Stylized Facts

At this year's conference, in October, nearly 500 aspiring law professors turned up for interviews with 165 law schools. Like the draft of every professional sport, there are superstars here and for two days they were hotly pursued. At the top of the pile were former Supreme Court clerks. Just under them were candidates with both a J.D. and a Ph.D. in another discipline. Law schools, especially those in the upper echelons, have been smitten by Ph.D.-J.D.'s for more than a decade.

Ori J. Herstein, who studied philosophy in grad school and is a doctor in the science of law, says that "an economics Ph.D. is the most valuable," and that "the further away you get from the humanities the better."

Mr. Herstein was sitting in the Marriott lobby between interviews. Israeli-born and cheerful in a boyishly wonky way, he has a résumé that seems custom-built to tantalize law school recruiters. He has two degrees from Columbia, which, along with a handful of other elite schools -- most notably Yale -- has become a farm team for the credential-obsessed legal academy. He has already published a handful of law review articles with promisingly esoteric titles ("Historic Injustice and the Non-Identity Problem: The Limitations of the Subsequent-Wrong Solution and Towards a New Solution") and has submitted another that sounds perfectly inscrutable ("Why Nonexistent People Do Not Have Zero Well-Being but Rather No Well-Being").