Ethan Bronner at the NY Times confirms much of what we’ve discussed here before. Law school applications are cratering and a number of schools are probably going to go under. How many? We don’t know. Maybe some will choose a soft collapse and simply cut their class in half and fire everyone they can. That’s always an option.
The NY Times analysis is okay, but Paul Campos over at InsideTheLawSchoolScam makes a cogent argument that it doesn’t go far enough. The piece still clings to the belief that there’s more demand than there really is. The article quotes one professor who continues to dream that there’s a demand for legal services, but Campos effectively smashes that with an axe. Few people have the money to pay for any legal services because eating and health care are more important to them. And he’s right. Even the corporations don’t need as much lawyering as they purchase. It’s not pretty.
I think the law schools are just the canaries. Most degrees are facing the same reality of a bad return on investment. It’s just more glaring with law school. The costs are so much higher and the lack of careers is so much more obvious. But the economics are all the same.
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