Should I go to business school?

Hi,

I am a 37 year old married male with three children. I have a law degree and practiced four years. For the last eight years I have been earning a living at something that requires very specific skills (I'd rather not say exactly what, as I am concerned that it might give away my identity to others in this very specialized field). Although I have climbed the ranks and make an excellent salary, I still do not consider what I do a career and I am always in fear that due to regulatory changes, etc. it will be much harder to make a living doing it. In other words, I feel (and have felt for a few years) that the older I get the more drastic a downturn in this industry would be for my family and because of my limited skill set I would need to take a much lower paying job. Going back to law is an option, but not a palatable one.

Thus, after much careful thought, I have decided to study for the GMAT and, if I obtain a respectable score, apply only to Columbia and NYU (the best schools in my area). My question is this: Will my age be an advantage or detriment in the application process? Will my age be an advantage or detriment in the hiring process? If I excel in business school, will I have the opportunity to make the kind of salary (>$300k within three years) to make a two year earning hiatus worthwhile.

Sorry for the ambiguity. I would be glad to answer any specific questions via email.

Maybemba