Is Third Year Worth It?

Is the third year of law school all that valuable? Does it really require more than four semesters to take all of the truly meaningful courses? Some folks don't think so. See, for instance, this MSNBC article. An excerpt:

At many top law schools, the third year is famously relaxed, a halcyon interlude between rigorous introductory courses and the long hours that await graduates at law firm jobs. There is research and volunteer work, but also a lot of bar-hopping and little studying: 15 hours per week, according to one survey at 11 law schools, compared to 33 hours for first-year students.

But if it’s an extended vacation, it’s pricey: $30,000 or more at top private schools. And at many law schools, grads can’t count on the six-figure salaries awaiting many at the most prestigious programs, so an extra year of debt is a big burden.

Some educators want to see the third year beefed up, arguing the law is more complex than ever and future lawyers need more preparation, both for the bar and exam and for their careers. But others want it dropped.

Critics say there’s so much law that students will learn most of it on the job, anyway. They see the third year as a revenue racket, a full-employment scheme for faculty that comes at the expense of non-elite school students and discourages them from taking public service jobs.

I would be curious what VC readers think.