The paper tries to measure the return on investment in a law school education, using three prototypical students (the “Also Ran,” the “Solid Performer” and the “Hot Prospect”). . . . The results are somewhat disheartening, especially considering the surging interest in law school during this tough job market.
Of course, there is also the matter of nonmonetary returns from higher education. Neither the new research paper on law school R.O.I. nor most of the other related studies try to quantify the psychic rewards of additional social prestige, expanding one’s mind, being better equipped to make the world a better place, and so on, that come from earning a J.D. But presumably most people enroll in professional school primarily for less warm and fuzzy reasons.
TaxProfBlog has a full breakdown.