The Best Case For Law School

It's not secret that law schools are in a near an apocalyptic state. Law school applications have dropped from 602,300 in 2010 to 385,400 in 2013, their lowest level in decades. Two out of every three law school admission officers believe that the steep three-year decline will fail to reverse itself in the 2013-2014 admissions cycle.

Everywhere you look, there seems to be another lawyer doing non-legal work. It takes many months for newly minted JD grads to find jobs--when they can find employment in law. The student loan burdens on these grads are breathtaking. The result is that many law schools, including some of the best, have reduced the size of their entering classes to adjust for the lower demand. Even President Obama, himself a Harvard Law School grad, has openly suggested that perhaps law degrees should be earned in two, rather than three, years.

So what's the best possible case one could make for going to law school? Let's put aside the often sloppy argument that a legal education helps a person frame and solve complicated challenges and problems.

For one thing, today's smaller applicant pool means less competition to get into some very good schools that are now offering substantial scholarships. For another, a good deal of the crisis in law is the result of the economy. Yes, there are some systemic changes in the legal field that have caused a drought in job creation. But it is very possible that for applicants to law schools over the next couple of years things could look significantly different. It is very possible that by the time you graduate jobs for lawyers will be increasing and you will be competing against fewer other new lawyers for those jobs.

And then there is the basic cost-benefit analysis. As Shawn O'Connor, founder of Stratus Prep, points out: "The cost of law school for three years comes to an average of $150,000 (note that this does not account for any financial aid). Factoring in the cost of foregone income during that time (approximately $135,000), and loan interest, the total cost of law school is a little over $300,000. While at first glance that represents a huge sum for most students, it is only a small percentage of your lifetime earnings as a lawyer. According to a study by The Georgetown University Center on Education and the Workforce, an average lawyer will make over $3.6 million in his or her lifetime, nearly double the lifetime earnings of someone with a bachelor’s degree alone. Based on these numbers the value of a law degree is close to $2 million which represents a strong return on a $300,000 investment."

To read more on whether a law degree is a good investment, check out TippingTheScales.com:

Little Buyers' Remorse For Law School Grads

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