David Rubenstein

Scrooge McDuck: he is the 1 percent (but not a lawyer).

Becoming a millionaire a few months after graduating from law school is pretty amazing. But can you imagine being a billionaire?

Wouldn’t it be nice to be a member of the Forbes 400, the richest people in the United States? Then you can party on a yacht with models and bottles donate $20 million to the law school that helped launch you along the path of professional success.

We’ve written before about the lawyers and law school graduates on the Forbes 400. Earlier this month, the magazine released the latest rankings, and lawyers made a strong showing.

But there aren’t as many lawyers on the list as there used to be. What happened?

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Reasonable minds can disagree on how to reform law school, but here’s one thing that almost everyone can agree upon: the tuition is too darn high. In an ideal world, legal education would be much more affordable. Not everyone has wealthy parents who insist on paying for college and graduate school.

Alas, we’re probably not going to see major change on that front anytime soon. As long as the federal government keeps the loan money flowing, law schools have little incentive to lower tuition.

So, at least for now, we’ll have to settle for more modest measures at controlling cost. For example, law schools can and should devote greater resources to scholarships, which lower the effective price tag of a J.D. degree.

One leading law school just received a gigantic gift — which it’s putting towards scholarships, to its credit. Which law school is on the receiving end of this largesse, and how much is it getting?

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Last week, we searched this year’s Forbes 400, the list of the 400 richest Americans, for lawyers and law school graduates. Lat pointed out the newcomers and the dropouts since last year’s roundup, but there are still more than thirty other lawyers on the list.

Let’s take a closer look at these affluent attorneys. Their stories will either inspire you with visions of vast wealth or afflict you with jealousy at how many times over they could pay off your loan debt….

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