Okay, first of all, from a career perspective, losing two years makes NO difference, even in the short run. And you're not even losing two years, it's only one year. The extra year in the Econ degree is definitely a change of circumstances, but won't be taken as a gap year, as you being behind the curve. From a family liabilities perspective it may be a little different, that you needed to start earning as early as possible., in which case the 3 year Econ degree would have helped. But look at it prospectively: from this point onward, both the law degree and the economics degree will take the same amount of time. So you will graduate in 2026, regardless of the path you take.
Economics is an absolutely wonderful subject. And it does have greater international permeability, that is absolutely true. It is easier to move abroad with an economics degree than it is with law. There are more scholarships for postgrad in economics too. But what do you want to do with it? Do you want to go into consulting roles, developmental/policy research, or do you want to go into academia? My advice would be to figure out the answer to this question: what is it you want to achieve, which degree better helps you achieve it and how so.
Because law and economics are really not as disparate fields as you may be thinking. Since you're just starting your second year, all you've probably been exposed to is constitutional law and contracts. I get it, even I don't like those. But there are some very exciting areas of law too that have a lot to do with economics. Competition law is ENTIRELY based on economic principles. The actual laws are very bare-bones and it relies very heavily on economic analysis. Even pleadings sometimes include more economic principles than law: the market shares of the entities, efficiencies of production, degree of market saturation, plotting the supply-demand curves to determine the sustainable price level and then see if current market prices have been artificially inflated. It's can be a lot of fun.
Then there is international trade law. To take a recent example, public stockholding of wheat: governments have infinite resources, private players cannot always compete with them. The government needs to procure wheat to ensure food security. But what if it starts exporting this cheaply-acquired wheat? It would disrupt international trade patterns. To what extent should a government be allowed to favour local industries before it is seen as discriminating against foreign players? Again, a sound understanding of economics is crucial here.
International investment law also has a very fundamental nexus with economics, especially at the policy and academic level. But in arbitral practice economics is only used indirectly, the reliance is more on law and legal theories (based on economics, but still).
There are also a lot of LLM/Master's programmes that will allow you to integrate your law degree with economics. You can also just take a correspondence degree in economics from IGNOU or somewhere with light coursework (so you can manage it along with law), so that you have the basic requisite papers, and then you can apply for an MA/MSc in economics abroad. In India, it'd be even simpler: usually there is no requirement/minimal requirements for postgrad students to enroll in a course, so you can get your law degree and then get an MA in economics from DU. (This para is just an idea I had, not too sure about this, so you'll have to check and double-check everything).
The point I'm trying to make is, law and economics are not diverging fields. Within legal practice there is a lot you can do with economics. And you can do economics even after law. And you are at a top law school too, so I'm sure you'd be alright.
So in my opinion, you should make the switch if what you want to do is possible only with an economics degree, not with a law degree, or the econ degree at least confers a significant advantage. Or if four more years in law school is COMPLETELY unsustainable for you.
As your story also evidences, the same problem is plaguing legal education that was for the longest time plaguing engineering and medicine. Too many people are now joining law school because it appears to be the safest non-science-y alternative out there. I am not going to lie and tell you that your immediate prospects out of NLUD and out of a DU Econ course, even from a top college, would be the same, all other things being the same. In all probability, you will earn considerably more straight out of college if you get a good law firm placement, contingent, of course, on your maintaining decent grades throughout college.
That is where the benefits end, however.
One oft-overlooked consideration when pursuing a law degree is that your status as a 'professional' will in fact close more doors than it opens. People would be extremely hesitant offering you a non-legal role in say, marketing/operations/HR because a) it just does not strike them that a law student would have the interest or the aptitude to do these and b) because they are scared you will bolt the first chance you have to 'be a lawyer'. Your occupational mobility (short of a good MBA) is severely restricted as a law graduate, which would not at all be the case if you study economics. In my opinion, this is worth far more than a better pay straight out of college.
On the topic of mobility, as even a cursory glance of the discussion threads here would tell you, moving abroad as a lawyer is extremely difficult. UK recruitments out of college are extremely rare and often get down to luck, and lateral hiring is restricted to a few practice areas, incidentally also regarded as being the worst in terms of intellectual stimulation on LI itself. Even if you do not plan to move abroad on a permanent basis at this stage, it helps to have that option open, should you change your mind or just wish to have a life experience of this kind for a couple of years.
If it is societal standing that matters to you, then let me assure you that NLUs are known by so few people that a DU college is likely to leave a much better impression in people's heads. Before I am told off for encouraging unhealthy validation of this kind, let me just clarify that this is hardly a point worth considering in my opinion, but often forms the very reason why starry eyed high schoolers join NLUs in the first place, learning of its futility only when it seems too late.
But it isn't, not for you OP. Study economics if that is what your heart desires. The financial remuneration is likely to be decent out of DU, even in the worst case scenario, especially when seen over the long term. And, if all of this still fails to convince you, look to your senior batches to see the disillusionment that has firmly set in. Too many students who never should have been here in the first place. Take this advice from a college senior who means well.
Best of luck with the choice, and please excuse any typos or grammatical errors that may have creeped in.
From a family liabilities perspective it may be a little different, that you needed to start earning as early as possible., in which case the 3 year Econ degree would have helped. But look at it prospectively: from this point onward, both the law degree and the economics degree will take the same amount of time. So you will graduate in 2026, regardless of the path you take.
Economics is an absolutely wonderful subject. And it does have greater international permeability, that is absolutely true. It is easier to move abroad with an economics degree than it is with law. There are more scholarships for postgrad in economics too. But what do you want to do with it? Do you want to go into consulting roles, developmental/policy research, or do you want to go into academia? My advice would be to figure out the answer to this question: what is it you want to achieve, which degree better helps you achieve it and how so.
Because law and economics are really not as disparate fields as you may be thinking. Since you're just starting your second year, all you've probably been exposed to is constitutional law and contracts. I get it, even I don't like those.
But there are some very exciting areas of law too that have a lot to do with economics. Competition law is ENTIRELY based on economic principles. The actual laws are very bare-bones and it relies very heavily on economic analysis. Even pleadings sometimes include more economic principles than law: the market shares of the entities, efficiencies of production, degree of market saturation, plotting the supply-demand curves to determine the sustainable price level and then see if current market prices have been artificially inflated. It's can be a lot of fun.
Then there is international trade law. To take a recent example, public stockholding of wheat: governments have infinite resources, private players cannot always compete with them. The government needs to procure wheat to ensure food security. But what if it starts exporting this cheaply-acquired wheat? It would disrupt international trade patterns. To what extent should a government be allowed to favour local industries before it is seen as discriminating against foreign players? Again, a sound understanding of economics is crucial here.
International investment law also has a very fundamental nexus with economics, especially at the policy and academic level. But in arbitral practice economics is only used indirectly, the reliance is more on law and legal theories (based on economics, but still).
There are also a lot of LLM/Master's programmes that will allow you to integrate your law degree with economics. You can also just take a correspondence degree in economics from IGNOU or somewhere with light coursework (so you can manage it along with law), so that you have the basic requisite papers, and then you can apply for an MA/MSc in economics abroad. In India, it'd be even simpler: usually there is no requirement/minimal requirements for postgrad students to enroll in a course, so you can get your law degree and then get an MA in economics from DU. (This para is just an idea I had, not too sure about this, so you'll have to check and double-check everything).
The point I'm trying to make is, law and economics are not diverging fields. Within legal practice there is a lot you can do with economics. And you can do economics even after law. And you are at a top law school too, so I'm sure you'd be alright.
So in my opinion, you should make the switch if what you want to do is possible only with an economics degree, not with a law degree, or the econ degree at least confers a significant advantage. Or if four more years in law school is COMPLETELY unsustainable for you.
Good luck. :)
As your story also evidences, the same problem is plaguing legal education that was for the longest time plaguing engineering and medicine. Too many people are now joining law school because it appears to be the safest non-science-y alternative out there. I am not going to lie and tell you that your immediate prospects out of NLUD and out of a DU Econ course, even from a top college, would be the same, all other things being the same. In all probability, you will earn considerably more straight out of college if you get a good law firm placement, contingent, of course, on your maintaining decent grades throughout college.
That is where the benefits end, however.
One oft-overlooked consideration when pursuing a law degree is that your status as a 'professional' will in fact close more doors than it opens. People would be extremely hesitant offering you a non-legal role in say, marketing/operations/HR because a) it just does not strike them that a law student would have the interest or the aptitude to do these and b) because they are scared you will bolt the first chance you have to 'be a lawyer'. Your occupational mobility (short of a good MBA) is severely restricted as a law graduate, which would not at all be the case if you study economics. In my opinion, this is worth far more than a better pay straight out of college.
On the topic of mobility, as even a cursory glance of the discussion threads here would tell you, moving abroad as a lawyer is extremely difficult. UK recruitments out of college are extremely rare and often get down to luck, and lateral hiring is restricted to a few practice areas, incidentally also regarded as being the worst in terms of intellectual stimulation on LI itself. Even if you do not plan to move abroad on a permanent basis at this stage, it helps to have that option open, should you change your mind or just wish to have a life experience of this kind for a couple of years.
If it is societal standing that matters to you, then let me assure you that NLUs are known by so few people that a DU college is likely to leave a much better impression in people's heads. Before I am told off for encouraging unhealthy validation of this kind, let me just clarify that this is hardly a point worth considering in my opinion, but often forms the very reason why starry eyed high schoolers join NLUs in the first place, learning of its futility only when it seems too late.
But it isn't, not for you OP. Study economics if that is what your heart desires. The financial remuneration is likely to be decent out of DU, even in the worst case scenario, especially when seen over the long term. And, if all of this still fails to convince you, look to your senior batches to see the disillusionment that has firmly set in. Too many students who never should have been here in the first place. Take this advice from a college senior who means well.
Best of luck with the choice, and please excuse any typos or grammatical errors that may have creeped in.