The new study by Michael Simkovic and Frank McIntyre estimating the value of a law degree has sparked a substantial amount of debate and commentary, as I noted here and here. Most recently, WUSTL’s Brian Tamanaha, author of Failing Law Schools, went after the study on Balkinization arguing it systematically overstates the value of a law degree and understates the risk of assuming debt to obtain a law degree. Simkovic has responded forcefully against Tamanaha’s “straw men,” here and here. John Steele, Frank Pasquale and Stephen Diamond also have comments on the exchange. I am quite certain there will is more to come.
UPDATE: Simkovic has yet another post respnding to Tamanaha’s critiques here.