Law School (and B School) by the Cold Heartless Numbers

The ABA journal published this piece, arguing that students that don't finish in the top 1/3 of their class, even in Tier 1 law schools often don't earn enough in clerkships, small firm work, or government to cover or justify their debt.

That prompted my comment, which applies (I think) to both law and b-schools: [Note: the article segregate the top-14 from the rest of tier 1 (1-50) because there, 1/2 intead of 1/3 of the students get good jobs. I would argue my logic below also applies there]

This nearly got to an interesting story: If you are in the top 1/3 of your
class in law schools ranked 15-50, you are more likely to get a job. It is
easier to get into school number 50 than number 15, and an average student at
school 15 will likley excel at school 50. If the top 1/3 of students at both
schools are equally likely to get a big firm job (within perhaps $10-15K
starting salary of each other), the smart-but-not-stellar student would be far
wiser to attend school 50 where he or she is more likely to actually make it
into the top third.

And another news flash: smart students go to lower-ranked
schools because those schools pay them to. Another debt-reducing solution.

Some people find this view overly cynical, so I'll do a little to defend it:

1. It is a lot of money. Law and Business teach economic efficiency in its many and varied forms. Paying $150 to earn $40 is not a good deal, and this is a profession, not an artistic calling so the money matters.
   
2. Anyone who finds this too calculating has never been to either law or business school. Spend one week there and see how people covertly calculate their precise seat placement, track the complex calculus of social status, and game the system and their classmates in everything from sharing their class notes to interviewing for jobs to psyching people out before the journal writing competitions. This little bit of math is nothing.