TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Friday, April 7, 2017

Weekly Legal Education Roundup

Legal Education Website of the week: Educating Tomorrow's Lawyers

More legal education news at Legal Skills Prof Blog

http://taxprof.typepad.com/taxprof_blog/2017/04/weekly-legal-education-roundup.html

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Comments

Hmmm...

2006-2007 sticker tuition (no living expenses), Columbia: $41,226*
2016-2017 sticker tuition (no living expenses), Columbia: $65,260

2007 market rate for NYC Biglaw: $160,000
2017 market rate for NYC Biglaw: $180,000

That $41,226 2007 tuition expressed in 2017 dollars is $48,435.81
That $160,000 2007 starting salary expressed in 2017 dollars is $187,981.60

So over the last decade, at one of the very best law schools in the country, tuition increased 34.7% in real dollars while the best realistic salary outcome declined 4.2%. And I'm pretty sure the real cost of living in NYC has increased a bit since 2007, for that matter...

*Source: Law School Tuition Bubble

Posted by: Unemployed Northeastern | Apr 7, 2017 11:39:53 AM

Another way to look at it is that top law schools have only gradually realized over the years that students were making millions off of an education the law school was practically giving away.
(To be sure, this argument does not apply to law schools whose graduates don't earn enough to pay their student debts.)

Posted by: Eric Rasmusen | Apr 7, 2017 2:55:42 PM

Gradually? Heh. As per the New York Times article "Law School Economics: Ka-Ching!" from 2011 notes, from 1989 through 2008, undergrad tuition increased 71% while law school tuition increased 317%, on average.

Posted by: Unemployed Northeastern | Apr 8, 2017 10:32:35 AM