Gavin Howe
Economics is a common path to law school, and many students who major in economics go on to pursue a career in law. The study of economics can be valuable preparation for the study and practice of law, as it provides a solid foundation for understanding the economic decisions that underpin legal issues and their implications. Economic concepts can be particularly useful in the context of business organizations, financial regulations, and contract law. While there is no single course of study required for admission to law school, economics majors tend to perform well on the LSAT, the primary admission statistic for law schools, with relatively high mean scores.
| Characteristics | Values |
|---|---|
| Economics as a pre-law degree | Economics is a common pre-law degree and one of the best choices for students interested in studying law. |
| LSAT scores | Economics majors tend to have high LSAT scores, with a mean score of 158.8 in 2015-16, the highest out of the 16 largest disciplines. |
| Career options | An economics degree provides numerous other options for employment or graduate study if one decides against law school. |
| Understanding of legal issues | A solid understanding of economics can help lawyers appreciate the impact of legal issues from a micro and macro economic perspective. |
| Law school performance | Students majoring in economics and other quantitative disciplines tend to perform better in law school than other majors. |
| Elective courses | Some economics electives are closely related to the field of law, such as Industrial Organization, The Economics of Regulation, and Game Theory. |
| Work experience | Practical work experience prior to law school may be more valuable than academic knowledge of economics. |
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What You'll Learn
Economics as a pre-law degree
Economics is a common path to law school, and students with an economics major tend to perform well on the LSAT exam, which is the primary statistic that law schools use to determine admission. Economic concepts are helpful in the context of law school when discussing business organisations, financial regulations, and contract law. Law and economics are intertwined, and a solid understanding of economics will help a lawyer appreciate the impact of legal issues from a micro and macro economic perspective.
Some economics courses are more closely related to the field of law than others. For example, upper-level economics electives such as industrial organisation, the economics of regulation, game theory, and the economics of government deal with topics that are relevant to law.
Additionally, for students who ultimately decide against law school, an economics major provides numerous other options for employment or graduate study. Students majoring in economics may choose from among three degree plans: a Bachelor of Arts, a Bachelor of Science, or a Bachelor of Business Administration.
Overall, economics is a valuable pre-law degree that can provide a good foundation for the study and practice of law.
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The application of economics in law school
Economics is a common path to law school, and economics majors tend to achieve high LSAT scores. The study of economics can be valuable in preparing for both the study and practice of law. This is because economic analysis is often applied to legal topics, and a solid understanding of economics can help lawyers appreciate the impact of legal issues from micro and macro economic perspectives.
Economic concepts are particularly useful in the context of law school when discussing business organisations, financial regulations, and contract law. For example, game theory, the time value of money, and familiarity with mathematics are all useful bases for a lawyer. Law and economics are intertwined, and when new laws and regulations are passed, behaviour is modified, and economic decisions are made based on these changes.
Many careers in law involve shaping economic decisions, such as writing and interpreting contracts, supporting mergers and acquisitions, dealing with the tax system, and addressing disputes between workers, landlords, and vendors. All of these involve decisions with significant economic content and implications.
Additionally, law students are expected to have a breadth of knowledge in areas such as history, politics, finance, human behaviour, and diverse cultures. An economics degree provides a good foundation for understanding these areas, particularly finance and human behaviour.
Therefore, while there is no single course of study required to gain admission to law school, an economics degree can be a valuable asset for students interested in studying law and can provide a good foundation for a career in law.
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Career options for economics graduates
An economics degree can open doors to a variety of career paths, including those in the legal field. While it is not a prerequisite for law school, economics can provide a solid foundation for understanding the economic implications of legal issues. The interplay between law and economics is evident in various areas of law, such as business organizations, financial regulations, and contract law.
For those interested in a career in law, an economics degree can be advantageous. Economics graduates have been known to achieve relatively high LSAT scores, and their understanding of economic principles can be applied to legal contexts. This background can be particularly beneficial for lawyers working in regulatory law or dealing with economic decisions, such as writing and interpreting contracts, supporting mergers and acquisitions, and addressing disputes involving economic considerations.
Outside of the legal realm, economics graduates have a plethora of career options across industries. Economics-related roles are commonly found in the business, finance, and marketing sectors. Within these fields, economics graduates may pursue careers such as financial advisors, policy analysts, credit analysts, supply chain analysts, economic consultants, or journalists specializing in business trends. These roles leverage the analytical skills and understanding of financial markets that economics degrees often impart.
Additionally, economics graduates are well-suited for careers in accountancy and banking. Their ability to make sense of complex data sets and understand financial markets makes them adept at recording, interpreting, and communicating financial data. Roles in financial control, financial planning, risk analysis, data analysis, and consultancy are often sought after by economics graduates.
Furthermore, economics degrees can lead to careers in the public sector, including working for local and national governments, public and private banks, insurance companies, and think tanks. Roles in government administration, policy analysis, and economic forecasting are all possibilities for economics graduates.
Overall, an economics degree offers a diverse range of career options, both within and beyond the legal field. Graduates can expect competitive salaries and the opportunity to work in various industries, making it a versatile and rewarding educational path.
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LSAT scores for economics majors
Economics is one of the most common paths to law school. The Law School Admission Council's official guide to law schools for the American Bar Association emphasises extensive reading and library research, skill in synthesising large amounts of information, and logical thinking. In addition to general skills, the guide points to a breadth of knowledge of history, politics, finance, human behaviour, and diverse cultures. Many careers in law involve shaping economic decisions, such as writing and interpreting contracts, supporting mergers and acquisitions, dealing with the tax system, and addressing disputes between workers, landlords, and vendors.
Economic concepts are helpful in the context of law school when discussing business organisations, financial regulations, and contract law. A solid understanding of economics will help a lawyer appreciate the impact of legal issues from a micro and macro economic perspective.
Economics majors have been found to attain relatively high mean LSAT scores. Using data from 1994–95 through 2015–16, Nieswiadomy (1998, 2006, 2010, 2014, 2017) determined that economics majors scored well on the LSAT. Among 2015-16 law school applicants, economics majors had a mean LSAT score of 158.8, which was the highest score of the 16 largest disciplines (with more than 950 law school applicants). Economics placed second behind math/physics (161.7) out of 29 discipline groupings. The results of 2022-23 law school applicants show that economics majors remain at or near the top of all applicants, with a mean LSAT score of 161.7, the highest score of the 20 largest disciplines.
Some have suggested that economics majors do better on the LSAT because the subject involves analytical thinking and mathematics, as well as reading a large number of articles and academic texts, providing a blend of LSAT prep. The subject may also attract people who are naturally adept at learning and applying a set of rules to a problem.
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Economics specialisations for law school applicants
Economics is a common path to law school, and economics majors tend to achieve high scores on the LSAT exam, which is the primary statistic that law schools use to determine admission. The study of economics can be a valuable way to prepare for both the study and the practice of law. This is because economics teaches students how to approach a question and reason through rational methods of obtaining answers, which is an important skill for lawyers.
Several economics specialisations are relevant to law school applicants. Firstly, Principles of Microeconomics and Macroeconomics provide a strong foundation for understanding economic concepts from a micro and macro perspective, which can be applied to legal issues. This includes topics such as financial regulations, business organisations, and contract law. Industrial Organisation and the Economics of Regulation delve further into the economic regulation of industries and markets, which intersects with legal frameworks.
Law and Economics is a direct specialisation that explores the intersection of law and economics, demonstrating how economic analysis has shaped legal arguments in courts and administrative agencies. Game Theory is another economics specialisation that can be useful for law school applicants, as it provides a framework for understanding strategic decision-making and conflict resolution, which are often encountered in legal contexts.
Additionally, The Economics of Government examines the economic implications of government policies and interventions, which can provide insight into the economic impact of legal decisions made by governments. Forensic Economics applies economic theories and methods to legal contexts, often involving the analysis of economic damages in legal disputes. These specialisations offer valuable insights into the economic dimensions of legal practice and can enhance a law school applicant's understanding of the interplay between economics and law.
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Frequently asked questions
Yes, economics is a common path to law school. Economics majors tend to perform well on the LSAT exam, which is the primary factor in determining admission to law schools. Economic analysis is also increasingly used in legal topics and can help prepare for the study and practice of law.
Some economics courses that are more closely related to the field of law include: Industrial Organization, The Economics of Regulation, Law and Economics, Game Theory, and Forensic Economics.
Many careers in law involve shaping economic decisions. For example, writing and interpreting contracts, supporting mergers and acquisitions, dealing with the tax system, and addressing disputes involving workers, landlords, and vendors.
