Markets are sometimes slow to correct, but eventually consumers figure out that certain goods and services aren’t as valuable as they had once thought and react. That has been the case with legal education. For decades, students thronged into law schools, convinced that a J.D. was their ticket to the good life. The number of law schools in the U.S. grew, as did the cost of getting the degree. Now the bloom is off the J.D. rose. Students have learned that it isn’t necessarily the great investment that it was thought to be just a few years ago. Many lawschool grads are languishing with low-paid jobs at the periphery of the legal profession, if they have law-related jobs at all. Here is one of the many articles exploring the falling demand for legal credentials.
by George Leef