Is Law School Worth the Investment?

Of all the questions you ask yourself during the application process, this is one of the most important. Unlike securing an undergraduate degree, which I suspect for many of you was a “where,” not an “if” question, for better or worse, law school must be looked at as an opportunity cost problem. Is the cumulative outcome from attending law school greater than the time lost pursuing other opportunities plus three years of tuition? Well, in the most law school fashion possible, it depends. 

The Equation

When I was applying to law school, I never thought of it as a decision between school A and school B. It was always between school A, school B, and not attending. At the time, I was in a promising consulting career and was hesitant to forfeit three years. Between the cost of law school and the income I would give up by attending, I estimated the opportunity cost of attending law school at nearly half-a-million dollars.  

Now, that’s a scary number. But my math did not stop there: I also projected out my income ten years into the future both if I stayed in my consulting path and if I entered big law (part of my equation was that I would go to a school that effectively guaranteed big law opportunities for those who sought them). Although the first three years looked grim, the big law salary won over, and by year six, going to law school already seemed like the financially preferrable decision. In this sense, it was an easy choice for me. 

But my analysis did not stop at finances. I loved the idea of studying law, thought I would enjoy being a lawyer more than a consultant, and perhaps most importantly, was inspired by the plethora of opportunities available to lawyers (and specifically, big law attorneys). Today, former corporate lawyers sit atop large public companies and charity organizations, run sports leagues, are small business owners, and so on. While I was (and remain) favorable towards the idea of being a partner at a law firm, the rich opportunities for law graduates made my decision even easier. 

Run the Numbers

Your situation will be different. The numbers will change, but the theory remains the same. Consider two overarching factors: finances and career choice. For the finances, calculate the opportunity cost of going to law school (based on your current or expected next three years’ earnings plus the cost of tuition), and calculate how long you will have to work at your (reasonably) expected post-law school income to break even. 

Then, ask yourself why you are going to law school. If your life’s dream is to be a public defendant, and nothing else in the world will make you happy, perhaps the finances matter less. It may take you twenty-five years to break even, but if that is your life’s calling, then it will be worth it.  

If you need more advice, our Admissions Consulting team at PowerScore is willing and ready to help!