First of all, please introduce me to the college professors making $400k a year. Professors are NOT traditionally well paid at all. After my husband got his Masters, the university offered him a job teaching part time. Believe me, it doesn't pay well.
That said, I agree that college is not for everyone BUT it shouldn't ruled out because it's expensive. It's our duty as parents to guide our children to become self-sufficient adults. Whether that's a trade or a college education, it's what best suits their personality, brains and temperament.
It is very common on law faculties to see an average range between 150k-300k, with deans and higher end faculty at or near 400k.