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If there is no llink, use the article title and Google.
A VISUAL REPRESENTATION OF THE LAW SCHO)L BUBBLE
(Above the Law, June 2011)
The discussion of the Fourth Tier (bottom fourth) is very amusing: The bottom of the barrel law schools are particularly dangerous, as they charge full price for a degree that should be on clearance for all the good it will do.
The Law School Bubble, as given in this article is: Right now law schools graduate far mre students than there are jobs. And while average salaries and available jobs for lawyers continue to go down, many law schools continue to report record nuber of applications, and student enrollment is a an all time high.
LAW JOB STAGNATION MAY HAVE STARTED BEFORE THE RECESSION--AND IT MAY BE A SIGN OF LASTING CHANGE
(ABA Journal, Julyl 2011)
"The legal profession is undergoing a massive structural shift--one that will leave it dramatically transformed in the coming years.
There's no doubt that the financial crisis beginning late in 2007 was for most lawyers a game-changer, prompting drastic measures as firms laid off thousands of associates, de-equitized partners, and slashed budgets and new hires.
But many hoped--and still do--that the effects of the recession would ebb, and that the profession, which had just witnessed a golden age of prosperity unmatched by any other industry, would re-emerge relatively unscathed."
This article states that the golden era is gone.
THE LAW SCHOOL BUBBLE: HOW LONG WILL IT LAST IF LAW GRAADS CAN'T PAY BILLS?
Law News Now (January 22012).
This article begins with Andrea for whom a past decision to ensure her future in law has led to her being laid off twice including from a position where she earned $20 an hour at a small firm practicing as a licensed attorney. She also has borrowed $110,000 to finqnce here education. At the end, the authors make two interesting observations:
Observation 1: Very few critics, however, have examined the part played by the federal government through its student loan policies in creating a law school bubble that may be on the verge of bursting one strikingly similar to the mortgage crisis that cratered the economy in 2008.
Observation 2: Direct federal loans have become the lifeblood of graduate education, and they shelter law schools financially from the structural changes affecting the profession.
The bills are now coming due for many young lawyers, and their inability to pay will likely bring the scrutiny of lawmakers already moaning about government spending."
http://abovethelaw.com/2011/06/a-visual-representation-of-the-law-school-bubble/
David Segal's January 8, 2011 New York Times article IS LAW SCHOOL A LOSING GAME? suggests that, in many cases, the answer is Yes. This well-written article should be required reading if being a lawyer is your career choice.
U.S. LEGAL PROFESSION MAKES A CASE FOR ITS CRITICS
Reuters (Breaking View) May 2012
Some statement this article are given:
Gallup quantified it in a poll last December: only 19 percent of Americans rated lawyers "high" in honesty, just below real estate agents. Some 37 percent ranked them "very low," a few ticks above car salesmen.
In February, scores of law grads sued their alma maters for exaggerating the odds of landing a job. A judge dismissed the suit against New York Law School in March, but remaining cases raise serious issues.
Almost half the law schools in the 2012 U.S. News and World Report rankings reported more than 90 percent employment for recent graduates. But that figure is padded with non-legal and temporary work. Villanova University and others have admitted giving the magazine false information. Because prospective students often use that data when choosing their school, legal experts argue that the schools could be prosecuted criminally.
LAW SCHOOL DEANS COULD USE SOME ECON 101
Reuters (Breaking View) May 2012
Some statement this article are given:
The article DO NOT APPLY TO LAW SCHOOL UNTIL YOU KNOW ALL THE FACTS "exposes the elitist culture of the legal profession and its effects on those who pass through its caste-like educational system." This article was written "to show how difficult it is to secure a desirable legal job after law school graduation." I first read this article several years ago. I liked it then and I like it now (January 26. 2012). I strongly recommend reading this article. |
