Job Mobility and the Market for Lawyers

Bibliographic Data

ID10179249
AuthorsRobert M Sauer (Tel Aviv University, corresponding author)
Year1998
Volume106
Issue1
Pages147-171
Publication date1998-02-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueJournal of Political Economy (JOURNAL)
Journal identifiersISSN: 0022-3808 • E-ISSN: 1537-534X
PublisherUniversity of Chicago Press (PUBLISHER • US)
DOI10.1086/250005
OpenAlexW1982090341
LanguageEN
Citations received5
References cited7

This paper studies the life cycle career choices of law school graduates using unique data from the University of Michigan Law School. The model assumes that these graduates act according to the optimal solution of a dynamic optimization problem in which they sequentially choose among five employment sectors. The employment sectors are differentiated by pecuniary and nonpecuniary returns, promotion and dismissal probabilities, and the extent of transferability of human capital. the estimation of the model reveals a self‐selection mechanism, based on unobserved heterogeneity in abilities and expected future returns, which plays a critical role in reproducing the sector‐specific nonmonotonic separation hazards observed in the data. The underlying self‐selection mechanism also has implications for policy interventions in the market for lawyers, such as loan forgiveness programs

Actuarial science · Business · Capital (architecture · Dismissal · Economics · Human capital · Incentive · Loan · Mechanism (biology · Microeconomics · Promotion (chess · Selection (genetic algorithm · Transferability · Computer Science · Finance · Labor market dynamics and wage inequality · Law · Law, Economics, and Judicial Systems · Occupational and Professional Licensing Regulation

Tools

Open DOISci-Hub