Law School is a Cash Cow

In the Wonderland of these statistics, a remarkable number of law school grads are not just busy — they are raking it in. Many schools, even those that have failed to break into the U.S. News top 40, state that the median starting salary of graduates in the private sector is $160,000. That seems highly unlikely, given that Harvard and Yale, at the top of the pile, list the exact same figure. [...] IT is an open secret, Professor Henderson and others say, that schools finesse survey inform...

 Predictability and the Base Rate

Whenever a statistician wants to predict the likelihood of some event based on the available evidence, there are two main sources of information that have to be taken into account: (1) the evidence itself, for which a reliability figure has to be calculated; and (2) the likelihood of the event calculated purely in terms of relative incidence. The second figure here is the base rate. Since it is just a number, obtained by the seemingly dull process of counting, it frequently gets overlooked wh...