I especially looked forward to Jim’s statement on what a Moneylaw school looks like and how a school gets there. I am not sure on either of these. In fact, I am not even sure what it means in baseball. It’s one thing to say a baseball team wants to win the World Series at the lowest cost. But the owners might just want to maximize profit or win as many games as possible working within a predetermined budget. All those possibilities exist in a context in which success is supposed to be quantifiable. This seems simple when compared to law schools.
In several months of Moneylaw, contributors and commentators have come up with a list of measures which, at least on their own, are not indicative of success:
1. USNWR ratings.
2. SSRN uploads or downloads.
3. Bar passage rate.
4. Bar passage rate as a function of entering glass GPA and LSAT score.
5. Scholarship citation and impact measures.
Presumably, even if there were a way to combine these, much would still be left out. Most obvious is cost. All of these measures, like a building a better (if not best) baseball team, can be influenced by “player” acquisitions. Somewhere in the analysis credit should be given to schools that do a great job with limited budgets. Another thing that is missing is the impact of graduates on the well-being of others. In the case of state schools, the whole idea is that subsidization leads to a “public good.” We are unlikely to come up with any measure of the raison d'etre for public law schools.