You could do these reports in every single industry education is a risk and that should not be news to anybody.
Precisely! "is law school a wise investment?" I'd have to answer by giving the classic "it depends" answer. Here is what it depends on:
1) It depends on how long YOU can wait for a return. If you are borrowing the cash, you don't get very long to start making payments. Its 6 months after you graduate but then you can defer if you have hardship but the interest will accrue so beware.
2) It depends on YOUR opportunity cost ( in other words, what you will be giving up.....) In my opinion, if you've got an 80,000 per year earning potential without a law degree, and you quit this gig, assuming most of your decision to go to law school is based on finance, you may want to rethink. However, if you make 35,000 per year and hate your job, then it makes sense. ( unless you end up making 50,000 with a law degree and hate that as well)
3)It depends on whether or not YOU like legal work and will get pleasure from it? If you have no idea, talk to a few lawyers in your area. See if they'd be willing to let you sit with them for a few hours so you can get a feel for the profession. As most of us know, its not what you see on tv. Its actually massive reading, writing, research and more reading until you get tired. It is 10 hour days. You will work with strange people.......... some of whom will be very cold and unfriendly(but not always the case and in all fairness this can happen in any industry......) but probably more in legal
4) What is your timeline? What age do you hope to retire. Will you be able to retire ?
5) How much will you pay/ borrow for the education?
Answering these questions should get you closer to the answer of the question: "is law school a wise investment?" It has for me. Its all about planning and making informed decisions. Nothing is guaranteed but 100k is a lot of money to waste on a poorly thought out "bad idea".