Promising Practices Promising PracticesPromising Practices
A forum for government's best ideas and most innovative leaders.

How to Earn $990,000 More In Your Lifetime

ARCHIVES
Image via Africa Studio/Shutterstock.com

Ever since the Great Recession sucked the air out of the legal industry, an extremely vocal group of writers—myself included—has been trying to warn pretty much any 20-something with an Internet connection to think twice about going to law school. The job market for recent grads has been murder. And there’s an abiding sense that the business model that sustained many big corporate firms, the ones that offer those plum $160,000-a-year jobs of lore, is in danger of becoming obsolete, if it hasn’t already.

So it was with both great skepticism and a bit of personal trepidation that I cracked open “The Economic Value of a Law Degree,” a new draft paper by Seton Hall Law Professor Michael Simkovic and Rutgers economist Frank McIntyre. The two researchers argue that over the course of a career, your average J.D.-holder will make almost $1 million more than a similar worker with just a bachelor’s degree (or about $700,000 after taxes). Even law grads on the low end of the salary scale seem to fare better than their merely college-educated peers. Crucially, the paper finds no evidence that the earnings premium has declined since the economy crashed.

“[O]ur results suggest that attending law school is generally a better financial decision than terminating one’s education with a bachelor’s degree,” they write. Or to put it more bluntly, the law school haters are wrong.

So, are we? Is paying $60,000 a year to learn torts, tax, and civil procedure really a great deal after all? I don’t think there’s a neat yes or no answer to that question. But I do think law school critics need to take Simkovic and McIntyre’s conclusions seriously.

Read more at Quartz.

Image via Africa Studio/Shutterstock.com

FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Forecasting Cloud's Future

    Conversations with Federal, State, and Local Technology Leaders on Cloud-Driven Digital Transformation

    Download
  • The Big Data Campaign Trail

    With everyone so focused on security following recent breaches at federal, state and local government and education institutions, there has been little emphasis on the need for better operations. This report breaks down some of the biggest operational challenges in IT management and provides insight into how agencies and leaders can successfully solve some of the biggest lingering government IT issues.

    Download
  • Communicating Innovation in Federal Government

    Federal Government spending on ‘obsolete technology’ continues to increase. Supporting the twin pillars of improved digital service delivery for citizens on the one hand, and the increasingly optimized and flexible working practices for federal employees on the other, are neither easy nor inexpensive tasks. This whitepaper explores how federal agencies can leverage the value of existing agency technology assets while offering IT leaders the ability to implement the kind of employee productivity, citizen service improvements and security demanded by federal oversight.

    Download
  • IT Transformation Trends: Flash Storage as a Strategic IT Asset

    MIT Technology Review: Flash Storage As a Strategic IT Asset For the first time in decades, IT leaders now consider all-flash storage as a strategic IT asset. IT has become a new operating model that enables self-service with high performance, density and resiliency. It also offers the self-service agility of the public cloud combined with the security, performance, and cost-effectiveness of a private cloud. Download this MIT Technology Review paper to learn more about how all-flash storage is transforming the data center.

    Download
  • Ongoing Efforts in Veterans Health Care Modernization

    This report discusses the current state of veterans health care

    Download

When you download a report, your information may be shared with the underwriters of that document.