Timing Law School (Presentation Slides)
99 Pages Posted: 1 Jun 2015 Last revised: 3 Aug 2015
Date Written: July 21, 2015
This is a powerpoint presentation of Timing Law School. A draft version of the article is available at http://ssrn.com/abstract=2574587.
We investigate whether economic conditions at labor market entry have persistent effects on law graduate earnings. We find that unemployment levels at graduation continue to affect law earnings premiums within 4 years after graduation. For law graduates entering the labor market in strong economies, early outcomes are particularly good. However, the effect quickly fades as law graduates gain experience and the impact on lifetime earnings is relatively small. Outcomes data available prior to matriculation do not predict unemployment or starting salaries at graduation. Earnings premiums are not predicted by either cohort size or projected job openings. Even an effective “timing” strategy would likely be outweighed by the opportunity cost of a two-year delay in law school completion.
Keywords: cohort effects, labor economics, earnings premium, law school, unemployment, timing, lawyers, legal profession, education, prediction, forecasting, starting salary, NALP, BLS Projections, Job Opening Projections, class size, economic value of a law degree, recession, graduation
JEL Classification: I21, I22, J17, J2, J21, J22, J23, J24, J31, J44, J62, J63, L84, C12, C13, C14, C15, C32, C33, C53
Suggested Citation: Suggested Citation