The report “A Law Degree Is Not a Guarantee” looked at the earnings and outcomes of graduates from 186 law schools and found wide variation. (There’s a searchable database.) The average earnings four years after graduation from all law schools is $88,800. But many students have to pay back student loans, which drops that to $72,000.
What’s truly shocking is the difference in earnings based on law school prestige and ranking, the report states: “Four years after receiving their J.D., graduates of Columbia Law School have an average net income of $253,800 after debt repayment, while graduates of John Marshall Law School in Atlanta have an average net income of just $32,100 after debt repayment.”
A law degree offers fewer benefits for women and members of marginalized racial/ethnic minority groups: Minority students are more likely to attend law schools with lower incomes and higher unemployment.
As a result of the investigation, the following was discovered:
— White students made up 60% of students admitted to American Bar Association-accredited law schools in 2023, down from 66% in 2011.
— The percentage of black students will increase from 7% in 2011 to 8% in 2023.
— The percentage of Hispanic students increased from 9% in 2011 to 14%.
— Since 2016, the number of female students has surpassed that of male students and now makes up 56% of all law school students. However, 39% of active lawyers are women.
— Male lawyers generally earn more than female lawyers. The report states, “The gender gap in median earnings among all prime-age lawyers (ages 25-54) is $28,000. For lawyers in the early stages of their careers, the gap is $12,000.”
The report cited several reasons for the scarcity of women in the legal profession and the wage gap they experience. Women, even those with law degrees, often have to put their careers on hold for family. The report also noted that “women are often drawn to the civil service, where they are more likely to earn lower wages than if they worked for large corporations or the business world.”
While urging aspiring lawyers to understand how debt can affect their investment returns, the report concludes that “a law degree is generally a sure bet. Job prospects for entry-level lawyers have improved since the tough days following the Great Recession, and job opportunities are expected to expand for at least the next decade.”
