Readers may be interested in Populist Outrage, Reckless Empirics: A Review of Failing Law Schools, a recent blog post by Michael Simkovic & Frank McIntyre drawing on their article The Economic Value of a Law Degree .
Simkovic & McIntyre challenge the empirical analysis underlying Brian Tamanaha’s claim that legal education is no longer a good value given current law school tuition levels. They point out numerous ways in which Tamanaha’s argument rested on apples to oranges statistical comparisons, and note flaws in other studies he relied on.
Key conclusions: “[T]he value of a law degree typically exceeds its costs by hundreds of thousands of dollars. Even at the twenty-fifth percentile, a law degree is typically a profitable investment. At current price levels, law degrees generally provide an attractive double-digit pretax rate of return.Legal education is profitable both for students and for the federal government as tax collector and lender.”
For me the most provocative idea in the post was one from Tamanaha — supported by Simkovic & McIntyre — that I hadn’t remembered: Law students are good enough loan repayment risks that law schools might consider providing loans directly to their students at lower interest rates than are currently available. A new best practice, perhaps?