Michael Simkovic (Seton Hall) & Frank McIntyre (Rutgers), Value of a Law Degree by College Major:
We estimate the increase in earnings from a law degree relative to a bachelor’s degree for graduates who majored in different fields in college. Students with humanities and social sciences majors comprise approximately 47 percent of law degree holders compared to 23 percent of terminal bachelor’s. Law degree earnings premiums are highest for humanities and social sciences majors and lowest for STEM majors. On the other hand, among those with law degrees, overall earnings are highest for STEM and Business Majors. This effect is fairly small at the low end of the earnings distribution, but quite large at the top end. The median annual law degree earnings premium ranges from approximately $29,000 for STEM majors to $45,000 for humanities majors.
Michael Simkovic (Seton Hall), Which College Majors Benefit Most and Least from Law School?:
These results raise an intriguing question: should law schools offer larger scholarships to those whose majors suggest they will likely benefit less from their law degrees? Conversely, should law schools charge more to those who will likely benefit the most?
Update: ABA Journal, Law Degrees Give the Biggest Pay Boost to Students With These College Majors
