A recent study conducted by Georgetown University’s Center on Education and Workforce sheds light on the vast disparities in earnings among law school graduates across the United States. The study, titled “A Law Degree Is No Sure Thing: Some Law School Graduates Earn Top Dollar, but Many Do Not,” highlights how the financial outcomes for law graduates vary significantly depending on the institution attended.
Median Earnings and Debt
Nationwide, law school graduates four years into their careers earn a median of $72,000 after subtracting their debt payments. However, this figure can differ dramatically based on the law school attended. The report reveals that graduates of seven elite law schools enjoy median earnings exceeding $200,000 post-debt, while alumni from 33 lower-ranking law schools earn a median of $55,000 or less.
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Top-Performing Law Schools
Columbia Law School tops the list with the highest return on investment at the four-year mark, boasting median net earnings of $253,800. This figure is derived from a median salary of $280,900, offset by median monthly debt payments of $2,300. Other top-performing institutions include:
- University of Pennsylvania Carey Law School: $238,000
- University of Chicago Law School: $230,700
- Cornell Law School: $227,100
- Stanford Law School: $227,100
- Harvard Law School: $220,900
- Northwestern University Pritzker School of Law: $206,700
These schools, part of the prestigious “T-14” in U.S. News & World Report’s law school rankings, have a significant proportion of their graduates securing positions at major law firms with starting associate pay often beginning at $225,000 plus bonuses.
Lower-Performing Law Schools
In stark contrast, 20 law schools reported median net earnings of $50,000 or less after debt payments. Notable among these are Cooley Law School, Atlanta’s John Marshall Law School, and Faulkner University Thomas Goode Jones School of Law. These institutions are typically ranked near the bottom in the U.S. News rankings.
Analyzing the Data
The study utilized data from various sources, including the U.S. Census Bureau, the American Bar Association, and the National Association for Law Placement. It analyzed employment statistics, demographics, salaries, bar passage rates, and debt to assess the return on investment for law graduates.
Conclusion
Jeff Strohl, the study’s lead author, and the center’s director, remarked, “When it comes to law schools, the best returns are concentrated among a small number of institutions, educating approximately 20% of law students.” The study underscores the significant gulf in financial outcomes between graduates from top-tier law schools and those from lower-ranked institutions.
Implications for Prospective Law Students
This report serves as a crucial resource for prospective law students in evaluating the potential financial outcomes of their educational investments. The clear disparities highlighted in the study suggest that careful consideration of law school choices can have long-lasting impacts on graduates’ careers and financial well-being.
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