Thursday, December 04, 2008

Is Entering Law School a Good Way to Deal with The Recession?

Apparently not . . . 

In our semi-annual not-studying-just-surfing-the-internet-in-the-gunner room mode, we came across this from Philalawyer (a no-holds-barred blog by a Philadelphia Lawyer):  
[C]onsidering the number of emails I've recently received from people asking whether they should go to law school - whether it's a good idea given the awful job market - one final piece on this subject, debunking all the myths that drive college kids to the profession in difficult economic times, is in order.

Myth No. 1: You can "time" you way around a rough job market by getting a law degree.

I'll go to law school, wait out a terrible job market and when I get out, things will be better and I'll make serious bank. Win/win! If this is your thinking, let me ask you a couple questions. How long did it take you to reach that conclusion? And how general and broadly disseminated was the knowledge on which you reached it? And more important than that, how many other college kids with identical limited information are thinking exactly the same thing?

Here's the first law you ought to study: Supply and Demand.

You and the other 100,000 college kids following this "escape route" will graduate en masse in three years. Just as the protracted recession we're in starts easing and firms start hiring again you'll create a glut of new associates in the market, tanking the value of the degree. A wave of thousands of like minds will find themselves in triple digit debt, fighting like wild animals to work for 2008 level wages. You want to be one of them?
It goes on . . . just the thing you need to lighten up your finals-period stress.  But wait, we're all already in law school . . . so that counts for something.  Anyway, we thought he made some interesting points (though all and all if I could go back two years knowing what I know now going to [UVA] Law School doesn't seem like a bad decision at all especially in this economy). 

In other news, the ABA is having a contest where you can vote on the top 100 legal blogs.  There's a student section(featuring blogs two blogs from Cal); shockingly we were not included.  Probably the law school hot post.  Anyway, ATL is in the lead. 

[EDIT: We were joking immediately above; derisive comments have been anticipated and therefore there is no need to actually post them, tyia xoxo]. 


Anonymous said...

I disagree with the conclusion of the excerpted article. Even assuming there is an sudden swell in the number of applications to law schools, the class sizes of those schools (at least those in the top 20) likely will not change much. So the most you can say is that it's going to be more competitive during a downturn to get into law school. Fast forward three years to when the economy *hypothetically* has rebounded, and you have roughly the same number of grads from top law schools. Those grads would be in high demand, and their decision to "escape" to law school would have been a good one.
It might be a different story at lower-tier schools, where class sizes might fluctuate largely. So the better advice, instead of warning away from law school in general, is to warn away from lower-tier schools, which is pretty much universally good advice regardless of the status of the economy IMO.

Anonymous said...

Teh Law School Perv strikes again.

Anonymous said...

perv or genius?