Children of ambitious immigrant parents have long joked they grow up with four career choices: Doctor, lawyer, engineer or disappointment.
But a new report raises concerns about the No. 2 career on that aspirational list. A Georgetown University Center on Education and the Workforce study finds graduates of many law schools carry heavy debt, which dulls some of the luster of a career as an attorney. The median debt load for a law school graduate was $118,500, according to the report.
“When it comes to law school, the best returns are concentrated among a small number of institutions, educating approximately 20% of law students,” said center director and lead author Jeff Strohl in a statement. “Graduates earn the highest salaries from highly selective institutions. The top 26 law schools lead to six-figure salaries and a bar passage rate of 97%.”
The report, “A Law Degree is No Sure Thing,” examines the earnings and outcomes of graduates of 186 law schools and finds wide variations. (There’s a searchable database.) Median earnings four years after graduation for all law schools are $88,800. But many students have to pay off student loans so the earnings drop to $72,000.
The real shocker is the divergence in income by prestige and ranking of the law school. The report notes: “Four years after completing a Juris Doctor, graduates of Columbia Law School net a median of $253,800 after accounting for debt payments. At the other end of the spectrum, graduates of Atlanta’s John Marshall Law School net a median of just $32,100 net of debt payments.”
A law degree offers less of a payoff for women and members of marginalized racial/ethnic minority groups. Minority students are more likely to attend law schools where earnings outcomes are lower and unemployment is higher.
The study found:
— White students comprised 60% of students enrolled at American Bar Association-accredited law schools in 2023, down from 66% in 2011.
— Black students comprised 8% in 2023, up from 7% in 2011.
— Hispanic students comprised 14%, up from 9% in 2011.
— Since 2016, female students outnumber male students, now representing 56% of all law school students. Yet, women account for 39% of practicing lawyers.
— Generally, male lawyers out-earn female lawyers. The report states: “Among all prime working-age lawyers (ages 25—54), the gender gap in median earnings is $28,000. For lawyers still at the early stages of their careers, the gap is $12,000.”
The report cites several causes for women’s lack of representation in the ranks of working attorneys and the pay gap they experience. It still falls to women — even with law degrees — to interrupt their careers for their families. And the report notes: “Women often gravitate toward public service, where they are likely to be paid less than they might have been at a large firm or in business.”
While encouraging prospective lawyers to understand the impact of debt on the return on investment, the report still concludes: “A law degree is generally a solid bet. Job prospects for newly minted lawyers have improved from the ugly days in the aftermath of the Great Recession, and job opportunity is expected to grow at least into the next decade.”
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