As someone who is a member of the "millennial" generation, this is what I have to say:

Most of the millenial ivy league grads I know who want a lucrative career jump into either investment banking, management consulting, or software engineering. All of these jobs hire graduates from elite schools with a bachelors degree.

The people I know who go to law school go because they really want to be a lawyer. Among my peers you either 1) get into a top 10 program (forget top 20, mostly just Harvard and Yale), or if that's not in the cards 2) Decide on a place you like well enough to live there forever where your spouse has employment that has some clout regionally.

Anonymous wrote:

Anonymous wrote:This is the problem with trying to make everyone equal. LS became accessible to those who were not wealthy or incredibly bright. So they glutted the market because everyone could become a lawyer. The market recalibrated and only those graduating at the top of their class and/or from top schools were able to get the prized jobs. Just like it used to be. Now the poors have to find something else because the legal industry has had enough.

Isn't this the case for most professions now in this global marketplace? There's a thousand people, including foreigners for every job. So now, you've got to be connected and have the qualifications to get the top jobs.

Yup. Perhaps more people will start pursuing medical and STEM degrees and eventually those markets will become flooded with oversupply. It's just that those professions have a much higher bar up front to get in compared to law school.

Anonymous wrote:The drop is steep and sudden. When did it became the kiss of death to go to law school? What is the replacement profession? Why is there no guarantees anymore?

http://economix.blogs.nytimes.com/2013/08/23/law-school-applicants-decline-especially-among-grads-of-elite-colleges/?partner=yahoofinance&_r=0

Thank GOD!

Hopefully, the trend will continue.

yay

Anonymous wrote:This is the problem with trying to make everyone equal. LS became accessible to those who were not wealthy or incredibly bright. So they glutted the market because everyone could become a lawyer. The market recalibrated and only those graduating at the top of their class and/or from top schools were able to get the prized jobs. Just like it used to be. Now the poors have to find something else because the legal industry has had enough.

Isn't this the case for most professions now in this global marketplace? There's a thousand people, including foreigners for every job. So now, you've got to be connected and have the qualifications to get the top jobs.

This is the problem with trying to make everyone equal. LS became accessible to those who were not wealthy or incredibly bright. So they glutted the market because everyone could become a lawyer. The market recalibrated and only those graduating at the top of their class and/or from top schools were able to get the prized jobs. Just like it used to be. Now the poors have to find something else because the legal industry has had enough.

Anonymous wrote:The drop is steep and sudden. When did it became the kiss of death to go to law school? What is the replacement profession? Why is there no guarantees anymore?

http://economix.blogs.nytimes.com/2013/08/23/law-school-applicants-decline-especially-among-grads-of-elite-colleges/?partner=yahoofinance&_r=0

This changes in the legal market have been happening for a while and have been well covered, particularly by the NYT. What do you mean by replacement profession?

Anonymous wrote:Good. Too many attorneys and too much student debt being acquired.

Signed, an attorney 10 years out and still paying off my loans

+1, -170k

Student debt.

PP is correct - it is simple supply and demand. There have been far too many students graduating from law school for the legal job market to absorb for YEARS now.

There are too many not that great law schools who can not place their graduates. Why would anyone bother going to law school with the obvious excess of lawyers already out there? Why incur that debt? It would be crazy.

This is true of certain professions. People think a certain profession is "trendy" and they mistakenly equate it with "need". What they should be doing is calibrating what they are truly good at, not so obviously limiting themselves to the "trendy".

If there are too many, there can't possibly be jobs. It is basic economics. It should be obvious. But too many people think they have some sort of "get rich quick scheme". Be realistic for yourselves and your children, people.

CindyBindy wrote:Maybe this will make the tuition drop too, so unemployed graduates won't have to graduate with so much debt.

Unlikely.

Maybe this will make the tuition drop too, so unemployed graduates won't have to graduate with so much debt.

Good. Too many attorneys and too much student debt being acquired.

Signed, an attorney 10 years out and still paying off my loans

The drop is steep and sudden. When did it became the kiss of death to go to law school? What is the replacement profession? Why is there no guarantees anymore?

http://economix.blogs.nytimes.com/2013/08/23/law-school-applicants-decline-especially-among-grads-of-elite-colleges/?partner=yahoofinance&_r=0