monetary value of LSAT

flexityflex86
Posts: 973
Joined: Thu Mar 10, 2011 6:06 pm

Re: monetary value of LSAT

Postby flexityflex86 » Sun Jun 26, 2011 3:57 pm

BigA wrote: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.

this is a bad question, because part of the problem with our country is the majority of people don't think about the long term. most would prefer 10k in cash to 50k in scholarships.

User avatar
JamMasterJ
Posts: 6688
Joined: Sat Jan 29, 2011 7:17 pm

Re: monetary value of LSAT

Postby JamMasterJ » Sun Jun 26, 2011 7:24 pm

delusional wrote:
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

Most of us have to settle for Robin

barnum
Posts: 53
Joined: Mon Mar 03, 2008 8:41 pm

Re: monetary value of LSAT

Postby barnum » Sun Jun 26, 2011 11:45 pm

Here is the link to an actual economic study done in 1998

--LinkRemoved--

User avatar
mottainai
Posts: 211
Joined: Mon May 10, 2010 12:17 am

Re: monetary value of LSAT

Postby mottainai » Sun Jun 26, 2011 11:54 pm

delusional wrote:
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): 120= Aquaman 178= Superman 179=Batman 180=God


FTFY

User avatar
BigA
Posts: 448
Joined: Sun Nov 22, 2009 7:22 am

Re: monetary value of LSAT

Postby BigA » Mon Jun 27, 2011 12:24 am

barnum wrote:Here is the link to an actual economic study done in 1998

--LinkRemoved--


Oh wow. Something like that really exists! Sadly I skimmed through all 7 pages of that, and still didn't find the answer I was looking for. :oops: RC fail??? could someone direct me?

barnum
Posts: 53
Joined: Mon Mar 03, 2008 8:41 pm

Re: monetary value of LSAT

Postby barnum » Mon Jun 27, 2011 10:48 am

It's in the second paragraph

"I find that the marginal value of one point on the LSAT, including its weight on school admission, is worth $2,600 in the first year alone, with the value increasing each year. However, excluding its bearing on school admission, one point on the LSAT is worth only a fraction of that amount."

User avatar
BigA
Posts: 448
Joined: Sun Nov 22, 2009 7:22 am

Re: monetary value of LSAT

Postby BigA » Mon Jun 27, 2011 12:12 pm

oh yeah. I think I glanced over that. Guess I was looking for a more concrete figure

User avatar
fastforward
Posts: 181
Joined: Fri Jan 15, 2010 5:31 pm

Re: monetary value of LSAT

Postby fastforward » Mon Jun 27, 2011 2:58 pm

I've run into this article before. There's more predictive data near the end. This was published in 1998 in the American Economist, which is published by an Economics honorary society. It's all student-written materials. The article of this article had no academic title, so I assumed it was a solid undergrad term paper. Interesting, but nothing upon which to base any life-altering decisions.

fosterp
Posts: 319
Joined: Tue Jun 22, 2010 5:09 am

Re: monetary value of LSAT

Postby fosterp » Mon Jun 27, 2011 5:06 pm

It would be interesting if someone actually compiled the data of lawyer income in comparison to their lsat score, and see if any correlations could be found. It would most certainly be inconclusive but it would still be interesting to see.

User avatar
Ocean64
Posts: 135
Joined: Tue Apr 26, 2011 5:53 pm

Re: monetary value of LSAT

Postby Ocean64 » Mon Jun 27, 2011 5:17 pm

BigA wrote:
barnum wrote:Here is the link to an actual economic study done in 1998

--LinkRemoved--


Oh wow. Something like that really exists! Sadly I skimmed through all 7 pages of that, and still didn't find the answer I was looking for. :oops: RC fail??? could someone direct me?



"One point on the LSAT is worth over $2,600 on the new scale and over $3,800 on the old scale in first year income alone (see Appendices 1 and 3). Of course, each point on the LSAT is not equal in terms of its effects on starting salary. At the high end of the scale, one point is worth much more than it is worth on the lower end of the scale. Without controlling for any other variables, a one point increase on the new scale on the LSAT (or a 1% increase at the mean) leads to a salary increase of $3,080 (8.5%) for the top 50 schools whereas a one point increase leads to only a $1,812 (6.2%) increase for all 177 schools combined."




Return to “LSAT Prep and Discussion Forum”

Who is online

Users browsing this forum: No registered users and 6 guests