Articles like this should really lay to rest the idea that there are rational market forces at work behind compensation.
One thing the article doesn't go into is how insanely easy it is to game this system if you've the knack for standardized exams. The LSAT requires no prior knowledge, and simply tests how quickly you can work with logic in your head. With a 4.0 in basket weaving, and a 175 on the LSAT, you're almost guaranteed admission to Harvard Law with a $160k+bonus job waiting for you at the other end.
Except that admission to Harvard Law doesn't guarantee a $160k+bonus job these days! And my understanding is that being in the top of your class (or top 50%) in law school is more difficult than a 4.0 in basket weaving.
(I agree with your main point - law school admissions selects for completely "gameable" things).
For class of 2011, which was the one most hard-hit by the recession, Harvard Law was still at about 80% of people who wanted it getting those jobs. I'd imagine it's back over 90% now. Even Columbia is over 75% now.
As for getting in the top half... it's another highly game-able thing. Your grades are based entirely on exams that are basically like the LSAT---they test you on how quickly you can apply a relatively simple set of rules to ambiguous facts. The only classes that test your writing (which is what you actually do as a lawyer!) in the all-important first year are typically weighted very little, or even ungraded.
But what % of those 80% are getting top-tier biglaw jobs (or clerkships)?
I have no idea - but my dad does law in the public sector (read: not lucrative) and anecdotally he says he's able to hire lots of top 10 law school grads who never would have applied for that kind of job five years ago.
> But what % of those 80% are getting top-tier biglaw jobs (or clerkships)?
At Harvard, Yale, and Stanford? Yes. The other good schools (top 10/15-ish) are in the 60% range. Outside the top 20, it's probably in the 10% range and below.
Agree with you 100% (and just wrote a top level comment to the same effect before I read this).
That said, I think law schools would be much better off if they had an interview process & weighted it heavily. It would be easy to get a 4.0/180 and not be "client-friendly" in the least.
this article is about hiring, not compensation. inside one firm, there's no evidence compensation is linked to which college you went to.
> how insanely easy it is to game this system if you've the knack for standardized exam
this is irrelevant.
1. no one is hiring just looking at resumes. this is just the screen. they have 500 resumes to look at; they're going to pick some sort of screening system.
2. let's say you got into Harvard Law on your LSAT but you're otherwise lazy and stupid; they'll figure that out based on your interview and your lack of other accomplishments. school is just a screener. they're still going to look at the rest of your resume and ask you questions in the interview.
At least in law, once inside the firm your compensation is in lock-step by seniority. In banking, unless you're in trading where your contribution is very easily quantifiable, your bonus will depend largely on how your particular division/project does.
And this article isn't just about screening. You can do pretty terribly at Harvard Law and still walk out with a 160k+bonus job. Firms hire after the first year of law school, and so don't really care about what you do in law school either. The interviews are a cakewalk, mostly to screen people with serious personality problems who are otherwise borderline from a school/grades standpoint.
Banking/consulting is even more credential focused. They hire from a narrower range of schools than law firms, and put less emphasis on having top grades.
One thing the article doesn't go into is how insanely easy it is to game this system if you've the knack for standardized exams. The LSAT requires no prior knowledge, and simply tests how quickly you can work with logic in your head. With a 4.0 in basket weaving, and a 175 on the LSAT, you're almost guaranteed admission to Harvard Law with a $160k+bonus job waiting for you at the other end.