University of St. Thomas Law Journal

Are Law Degrees Just for Decoration?: A Holistic Approach to the Value of a Juris Doctorate

Rebecca Schmit*

Introduction

When people think of “lawyers,” there are plenty of opinions that might come to mind: “lawyers make a lot of money,” “lawyers are hardworking and dedicated,” and “lawyers have to go to school forever.” However, the difference between these one-off opinions and the experiences of lawyers themselves is that they have lived through the stress of law school, the hardship of paying off student loans, and the lengthy hours at the office. So, at what point do lawyers think to themselves, “is this all worth it?” To determine the answer to this question, it’s important to know what some of the most prevalent considerations are before deciding to jump into the deep end. This blog will strive to touch on numerous aspects of the legal lifestyle, but it’s impossible to cover every relevant piece of the conversation in one fell swoop. To capture some of the main issues I considered when applying to law school, I will start by discussing the cost of legal education, what impacts a lawyer’s earning potential, and finish by noting the value attributed to holding a law degree that goes beyond the degree itself.

Financial Considerations

Cost of Education

In general, post-secondary education is by no means “pocket-change,” but when you add law school to the mix, the education required to be a lawyer increases exponentially. On average, an undergraduate degree in the United States costs students $38,270 per year when books, supplies, and other daily living expenses are taken into account.1 However, when you factor in student loan interest and loss of income, a bachelor’s degree can result in a ticket price of $500,000.2 This one major stepping-stone to ultimately attending law school is a high price to stomach right off the bat, and this cost does not even include the Law School Admissions Test (“LSAT”), LSAT prep, tutors, and the application fees of applying to numerous law schools.

It is widely known in the legal community that in order to attend law school, students must prepare and sit for the LSAT. The cost of the LSAT itself may seem minuscule when compared to law school tuition, considering the cost of the LSAT, the Credential Assembly Service (“CAS”) fee, and the CAS Report equal out to only $490.3 However, an individual’s LSAT score and undergraduate grade point average are key factors that schools look at when determining the allocation of merit-based scholarships.4 And if a student strives for a better-than-average LSAT score, they may consider taking an LSAT preparation course. If this is the route an aspiring law student decides to take, higher-ranked LSAT preparation courses can be as much as $1,299.5 Although these courses are not required, just a few points difference in LSAT scores could equate to “thousands of dollars in merit aid,”6 which may sound tempting when researching the tuition of law schools.

Law degrees are one of the most expensive degrees to receive in the world.7 At an average cost of $50,357 per year in tuition alone, studying law could cost students up to $230,163 when it’s all said and done.8 And, unfortunately, law school is not getting any cheaper. Current trends show that law school tuition is only going to rise, approximating $53,230 per year come 2026.9 However, based on the common notion that lawyers live comfortable lifestyles with their wealthy incomes,10 it may be easy to assume that legal education is simply a financial investment for one’s future. On the downside, that is not always the case.

Earning Potential

Lawyer salaries differ remarkably by practice type.11 It is true that the average lawyer wage at $176,470 is much higher than the average wage for all U.S. workers, calculating to $65,470.12 But when this steep dollar amount is broken down to different areas of law, it soon becomes clear that lawyers who decide to practice in public service jobs do not fare as well in comparison to their law firm counterparts.13 While the median salary for first-year associates at private law firms in 2023 was $200,000, this amount is “roughly triple the median salary for a first-year lawyer in a public service job” in 2023, which ranged from $64,200 for lawyers in civil legal service offices to $69,608 for public defenders.14 This major discrepancy, typically stems from the goals of the institution—whether or not to make a profit—and where the funds come from.15 On the bright side, lawyers who decide to dedicate their knowledge and efforts to public service may be eligible for certain kinds of student debt relief that are only available to individuals who work in government or non-profits, specifically the Public Service Loan Forgiveness program.16

A lawyer’s earning potential is not only correlated with practice type but can also depend on the ranking of the law school they attended.17 The U.S. News and World Report found that of the schools that reported median private sector starting salaries, the five schools that gave a median of $215,000 were all in the top thirty-three of the 2024 Best Law School rankings.18 This trickled down to a median of $190,000 in the top forty-two, whereas the law schools with the lowest private sector starting salaries ranked in the bottom one-third.19 This leaves potential law school applicants with a difficult decision. Do they apply to lower-ranking law schools in hopes of receiving more merit-based financial aid? Or do they take a leap of faith and land an acceptance to a higher-ranking law school with a large cloud of debt hanging over their heads?

Conclusion: Cost-Benefit Analysis

Applying to law school is, no doubt, a daunting decision. Will I get in? Even if I do get accepted, will I get any scholarships? Will I graduate? Even if I do graduate, will I gain employment? Even if I do get a job, will I be able to pay back my student loans? All of these are valid questions, and there are likely more swarming your head at the moment. However, one of the greatest benefits of a law degree that can not necessarily be quantified, are the experiences and knowledge you have at your disposal once you make it through those three grueling years. The versatility of a law degree in and of itself has “broad applicability across a range of fields,” meaning that even if you decide to leave the practice of law after graduation, employers will look favorably on you by simply being a law school graduate.20 All in all, the value of a law degree can be broken down into many facets, both financially and intangibly. Thus, as an answer to my original question presented, I leave you with every lawyer’s favorite answer to give: “It depends.”

* Rebecca Schmit, J.D. Candidate, University of St. Thomas School of Law, Class of 2025 (Senior Editor).

  1. Melanie Hanson, Average Cost of College & Tuition, Educ. Data Initiative, https://educationdata.org/average-cost-of-college [https://perma.cc/JRH8-MC4B] (Dec. 26, 2024). ↩︎
  2. Id. ↩︎
  3. See LSAT & CAS Fees, LSAC, https://www.lsac.org/lsat/register-lsat/lsat-cas-fees [https://perma.cc/4PQU-2XBP]. ↩︎
  4. Mehran Ebadolahi, Everything You Need to Know about Grants and Scholarships for Law School, Test Max Prep, https://testmaxprep.com/blog/lsat/law-schools-with-scholarships [https://perma.cc/KYD7-WPCG]. ↩︎
  5. See Carson Lang, Best LSAT Prep Courses, Test Prep Insight, https://testprepinsight.com/best/best-lsat-prep-courses/ [https://perma.cc/TMV6-Z4ZV] (Jan. 7, 2025) ↩︎
  6. Should I Take an LSAT Prep Course?, JD Advising, https://jdadvising.com/should-i-take-an-lsat-prep-course/ [https://perma.cc/7PYE-Q8MG].   ↩︎
  7. See, e.g., Nathan Hew, Priceless Dreams: The World’s Most Expensive Degrees are Worth Every Cent, Study Int’l (Apr. 12, 2023), https://studyinternational.com/news/most-expensive-degrees-in-the-world/ [https://perma.cc/R7Y7-53V7]; Penny Redlin, The Most Expensive Majors to Pursue in College, Edvisors (July 2, 2024), https://www.edvisors.com/blog/most-expensive-majors/ [https://perma.cc/GS3U-N922].   ↩︎
  8. Melanie Hanson, Average Cost of Law School, Educ. Data Initiative, https://educationdata.org/average-cost-of-law-school [https://perma.cc/78AC-WDLY] (Aug. 27, 2024). ↩︎
  9. Id. ↩︎
  10. Jordan Rothman, People Wrongly Believe All Lawyers Make Bank, Above the Law (Jan. 24, 2024) https://abovethelaw.com/2024/01/people-wrongly-believe-all-lawyers-make-bank/ [https://perma.cc/WM9C-674A]. ↩︎
  11. Wages, Am. Bar Ass’n (Nov. 18, 2024), https://www.americanbar.org/news/profile-legal-profession/wages/ [https://perma.cc/J2VX-VGG5]. ↩︎
  12. Id. ↩︎
  13. Id. ↩︎
  14. Id. ↩︎
  15. Public vs. Private Sector Compensation Comparison, JER HR Group, https://jerhrgroup.com/public-vs-private-sector-compensation-comparison/#:~:text=The%20difference%20between%20public%20and%20private%20sector,private%20companies%20is%20to%20make%20a%20profit [https://perma.cc/LMX5-JTW7]. ↩︎
  16. See College of Social & Behavioral Sciences, Univ. of Mass. Amherst, https://sbspathways.umass.edu/resources/private-practice-vs-public-service-public-interest/#:~:text=Rather%20the%20company%2C%20organization%2C%20or%20government%20agency,cities%20and%20towns%20than%20in%20big%20cities [https://perma.cc/5CEB-DR2B]; See also Public Service Loan Forgiveness (PSLF), Fed. Student Aid, https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service [https://perma.cc/GD82-XDWL]. ↩︎
  17. See Ilana Kowarski & Cole Claybourn, Do Law School Benefits Outweigh Price?, U.S. News & World Report (Nov. 12, 2024), https://www.usnews.com/education/best-graduate-schools/top-law-schools/articles/law-school-cost-starting-salary [https://perma.cc/3WSW-CCRG]. ↩︎
  18. Id. ↩︎
  19. Id. ↩︎
  20. Gabriel Kuris, Go to Law School if You Don’t Plan to Practice?, U.S. News & World Report (June 27, 2022), https://www.usnews.com/education/blogs/law-admissions-lowdown/articles/is-law-school-worth-it-even-if-you-dont-plan-to-practice-law [https://perma.cc/S43H-8ETK]. ↩︎

Posted

in

by

USTLawJournal

Tags:

Comments

Leave a comment