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36 J. Legal Prof. 301 (2011-2012)
Mamas 2011: Is a Law Degree a Good Investment Today

handle is hein.journals/jlegpro36 and id is 315 raw text is: THE JOURNAL OF THE LEGAL PROFESSION Volume 36 Spring 2011 Issue 2 MAMAS 2011: IS A LAW DEGREE A GOOD INVESTMENT TODAY? CHerwig Schlunk, 2011* OPPORTUNITY COST........................................304 TUITION AND FEES ......................................... 309 BILLABLE HOURS AND THE DIRECT BENEFITS OF A LAW DEGREE .......... 312 DISCOUNT RATES................................... ....... 315 ANALYSIS ................................................ 317 CONCLUSION .............................................. 327 It is Fall Semester of 2011 and college seniors everywhere are eyeing the job market with growing trepidation.' The stock market is not helping. It is gyrating wildly, sharply up one week, and then sharply down the next. Employers are not oblivious to its signals. Optimistic hiring plans of even a few months ago can perhaps be prudently deferred a while longer. So yes, it's tough out there. What is a college senior to do?3 Might this be the time to ride out the storm in law school and emerge in three years to a life of probable riches? * Professor of Law, University of Vanderbilt (J.D., M.B.A., M.S., B.A. University of Chicago). I would like to acknowledge the very able research assistance of Martha Hoskins. I would also like to thank, Chris Guthrie, my dean, and Mark Kantrowitz, the publisher of FinAid.org, for comments that, while not leading me to change my mode of analysis or my conclusions, did lead me to add some explanatory footnotes. 1. Melanie Breault, College Seniors Face Lack of Entry Level Jobs, THE NATION, http://www.thenation.com/blog/159249/college-seniors-face-lack-entry-level-jobs (last visited Apr. 4, 2012). 2. Christine Hauser, Wall Street Ends Back Where It Started, N.Y. TIMES (Dec. 30, 2011), available at http://www.nytimes.com/2011/12/31/business/daily-stock-market- activity.html?pagewanted=all. 3. Katy Hopkins, Brighter Job Outlook for Class of 2011, U.S. NEWS & WORLD REPORT (March 9, 2011), available at http://www.usnews.com/education/best-colleges/articles/2011/03/09/brighter-job- outlook-for-class-of-2011. 301

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