For pity's sake, don't go to law school.
June 11, 2010 8:18 AM Subscribe
posted by valkyryn (188 comments total)
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Despite the most prestigious law firms in the country laying off almost 6,000 attorneys and 9,000 staff
since the beginning of 2008, century-old law firms dissolving almost overnight
, and law school tuition rising everywhere
, law school applications are at an all time high
. Even the number of law schools
But with the century-old Cravath system
by big firms over the last decade, historical income distributions
have been disrupted.
For good or ill, things may be coming to a head
The "bi-modal" distribution of income among new law school graduates has only gotten worse in recent years (2006
), as has the unequal distribution of high-paying jobs
. But as discussed above, the cost of legal education is rising faster on the low end than the high end.
The result? A lost generation of law school graduates
. Graduates of the 2008-2011 if not 2012 classes face drastically worse employment prospects than their predecessors. And it's not just a lack of hiring either: attrition rates
in the past five years have been unusually high.
result? A veritable bonanza of bitter blogs