News reports are replete with stories detailing the dismal professional prospects of recent law school graduates, with both salaries and placement rates declining. In spite of these reports, students continue to seek admission into law schools at levels that far exceed the number required to replace retiring attorneys. This study demonstrates that such seemingly irrational behavior is in fact quite rational, with the internal rate of return on an investment in law school being quite

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... Furthermore, there is a high correlation between a law school's rank among its peers and the internal rate of return generated, despite the fact that higher ranked law schools are often the most expensive.