Law Schools: A Rip-Off?

In a troubling New York Times piece, we learn how profitable law schools really are. They make graduate school look great by comparsion…

Legal diplomas have such allure that law schools have been able to jack up tuition four times faster than the soaring cost of college. And many law schools have added students to their incoming classes — a step that, for them, means almost pure profits — even during the worst recession in the legal profession’s history.

Whereas some departments are struggling to hire more professors, in law school it is a different story:

It is one of the academy’s open secrets: law schools toss off so much cash they are sometimes required to hand over as much as 30 percent of their revenue to universities, to subsidize less profitable fields.

In short, law schools have the power to raise prices and expand in ways that would make any company drool. And when a business has that power, it is apparently difficult to resist.

And a striking example from New York Law School (N.Y.L.S.):

N.Y.L.S. is ranked in the bottom third of all law schools in the country, but with tuition and fees now set at $47,800 a year, it charges more than Harvard. It increased the size of the class that arrived in the fall of 2009 by an astounding 30 percent, even as hiring in the legal profession imploded. It reported in the most recent US News & World Report rankings that the median starting salary of its graduates was the same as for those of the best schools in the nation — even though most of its graduates, in fact, find work at less than half that amount…

And the most damning fact in the piece:

From 1989 to 2009, when college tuition rose by 71 percent, law school tuition shot up 317 percent.

Run, don’t walk, away from law schools.

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Related: Is getting a PhD worth it?

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