According to a recent study, a JD is worth about $1 million more over a lifetime than a bachelor’s degree.

The data does not suggest that law graduates were unaffected by the recession. Rather, earnings dropped for both law graduates and college graduates after the late 2000s recession, and law graduates maintained their relative advantage. It is this relative advantage—not absolute outcomes—that measures the value of the law degree.

Interestingly, about 40% of those surveyed for the study — the smart ones? — were not practicing law.

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