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<p>Why it is particularly meaningful to compare an HLS grad to the average HLS grad? After all, compared to the average NBA player, those players being paid the minimum salary mandated by the NBA collective bargaining agreement are clearly doing far worse than the average NBA player who is paid over $5 million a year. But it’s hard to feel sorry for those players, as even a rookie in the NBA is mandated to make over $470k a year. Similarly, frankly, it’s not easy to feel sorry for the HLS grad who is relegated towards making “only” $40k a year, as he’s still better off than most Americans. </p>
<p>Your argument seems to stem purely from social psychology, in that the HLS graduate in question would feel a loss of social standing that his former schoolmates are doing better than he is. I agree that that would happen. </p>
<p>But that has nothing to do with his financial status. From a purely financial standpoint, HLS is a high percentage play because of the downside protection provided by the LIPP. During strong, or even average, economic times, a HLS graduate is highly likely to land a lucrative private sector position - perhaps not at a top firm, but at some private sector position. Even in the worst case scenario, he would retreat under the LIPP umbrella by assuming the aforementioned $40k job which I think we all agree a HLS graduate should be able to find (or does anybody still wish this argue this point?). </p>
<p>Again, nobody is arguing that having to take a $40k a year job as a HLS graduate is a desirable outcome. Nobody wants that to happen. However, that is the worst case scenario of a spectrum of potential outcomes, which means that the calculated bet seems to be favorable.</p>
<p>What matters in the context of this thread are the actual opportunities available to a particular person. I agree that a homeless man in NYC lives far better than a starving child in Ethiopia, but that inequity is enforced by the fact that the starving child has no opportunity to immigrate to New York, even to become homeless. On the other hand, a college senior who is admitted to HLS should probably go, depending on what other opportunities he has available, which may not be plentiful. After all, let’s face it, there aren’t exactly a lot of enriching job opportunities for new college graduates right now. By attending HLS, he provides himself with an opportunity to land a high-paid private sector law position, and even in the worst case scenario, he simply takes a $40k low-end job…which, frankly, probably would not make him much worse off than if he had never gone to law school at all.</p>