Law School ROI Calculator: Is T14 Worth the Debt?

T14 law school at sticker price leaves most graduates with $280,000–$380,000 in capitalized debt. The question is whether Big Law's salary premium — starting at $225,000 and reaching $435,000 by year eight — justifies that debt load versus a cheaper alternative. This calculator models both paths honestly: after federal and state tax, annual loan payments, and 12-year cumulative take-home.

For most T14 → Big Law scenarios, the answer is yes — and quickly. The salary differential is large enough that even with higher loan payments, the Big Law path pulls ahead in cumulative take-home from year one. The calculation gets harder when the alternative includes a substantial scholarship, when you plan to leave Big Law early, or when the alternative path qualifies for PSLF.

How to read these results

The "annual net" column is take-home after income taxes and loan payments but not FICA or retirement contributions. If you max out a 401(k) ($24,500 in 2026), an HSA, and a mega-backdoor Roth, your actual cash-in-pocket is lower but your total wealth accumulation is higher — those contributions compound tax-advantaged.

The calculator holds income constant at starting salary for the alternative path (growing at your entered rate) and uses the actual Cravath lockstep scale for Big Law years 1–8. Years 9–12 assume 3% annual growth from the Year 8 base. Bonuses are excluded; including them would widen the BigLaw advantage substantially in years 3–8.

The scholarship decision: often the hardest call

The clearest version of this question is T14 at sticker versus a full or near-full scholarship at a T25–T50 school. The answer depends on placement rates, not just rankings:

• If the scholarship school places 40%+ of graduates at AmLaw 200 firms: The salary difference post-graduation is minimal — Cravath is Cravath. Your take-home advantage at the scholarship school is $20,000–$40,000/year for 10 years simply from lower loan payments. The scholarship wins on pure math.
• If the scholarship school places 10–15% at Big Law: You're comparing a 95%+ T14 → Big Law conversion rate against a 10–15% probability from the scholarship school. Probability-weight the salary. A 15% chance of $225K is worth $33,750 in expected value — worse than a guaranteed $115K government or mid-law job, let alone a guaranteed T14 BigLaw offer.
• Target market matters: T14 dominates AmLaw 50 firms in New York, D.C., and San Francisco. Strong regional schools have better placement into regional AmLaw 200. If you want a specific market, research OCI participation lists — not general rankings.

Big Law income: what this calculator doesn't include

The Cravath scale shown here is base salaries only.¹ Standard bonuses at Cravath-tracking firms in 2025–2026:

• Year 1: +$20,000 | Year 2: +$30,000 | Year 3: +$57,500
• Year 4: +$75,000 | Year 5: +$90,000 | Year 6+: +$100,000–$115,000

A Year 4 associate earns $310,000 base + $75,000 bonus = $385,000 total. Aggressive loan repayment using bonuses can eliminate $328,000 in debt in 2–3 years rather than 10, saving $80,000+ in interest and dramatically increasing take-home after the payoff.

This calculator assumes standard 10-year repayment. If you model aggressive repayment using bonuses, the BigLaw advantage is larger than shown.

When the alternative path wins

The T14 → Big Law math is compelling when you actually stay in Big Law. The math deteriorates when:

• You leave before year 4–5. The salary premium years are in mid-career associates and partners. Leaving at year 2–3 captures the early-year income but misses the exponential jump from years 4–8. Meanwhile, the debt is the same.
• PSLF is on the table. If the alternative path includes 10 years at a qualifying government or nonprofit employer, tax-free PSLF forgiveness on $200,000 of debt is worth roughly $250,000 in pre-tax income (depending on your bracket). A full scholarship at a T25 school plus PSLF can outperform T14 at sticker for a committed public interest attorney. Run the Student Loan Strategy calculator side-by-side.
• The scholarship school also places into Big Law. Several regional T25 schools — George Washington, University of Texas, UCLA — have competitive Big Law placement in specific markets. If the career outcome is the same, the scholarship's value is purely financial: 10 years of lower loan payments with identical salary.