to consider it even? How about for 5 additional points? Remember, either way you are going to law school. Can't take the money and run.

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fastforward
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Re: monetary value of LSAT

Postby fastforward » Sun Jun 26, 2011 3:27 pm

flexityflex86 wrote:try telling this to all of the 3.0 students scoring 140s on prep tests saying that they're going to get into Harvard, because it was their dream and they even have paralegal experience.


I have. Tried, that is. I find it's easier to let LSP do the talking.

delusional
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Re: monetary value of LSAT

Postby delusional » Sun Jun 26, 2011 3:54 pm

incompetentia wrote:Yeah, because of the differences between schools, this is difficult to quantify. The 170th point will be the most valuable across the board. The 179th and 180th will probably be the least (well, the 121st and 122nd are pretty worthless too).

Once you're above everyone's 75th, it's harder to put in monetary terms. But I do think that a couple extra points can overcome a weakish resume. Beyond money, here's the way I calculated (long before this topic): 178= Batman 179=Superman 180=God




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