The Growing Convergence of Legal Studies and Social Impact Investment

The intersection of legal education and social impact investing is transforming how the worth of higher education is assessed. In the past, law schools were primarily judged by how many graduates landed lucrative positions in private law firms. Now, a shift is underway: programs that emphasize careers in public service are redefining achievement by focusing on community benefit and enduring civic engagement. Berkeley Law’s Public Interest Scholars Program (PISP) stands out as an illustrative example for both investors and policymakers interested in the broader financial and societal outcomes of such efforts.

Financial Returns: Purpose Over Profit

Berkeley Law’s PISP covers all tuition and fees for J.D. students who are dedicated to public interest law, removing the economic obstacles that often prevent graduates from accepting lower-paying jobs in advocacy and social justice. For the 2024 graduating class,

within nine months after finishing their degrees, earning a median salary of $72,000 and a 75th percentile salary of $81,425. Although these earnings are below the six-figure incomes typical in private law, , freeing them to pursue meaningful work without financial anxiety.

Recent graduate data shows a steady pattern:

, with limited information on salary progression beyond the first year after graduation. Still, . By easing debt, it supports long-term careers in public service, allowing alumni to make a lasting difference over time. Graduates such as Adam Aronovsky and Alanna Cronk have already begun work in areas like immigration law and Indigenous health, .

Societal Impact: Valuing the Intangible

The broader community benefits of PISP are difficult to measure but are nonetheless profound. Graduates are active in essential sectors such as criminal justice reform, reproductive rights, and corporate oversight—fields where legal skills can drive meaningful change.

. For instance, the inaugural group of PISP graduates found roles at organizations like the ACLU, public defender offices, and the Family Justice Law Center, .

Although there is limited long-term data on outcomes five to ten years after graduation, the program’s structure is designed to cultivate a steady stream of lawyers committed to public service.

, nurturing a strong sense of dedication. This approach mirrors the goals of social impact investing, which values sustained, measurable improvements for communities over immediate financial returns.

The Investment Perspective: Weighing Risks and Rewards

For those considering investment, PISP represents a blended model: it reduces personal financial risk for students while delivering value to society. Some may contend that public interest law lacks the growth potential of commercial enterprises, but

. By placing graduates in key organizations, PISP ensures its alumni can expand their influence through policy work, litigation, and community engagement.

Additionally,

. Every graduate who enters public defense or civil rights law strengthens the legal system’s ability to tackle deep-rooted challenges. This approach aligns with the increasing interest in ESG (Environmental, Social, and Governance) strategies in education and philanthropy, where investing in people produces significant, though sometimes intangible, benefits.

Conclusion: A Model for Tomorrow

Berkeley Law’s Public Interest Scholars Program questions the traditional ways of measuring educational return on investment. While its alumni may not reach the financial peaks of their counterparts in corporate law, their work addresses urgent societal needs. For investors, this marks a transition from seeking immediate financial returns to fostering lasting change—a model where the greatest value is found in the widespread effects of empowered legal professionals. As social impact investing continues to evolve, initiatives like PISP will become reference points for how education can drive progress toward fairness and justice.

[1] Public Interest Scholars - UC Berkeley Law [https://www.law.berkeley.edu/admissions/financial-aid/jd-financial-aid/jd-scholarships/public-interest-scholars/]
[2] Employment Statistics [https://www.law.berkeley.edu/careers/employment-outcomes/employment-statistics/]
[3] Public Interest Scholars [https://www.law.berkeley.edu/spotlight/public-interest-scholars/]
[4] Updated study ranks Berkeley Law sixth in scholarly impact [https://www.law.berkeley.edu/article/scholarly-impact-rankings-2021-erwin-chemerinsky-faculty/]
[7] Long-run outcomes for UC Berkeley alumni [https://www.universityofcalifornia.edu/about-us/information-center/long-run-outcomes-uc-berkeley-alumni]
[10] Impressive Influx: Public Interest Scholars Program [https://www.law.berkeley.edu/article/public-interest-scholars-program-welcomes-11-new-standouts/]