Top Law Schools

I was just playing with my new calculator. I punched in the tuition sticker price times the size of my 1L class. $44,820 x 450 = $20,169,000. Wow. Even if I deducted 25% for those paying less than sticker, the school’s gross income still exceeds $15,000,000.00. And I still say Wow.

My projection, the annual T-14 (15 schools) income exceeds $300,000.000, minus scholarship deductions. Of course another calculation is to estimate that there will be 45,000 L1 law students, paying an average of $35,000.00, for a grand total of: $1.575B.

Do you think this might explain why there are so many law schools?

context. americans spend $34B annually on hocus-pocus alternative medicine. spending money on law school is far from the dumbest thing we do.

Renne Walker wrote: Do you think this might explain why there are so many law schools?

Well, if law schools weren't at least potentially profitable, then probably you wouldn't be seeing for-profit law schools.

fatduck wrote:context. americans spend $34B annually on hocus-pocus alternative medicine. spending money on law school is far from the dumbest thing we do.

STFU about my holy water. IT WORKS.

Renne Walker wrote:Do you think this might explain why there are so many law schools?

Obviously yes.

fatduck wrote:context. americans spend $34B annually on hocus-pocus alternative medicine. spending money on law school is far from the dumbest thing we do.

lol homeopathy

Renne Walker wrote:I was just playing with my new calculator. I punched in the tuition sticker price times the size of my 1L class. $44,820 x 450 = $20,169,000. Wow. Even if I deducted 25% for those paying less than sticker, the school’s gross income still exceeds $15,000,000.00. And I still say Wow.

My projection, the annual T-14 (15 schools) income exceeds $300,000.000, minus scholarship deductions. Of course another calculation is to estimate that there will be 45,000 L1 law students, paying an average of $35,000.00, for a grand total of: $1.575B.

Do you think this might explain why there are so many law schools?

That's actually not as much money as you think. Let's say the average school has $15M. Let's further assume the average faculty cost $150,000 per year. (A large number by many standards, but far less than the professors could make in industry.) That means a school could afford about 100 faculty.

That's ignoring the millions (and it is several million) spent on the library. And completely ignores other expenditures, like staff, supplies, power, the cost of building the building, et cetera.

Believe it or not, most of the top schools money will come from endowed funds, and another sizeable chunk from research grants.

But you're right... most law schools do run a surplus and subsidize the rest of the university...

fatduck wrote:context. americans spend $34B annually on hocus-pocus alternative medicine. spending money on law school is far from the dumbest thing we do.

we also spend $16 billion annually on bottled water

we're not poor, we're stupid

fatduck wrote: ...spending money on law school is far from the dumbest thing we do.

I agree, somewhat. From the data I read, there will be 27,000 law openings, with 45,000 graduates standing in line to fill those spots. For the 18,000 unlucky ones who paid $630,000,000.00 in tuition (not counting expenses), what exactly is the far dumber thing a person can do??

Of course I may be looking at this all wrong. Maybe the tuitions should be higher, for the purpose of minimizing the number of grads standing in the 27,000 openings line. Realistically, that will not occur because law schools have found their “profitable sweet spot” when it comes to tuition. Basically, it is, fill up the wagon with tuition money, the hell with the mule. Agree?

Renne Walker wrote:

fatduck wrote: ...spending money on law school is far from the dumbest thing we do.

I agree, somewhat. From the data I read, there will be 27,000 law openings, with 45,000 graduates standing in line to fill those spots. For the 18,000 unlucky ones who paid $630,000,000.00 in tuition (not counting expenses), what exactly is the far dumber thing a person can do??

Of course I may be looking at this all wrong. Maybe the tuitions should be higher, for the purpose of minimizing the number of grads standing in the 27,000 openings line. Realistically, that will not occur because law schools have found their “profitable sweet spot” when it comes to tuition. Basically, it is, fill up the wagon with tuition money, the hell with the mule. Agree?

the world is built on competition; without failure, it would not function.