October 9, 2012
Projected 2021 Law School Tuition: $80,000
The Law School Tuition Bubble: Private Law School Tuition Projections for 2016, 2021, by Matt Leichter:
[H]ow does one project law school tuition? I just extended the linear regression of each law school’s tuition based on its Official Guide entries going back to 2004. The basis is that past tuition increases are a predictor of future ones. ... The only addition for this year is that I’m adding a column on the right side giving the “relative variance,” which is a measure of how (in)accurate the linear regression test was when comparing projected tuition to their 2011 outcomes. I think the lower the better, but anything below -3.0 percent or so is probably too low. The idea is to give readers a measure of how reliable the estimate is, given that some law school engaged in serious expansions in recent years that I hope they couldn’t get away with now, especially Faulkner University, which doubled its tuition in the span of a few years.
Here are the Top 35 (out of 120 law schools) ranked according to projected 2021-22 tuition:
|#||SCHOOL||TUITION: 2011-2012||TUITION: 2016-2017||TUITION: 2021-2022||RELATIVE VARIANCE|
|27.||Wash. & Lee||41,947||54,200||65,900||2.6%|
|31.||New York L.S.||47,800||56,000||63,900||1.0%|
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Holy cow this is scary.
At prices like this, it's cheaper to go get a law degree overseas and then get an LLM to meet Bar requirements. Are folks thinking to send students away, or is the elasticity of demand that strong for a JD?
Posted by: Nemo | Oct 10, 2012 7:52:40 AM
$240,000 to "think" like a lawyer. Wow. Used to be folks could learn how to be jerks to one another for free.
Posted by: DCW | Oct 11, 2012 1:19:52 PM