At what starting salary is a law degree worth the expense and time?

Following up some previous posts about whether it makes sense to get an undergraduate or one of various graduate degrees, there are some questions about the value of a law degree in light of educational expenses and lost opportunity costs. Many of the expenses are financed through loans that require a substantial debt service. The dean of Northwestern University School of Law calculates that amount to be $65,000. The average/median starting salary for attorneys is only $57,000, though that number varies depending on location, type of practice, and law school attended.

The Northwestern Dean, David Van Zandt, makes a compelling argument for changing the business model for law schools, something I wholeheartedly endorse. But he does not go far enough. Law schools must significantly reduce costs. There are some obvious ones that I have repeatedly mentioned, such as having professors teach more units and publish fewer articles on topics on the order of the latest critical theory implications of statutes of limitations or yet another whine fest about this or that identity group underrepresentation. The whole law school curriculum needs revamping, as I had the pleasure of discussing yesterday with a couple of my students and as I have posted before.  The problem is that schools will continue to embrace high cost programs and policies because many of those influence the U.S. News rankings. Even good faith attempts that I believe the dean at my law school would endorse have to consider the malevolent influence of magazine rankings on the attendance choices of students.

I do like the details of Northwestern’s two-year approach, which I consider in some ways at least superior to my school’s 2-year SCALE program. Some of the other components of the Northwestern program are also good ideas, such as the third-year practical focus and the enhanced admissions requirements. Again, though, I do not think they go far enough, especially in proposing specific solutions to developing more practical skills. In that regard, at least, I think that my school’s SCALE program is superior.

Another study, using more complex calculations, was done by a professor at Vanderbilt Law School. He concludes that, depending on a range of assumptions, a starting salary close to, or higher than, $100,000 is necessary for the average law student to realize a solid return on his or her investment. The variables considered in that study are so great, however, that one cannot calculate with precision the required starting salary. Moreover, as the professor appropriately points out, there may be intangible factors such as a passion for the law or the pride in the prestige of a professional degree that are not readily quantifiable that may make the law degree a good choice for a student even if a pure dollar-and-cents calculation might not.

The current law school model is not sustainable. The question is what will replace it. It has to be something that ties into what law schools can reasonably deliver without a cost that puts students into indentured servitude for decades.