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I can't say for sure whether or not one's undergraduate major has an impact on business school admissions. My guess is if there is any, then it's probably not huge. GPA/GMAT count because they're a measure of competence (to a degree), but work experience plays a large role because that's what business school is all about. Someone who graduated with an English or Anthropology degree, went to work for a big consulting firm like Bain or BCG for a few years, and then applied to business school, would likely have a strong chance of acceptance. On the other hand, an economics major with high numbers but who didn't have any work experience would probably not fare as well.
As for law school, I can honestly tell you that it does not matter whatsoever what major you choose unless you have a strong desire to work in patent or intellectual property law. For those fields, a background in engineering or the hard sciences is desirable. Otherwise, it's all fair game. The most important factors in law school admissions are your GPA and your LSAT score; everything else is secondary. You should choose a major that you'll enjoy and one in which you believe you will perform strongly. If you want to study political science (that was my major), go for it. But if you wanted to study biology, comparative literature, or theater instead, those would all also be fine choices.
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