"The top graduates earn a median salary that will now start at $180,000, but that represented only about 17 percent of the reported salaries in 2014," reported Steven Davidoff Solomon of the Times. "For the lucky few who get jobs at these big firms, law school is a good investment."
Of course, to be among that 17 percent, you would have to go to a top 10 school — or be the best at a non-top 10 institution. For everyone else, things are much harder. According to Solomon, "about half had a median starting salary of $40,000 to $65,000" in 2014.
Despite the ballooning student debt, shrinking job market, and pay discrepancies between those at the top and everyone else, data does show that most law graduates end up earning more than they would have if they didn't go to law school, even after factoring in debt accrued.
The bottom line: Law school is a major investment. While you may come out with a lot of debt, as Blankfein noted, it can also pay huge dividends if you claw your way to the top at a major firm.
Not to mention, it worked for Blankfein, the billionaire CEO of Goldman.