It seems that the story is a that a once upwards spiral is now spiraling downwards, and people and institutions must adjust. At one point in time, law was lucrative, and there were not enough lawyers. Schools responded by growing in size and in tuition. Students could justify the loans because there was a high chance that the "investment" would pay off. Fast forward a few decades and law as an industry is contracting…
And this is what's wrong with the law profession generally. It's seen as "lucrative" instead of as "a calling." No modern law school will ever create an Oliver Wendell Holmes or inspire a fictional Atticus Finch.
An Expensive Law Degree, and No Place to Use It
71–80 of 146 posts
Re: An Expensive Law Degree, and No Place to Use It
#72Earlier quoted context omitted.
One thing I think is interesting here is the uncontrolled growth in costs. Paul Campos of Lawyers, Guns, and Money posted the average private-school law tuition [1]: All figures have been adjusted to constant 2016 dollars: 1956: $4,178 1974: $11,232 1985: $16,803 1995: $26,480 2005: $35,550 2015: $45,123 That just blows me away. [1] http://www.lawyersgunsmoneyblog.com/2016/06/end-game
It's funny because you look at these figures, you look at real estate prices, you look at stock prices, and you think, wait we are in a double digit inflationary environment! Actually what is inflationary is the activities of the middle/upper-middle class (college, housing, stocks, etc), which are of course underrepresented in the CPI indices. The combination of the never ending debt bubble and quantitative easing ha…
Re: An Expensive Law Degree, and No Place to Use It
#73It seems that the story is a that a once upwards spiral is now spiraling downwards, and people and institutions must adjust. At one point in time, law was lucrative, and there were not enough lawyers. Schools responded by growing in size and in tuition. Students could justify the loans because there was a high chance that the "investment" would pay off. Fast forward a few decades and law as an industry is contracting…
I'm on a roll today
Re: An Expensive Law Degree, and No Place to Use It
#74Earlier quoted context omitted.
lucrative is also a relative term I'm familiar with the sum($)/sum(hours) =< minimum wage arguments. We're also talking about the top 1% of 1% of wage earners in their age bracket. You might be able to get there via other means with better quality-of-life, but by all means -- absolute or relative -- $160K/year base + bonus is lucrative.
There is no way that $195k ($180k + $15k) is the top 1bps of wage earners at 26. That's pretty comparable to, if not less than, what you could expect in tech at that age. This is ignoring finance, small business owners, etc.
Re: An Expensive Law Degree, and No Place to Use It
#75It seems that the story is a that a once upwards spiral is now spiraling downwards, and people and institutions must adjust. At one point in time, law was lucrative, and there were not enough lawyers. Schools responded by growing in size and in tuition. Students could justify the loans because there was a high chance that the "investment" would pay off. Fast forward a few decades and law as an industry is contracting…
And this is what's wrong with the law profession generally. It's seen as "lucrative" instead of as "a calling." No modern law school will ever create an Oliver Wendell Holmes or inspire a fictional Atticus Finch.
Re: An Expensive Law Degree, and No Place to Use It
#76The article notes that the person passed the bar on his first try. Indiana and Illinois (the two states grads from Valparaiso usually take the bar in) are 80.93% and 89.38% for first-time takers. So, noting that you passed the bart the first time doesn't seem to say much given the high pass rates in those states.
Honestly, is the story more that they picked a case from a school that just has mediocre students? What is the comparison between students who go here for law school and students that go to undergrad institutions with 900 SAT scores?
Are people who are well below median in tech really doing that well? For example, a friend of mine went to a top-50 school and has a BS in Computer Science. They can't find employment as a SWE because they're not that good (they got through the courses with a combination of a lot of TA help and sheer force of will). They're working for a tech company in a combination of a support and project management position. And that's someone who was smart enough to get into a top-50 ranked undergrad institution. Are people who are mediocre and attend an undergrad institution whose median SAT score is in the 900s getting jobs as SWEs with a BSCS? Are they taking adjacent positions where a BSCS might be seen as an "advantage", but not totally related to the work? Are they taking IT-related jobs?
It just seems like the story here is that people who are below median don't magically become 75th-90th percentile by a certificate or degree - and that mediocre law schools have been promising that dream to people. In the tech area, we have these bootcamp schools, but at least they're not charging students a couple hundred thousand. Like, if you spend $15k on a bootcamp and come out with a $60k salary, that might seem low compared to the dream of six-figures at Google, but you aren't saddled with a lot of debt. http://report.turing.io/ - Turing has reported that the average salary is $74k for their graduates which is respectable, but if they were taking $200k from students and 3 years of missed wages and 25% of students were earning under $60k, I think it would be the same situation - they'd be saddled with debt and even if they're earning more than they used to be, they're not earning a lot compared to the debt. But Turing isn't taking that amount of time or money and so if a student comes out with a somewhat mediocre salary by CS standards, they didn't waste a lot of time/money and might be earning a reasonable bit more than before.
And the thing is that places like Turing probably get people who might have done an undergrad at a good school, just not in CS. These are smart people who just lack a specific skill rather than below average people who also lack a specific skill. I mean, give me someone who studied at Boston College and I'm getting someone smart who just might not know any programming. Bootcamps might be getting a lot of those people - smart people who just don't know programming. Now, that doesn't mean that any smart person can make a great SWE, but it's a much better starting place than someone who is below average.
A better story would have been trying to figure out how much value add schools provide. Are elite institutions taking people who would otherwise be successful and marking them as such? Are mediocre institutions not improving outcomes for their students? To what extent do degrees actually improve student outcomes? People who go to schools and graduate schools have historically been privileged people - those who are smart enough to get in and those who are rich enough that they can afford it. Today, loans, a delay in marriage and child-having age, a proliferation of schools, etc. mean that way more people can go to post-secondary institutions. I don't know how much schools improve human capital, but that's definitely a story. Maybe elite schools do improve human capital a lot because really smart people can use education a lot. Maybe mediocre schools do well for some students and not others. These are important questions. These are questions unanswered by a NYTimes article pretending a mediocre law school with mediocre students means that no one is hiring lawyers.
Re: An Expensive Law Degree, and No Place to Use It
#77It seems that the story is a that a once upwards spiral is now spiraling downwards, and people and institutions must adjust. At one point in time, law was lucrative, and there were not enough lawyers. Schools responded by growing in size and in tuition. Students could justify the loans because there was a high chance that the "investment" would pay off. Fast forward a few decades and law as an industry is contracting…
And this is what's wrong with the law profession generally. It's seen as "lucrative" instead of as "a calling." No modern law school will ever create an Oliver Wendell Holmes or inspire a fictional Atticus Finch.
Re: An Expensive Law Degree, and No Place to Use It
#78Its hard to feel sorry for people graduating now. The lack lawyer jobs has been known for 5+ years, well before these students enrolled. I wonder if there are any stats on the wages of law professors? Seems they would trend down? Do recent grads teach first year law classes?
>> Do recent grads teach first year law classes? No. Not at any reputable school. Getting a job as a law prof usually requires a degree above the normal law degree. And you better have gone to a top-tier law school. It's a real commitment.
At least at the relatively elite law schools, law professors do tend to be hired not too many years out of law school, often following a prestigious federal judicial clerkship and perhaps a couple of years of a stint at a top law firm. (That's probably mostly because those are the relevant biographical characteristics of those doing the hiring.) It is relatively uncommon to hire very experienced professionals (apart from adjunct positions). As you move to less elite tiers of law schools you see more ordinary faculty drawn from experienced professionals not necessarily having the cookie-cutter star credentials new hires at the elite schools have.
First year classes may be taught by either very experienced law professors or fairly junior ones.
Re: An Expensive Law Degree, and No Place to Use It
#79"“People are not being helped by going to these schools,” Kyle McEntee, executive director of the advocacy group Law School Transparency, said of Valparaiso and other low-tier law schools. “The debt is really high, bar passage rates are horrendous, employment is horrendous.”"
Less than 2/3 of Valparaiso's students can pass the bar. Even if everything else is good, why would anyone recruit there?