A while back, the ABA Journal ran a piece titled, “The One Percenters Include More Doctors than Lawyers.” I guess lawyers are supposed to take solace in not taking too much from the American till. The article was based on the New York Times Economix blog post, “The Top 1%: Executives, Doctors and Bankers,” which reported on a paper charting the changes in the composition of the one percent from 1979 to 2005. The one percent has, well, become more one-percenty since then, so it’s a little out of date for my taste, but lawyers’ share increased 1.2 times, from 7.0 percent to 8.4 in those 26 years. One percent lawyers’ share of national income doubled from 0.61 percent to 1.22 percent.
Yesterday, the ABA Journal ran a blurb titled, “Michigan Law Dean Makes Almost $458K, Ranks 11th on School’s Pay Scale.” I’m aware of overpaid university administrators, so this does not surprise me. That Occupiers aren’t protesting their alma maters’ largesse on the other hand…
Returning to Times blog piece, the composition of “Professors and Scientists” in the top one percent grew 1.2 times from 1.5 percent to 1.8 percent, top percent professors’ and scientists’ share of national income also more than doubled from 0.1 percent to 0.23 percent.
According to the Wikipedia and 2006 Census data, household incomes of $350,000 or greater quantitatively depart those of us peons of the 99 percent while $167,000 and up places one in the top five percent (unfortunately, the Times post only investigated wage income and not capital gains). It would be fun if someone extended the ABA Journal‘s post on Michigan’s highly compensated public servant to a study on what percentage of law school deans also receive such generous compensation packages. It’s either publicly available (should be, at least) or on Guidestar for private law schools. Obviously, a large potion would make the cut, probably a third to half at least. One wonders if seeing the results would make them realize that they gained it from student debt rather than hard work/innovation/gumption/entrepreneurial spirit/etc.