Debate Continues About the Value of a Law Degree

As you know, I have followed the debate between the authors of the report -- The Economic Value of a Law Degree -- and the author of a book -- Failing Law Schools (FLS).

I thought we were about done with the back and forth, but now it seems the author of FLS, the Law Professor at Washington University School of Law, Brian Tamanaha, has gotten help from a member of his faculty.  The story appears here.

Tamanaha has targeted a group of expensive ($40,000+/per year), mostly California law schools, that also have low employment stats when you look only at the category of  full-time jobs requiring bar passage.  I've discussed how to understand the reported employment numbers here.

In the end, I agree that prospective students should carefully consider the decision to go to law school.  They should carefully adopt a strategy that gets them the best education possible at a reasonable cost.  I discuss one possible strategy here.  And yes, they should consider whether they want jobs in BigLaw (assuming they exist) -- which associates rank as soul-sucking experiences. And yes, law school is no longer a cheap default option if you don't know what else you want to do with your life.

So here are my disclosures:  I have not read FLS yet (although I bought it months ago).  I teach at a mission-driven fourth-tier law school.  After teaching for 12 years, I still do not make what I made the year I left private practice.  I also serve on our school's Admissions Committee.

I started my career working in BigLaw.  I did not find the work soul-sucking.  Yes, I worked mostly on document productions and due diligence projects.  I loved my associate and para-legal colleagues. They were funny, smart, mischievous, talented, diligent, and dedicated.  They opened a world to me that I did not know existed.  I came away from the experience absolutely fearless.  I became a much better attorney than the folks who did not have that experience (at least that's my perspective).

Because of my BigLaw experience, I am a better writer, can produce highly professional-looking work product, have deep research skills, became an early-adopter of law firm marketing practices, take all-nighters in stride (because this, too, will pass), and made life-long friends.

A career in BigLaw is not for everyone.  My best friend stayed, later managed a D.C. firm, and now manages a practice group.  She has the temperament for it and makes a shit-load of money because of that.

A law degree offers so many ways to find a satisfying career path -- in and outside a traditional legal practice.  I've been bloggging on this topic all summer, first looking at careers as a solo practitioner, then considering the opportunities that could arise as Baby Boomer lawyers increasingly retire, then summarizing employment trends for new grads, then considering jobs outside traditional law firm practice, and then summarizing employment trends over the last 25 years.

I believe deeply in informed decision-making.  I just hope that all the negative talk about law school, educational debt, and BigLaw practice does not continue to distort (as I see it) the decision-making process for college graduates.  I am glad to see additional perspectives coming into the discussion, whether I agree with them or not.

Dec. 26, 2013 Update:  For more about the value of a law degree, see here.

February 23, 2014 Update:  For an update based on 2013 data, see here.

The Economic Value of a Law Degree: Last Posting in the Debate

I've enjoyed the blog-based debate about the new report -- The Economic Value of a Law Degree -- which I summarized here.  Michael Simkovic and Frank McIntyre, its authors, have explained their methodology, which to my untrained eye, appears robust.  They have successfully responded over the last several weeks to the points made by Brian Tamanaha, author of Failing Law Schools.

Simkovic's last blog post appears here.  It goes into further detail about the methodology used to compare the two populations -- first, law school grads and second, bachelor degree earners most like law school grads.

I am curious why this report has generated this type of debate.  Are we so accustomed to hearing bad news about law school that some good news seems automatically suspect?  Have the scambloggers so occupied the field for so long that we cannot easily make a shift in how we view the value of a law degree in today's market?

Yes, getting a legal education continues to be a huge investment in yourself.  And, what are we comparing it to?  As the report notes, most students who attend law school obtained bachelor degrees in areas not rewarded in the job market -- history, political science, and other humanities.

Typically, law graduates have not gotten degrees in science, math, engineering, or technology (SMET), which might offer a much different career path, and which might be rewarded with jobs straight out of college.  Then again, the SMET college graduates may also need to attend graduate school to see a significant impact on future earnings?  I have no idea what those additional degrees might cost these days.

If the students with a humanities degree do not attend law school, what else will they do?  How much money can they expect to make over a career with their humanities degree?  Will they find that career intellectually stimulating and an on-going source of personal and professional growth?

"Jane, You Ignorant Slut": Law Professors Debate Economic Value of a Law Degree

Michael Simkovic, one of the authors of the new report --The Economic Value of a Law Degree, is debating the author, Brian Tamanaha, of the 2012 book -- Failing Law Schools.  The debate began earlier this week and appears at Brian Leiter's Law School Reports.  It should be an interesting exchange that will go on for a while.

Both authors are law school academics. Simkovic serves as an Associate Professor of Law at Seton Hall University School of Law.  Brian Tamanaha, serves as the Dean of Washington University School of Law (my alma mater).

I summarized Simikovic's paper here.  Tamanaha's book is available here (yes, I am encouraging you to use Barnes & Noble, and not Amazon).

One of the factors affecting both authors' projections is the cost of law school tuition. Given the drop off in applicants to law school -- from about 100,000 in 2004 to about 50,000 this past recruiting season -- lower-tiered law schools have substantially reduced the sticker price of tuition.  Some schools are offering top students 100 percent merit scholarships, plus moving or book expenses!

Despite what all the spambloggers are saying, for the class of 2011, only 3,990 (or 9.6 percent) graduates were unemployed and seeking work.  Another 1,044 (2.5 percent) of graduates were unemployed, but not seeking work. 41,623 grads reported their employment status that year.

Preliminary data for 2012 grads shows a .07 percent increase in unemployment, partly or mostly because the class had more graduates in it.  But, the data disclosed so far does not split out the numbers for seeking or non-seeking grads.  And, as I reported earlier, the prospects for 2012 graduates showed an improving trend.

Yes, you might be under-employed directly out of law school for some period of time. But, that is just the next step on your career path, not the determining one.  In addition, other research suggests job prospects improve after the 9-month NALP reporting deadline, especially when the recessionary economy may make employers slower or more cautious in hiring.

Tomorrow: Would I recommend a law school education to new college graduates?

December 26, 2013 Update:  For more about the value of a law degree, see here.