A new Law School ROI Report from BCG Attorney Search provides a comprehensive look at the expected net lifetime income of graduates from ABA-accredited U.S. law schools. The findings reveal vast disparities in long-term financial outcomes, influenced by law school ranking, career path, and demographic factors.
Learn more from this report: Law School ROI Report: Expected Net Lifetime Income of U.S. Law School Graduates
Major Gaps in Long-Term Earnings
According to the study, graduates from top 20 law schools see significantly higher earnings early in their careers—typically between $116,800 and $253,800 four years after graduation, even after accounting for student loan payments. Over a 40-year career, these earnings can compound into millions more than graduates from lower-ranked institutions.
The report underscores that career choice is just as crucial as school ranking. Those entering BigLaw or corporate practice often experience the highest lifetime returns, while graduates pursuing public interest or government roles tend to earn substantially less over their careers. Despite higher tuition costs, elite law schools often produce stronger debt-to-income ratios due to better job placement in high-paying positions.
Gender and Racial Disparities Persist
The report also highlights that demographic disparities continue to shape long-term income outcomes. Women and underrepresented minorities earn less over their careers compared to their male and non-minority peers. These differences often appear within the first few years post-graduation and expand over time due to slower advancement rates and uneven access to top-paying roles.
Research and Methodology
The study draws from data compiled by the Georgetown University Center on Education and the Workforce, U.S. Department of Education College Scorecard, Bureau of Labor Statistics, NALP employment surveys, and ABA career summaries. Using this data, researchers estimated income growth, debt payments, and opportunity costs over a standard 40-year professional career.
To calculate return on investment (ROI), the report subtracted the cost of education—including tuition, living expenses, and lost wages during law school—from projected lifetime earnings. This analysis provides a realistic picture of the long-term value of a legal education at each school.
Top Performers and Lowest Returns
Law schools such as Harvard, Stanford, Columbia, Penn, and Chicago ranked at the top, with graduates expected to earn $11 million to $12.5 million in lifetime net income. Conversely, some lower-ranked programs project lifetime earnings closer to $3–4 million, reflecting limited access to high-paying positions and heavier debt loads.
Why This Matters
For prospective law students, this report offers valuable insights for evaluating whether law school is a sound financial investment. The results make it clear that school selection, career path, and debt management play critical roles in long-term financial success.
Aspiring attorneys are encouraged to research carefully, compare ROI data, and plan strategically before committing to a legal education that can define their future both professionally and financially.
Learn more from this report: Law School ROI Report: Expected Net Lifetime Income of U.S. Law School Graduates
