I think the trap (and it's certainly not one limited to law school, or to the legal profession), is that, though long term it makes sense to get out, in the short term it makes sense to stay in.
Basically, J's perceived benefits from completing law school are dropping, but so are the remaining costs.
I'm thinking mathematically today, so bear with me. Oversimplified:
B1 = Perceived benefits of law degree/career when starting law school C1 = Perceived costs of law degree/career when starting law school
B2 = Perceived benefits of law degree/career two years into law school C2 = Perceived costs of law degree/career two years in law school (excluding sunk costs -- tuition already spent)
B1>C1 (so you go to law school)
B1>B2 (perceived benefits of degree drop over time as one learns more about career path)
C1>C2 (remaining costs of completing the degree also drop)
|dB|>|dC| (i.e. the magnitude of the drop in perceived benefits is greater than the drop in remaining costs of completing the degree) Unfortunately, B2>C2, and so he stays in law school.
The point I try to make to prospective law school students is that C1>B2 in many cases, and that it's a very good idea to try to divine B2, rather than assume that B1=B2.
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timeasmymeasure
no subject
Date: 2005-04-17 06:26 pm (UTC)Basically, J's perceived benefits from completing law school are dropping, but so are the remaining costs.
I'm thinking mathematically today, so bear with me. Oversimplified:
B1 = Perceived benefits of law degree/career when starting law school
C1 = Perceived costs of law degree/career when starting law school
B2 = Perceived benefits of law degree/career two years into law school
C2 = Perceived costs of law degree/career two years in law school (excluding sunk costs -- tuition already spent)
B1>C1 (so you go to law school)
B1>B2 (perceived benefits of degree drop over time as one learns more about career path)
C1>C2 (remaining costs of completing the degree also drop)
|dB|>|dC| (i.e. the magnitude of the drop in perceived benefits is greater than the drop in remaining costs of completing the degree)
Unfortunately, B2>C2, and so he stays in law school.
The point I try to make to prospective law school students is that C1>B2 in many cases, and that it's a very good idea to try to divine B2, rather than assume that B1=B2.