"There is no economic law that says that lawyers should make more money than programmers because they choose to be ripped off in pursuit of their training."
You don't NEED a degree to do programing. Arguably a computer science degree is standard but even then, you don't need 7 years of schooling. In order to be a lawyer, you need to complete law school.
At the end of the day, it's fair for a lawyer to charge more. Why? Because someone is willing to pay the premium.
From the company's perspective, whatever an individual put into their experience is almost completely inconsequential if they are doing their job. In a healthy, functional market, pay isn't about "fairness", it's about bottom-line results, and programmers and engineers make the products and services these companies use to generate revenue which in turn creates demand and subsequently the available funds for legal counsel!
I don't think that's how capitalism works. Your pay doesn't scale with your value, otherwise teachers and firefighters would be making bank. It's completely guided by supply and demand.
EDIT: Let's consider that "supply and demand" has artificially increased the price of programmers above their value. It's now a losing proposition for a company to continue to employ a programmer as the company is losing money, so the demand goes down and with it the price.
Conversely let's consider that the price of a programmer is artificially lower than his value. Any new company can come along and pay a bit more (but still less than actual value, for now!) and attract the best programming talent. Other companies must keep up in order to keep the talent, so the price returns to the actual value to the company.
Uh, no, that is not how supply and demand works. See <http://en.wikipedia.org/wiki/Economic_surplus>.
The gap between what people are willing to pay vs. what people are willing to sell for is often substantial. People spend a lot of time fighting over the distribution of the value in that gap between consumers and producers (see, e.g., price discrimination).
Replace x with "fair salaries" and "y" with "Tech companies making non-poaching agreements"
The CEO is essentially the face of the company when things happen (good or bad) and has huge responsibilities. Managing a company is easy from the armchair.
As far as lawyers are concerned, their wages just reflect the fact that they (should) have been trained as A-list negotiators, and it is common practice for lawyers to have a fee based on a percentage of the deal they negotiated.
There is a corollary for programmers for the above: start-ups. Though not trained negotiators, skill and work ethic can get you far enough. And it is common practice to receive a percentage of the reward.
The grass always looks greener on the other side.
Not in California.
So, you _do_ need to 'attend' law school, even if it's over the internet. (Unless you "study in a law office or judge’s chambers", which I guess is a type of apprenticeship.)
Though there are successful independent lawyers. And an awful lot of unsuccessful ones.
Despite the expense of law school, there are about 25-35k jobs per year for 40-45k graduates per year. And maybe 5k per year of those pay the kind of salaries people think lawyers make. What keeps supply limited in law is that the growth of supply is gated by the amount of legal work in the economy. Law is unlike engineering in that nobody wants to hire fresh grads. They want the seasoned veterans who have been to trials or handled a big deal. Preferably a bunch of them. There is only so much of that work to go around, which bottlenecks the supply pipeline in the stage between fresh graduate to employable lawyer.
The moral of the story is that economic systems are more complicated than simple neoclassical tropes admit.
Education in the ingenious arts, and in the liberal professions, is still more tedious and expensive. The pecuniary recompence, therefore, of painters and sculptors, of lawyers and physicians, ought to be much more liberal; and it is so accordingly.... We trust our health to the physician, our fortune, and sometimes our life and reputation, to the lawyer and attorney.... Fifthly, the wages of labour in different employments vary according to the probability or improbability of success in them. The probability that any particular person shall ever be qualified for the employments to which he is educated, is very different in different occupations. In the greatest part of mechanic trades success is almost certain; but very uncertain in the liberal professions. Put your son apprentice to a shoemaker, there is little doubt of his learning to make a pair of shoes; but send him to study the law, it as at least twenty to one if he ever makes such proficiency as will enable him to live by the business.
http://www.gutenberg.org/files/3300/3300-h/3300-h.htm#link2H...
SUPPLY SIDE: "send him to study [x], it as at least twenty to one if he ever makes such proficiency as will enable him to live by the business." He is making is quite clear that the supply of qualified [x] is low (and giving a reason as to why it is low, but as Adam Smith himself would surely admit, the laws of supply and demand do not [directly] care about the 'why').
DEMAND SIDE: There is no explicit mention of the demand for these services, but as educated readers, we are able to deduce that during the time of Adam Smith, the demand for certain [x] heavily outweighed the supply.
*[x] blocked out because its specific value is not germane to the underlying logic of the argument.
You cannot turn this quote into a formula, because it's a description of how wages ought to be, and the reasons therefore. And it is completely irrelevant to discussion, as I'm sure if Smith were alive today, he would count the art of programming among the liberal professions. There is more to making a useful application than to be able to think mechanically. Because programmers create and shoemakers copy.
Of course, today you could point to a plethora of professions for which a long and expensive education is required, but for which compensation lags, often painfully. Though in some cases job security may be higher.
You seem to be missing the economic realities at play. The cost of law school does not matter. All that matters is the supply and demand for lawyers and programmers. And if you've been keeping your ear to the ground, you may be aware that there is a significant oversupply of law grads nowadays.
There is no economic law that says that lawyers should make more money than programmers because they choose to be ripped off in pursuit of their training. If in the future, the salary of the average lawyer were to drop below that of the average programmer, Adam Smith would not bat an eye.