The Value of a JD

Level 3 - Advanced Concepts

Welcome back! Today we will focus on law school and its value moving forward. 

Previously, we discussed the value of an MBA and whether it was worth pursuing. That proved to be rather popular and led to discussions with parents on the value of other professional programs. 

Professional schools are facing intense scrutiny - they are incredibly expensive and the return on investment is questionable. 

Before we evaluate the value of a JD, we have to start by defining what value means. And not in any philosophical way, but in a concrete manner. 

What is value?

Historically, professional degrees like JDs and MBAs have been viewed as an automatic entry into the highest paying professions. The value proposition was simple - you get into a top program, you walk out with high earnings. 

To put it in perspective, tuition at a private law school in 2000 was approximately $22,000, while the median income was $125,000. 

In 2022, the average tuition was $55,000, while the average salary was only $160,000.

The numbers speak for themselves - you are not earning as much with a law degree relative to the cost of tuition. So from an income perspective, you are definitely not coming out as far ahead.