Saturday, November 3, 2012
The gap between available legal jobs, the number of law grads and what, if anything, schools can do about it.
One suggestion is that, though curricular reform certainly doesn't create jobs where none exist, law schools should "hyper-specialize" by teaching students very specific legal skills like discovery, regulatory compliance work, and litigation support skills so that those graduates will be more competitive compared to ones from schools that don't adapt. From a recent Washington Post story called Will law school students have jobs after they graduate?:
In 2011, more than 44,000 students graduated from the 200-odd U.S. law schools accredited by the American Bar Association. Nine months after graduation, only a bit more than half had found full-time jobs as lawyers.
The U.S. Bureau of Labor Statistics forecasts 73,600 new lawyer jobs from 2010 to 2020. But just three years into that decade, about 132,757 new lawyers have hit the job market.
While not every new JD seeks employment as a lawyer, it is safe to say that planning to work as an attorney is not rare among law students. But perhaps it should be. Data from the National Association of Legal Career Professionals indicate that since 2010, about 75,000 new law grads have found full-time jobs as lawyers.
So, in theory, all of the BLS-forecasted job openings through 2020 have already been filled, and 59,157 new lawyers are still looking for “real” law jobs.
Yes, of course some of the JD graduates this year and in the years to come will find high-paying, partner-track jobs at big firms and elsewhere. But the scale of the imbalance over a decade gives some indication of just how tough it is — and will be — as armies of newly minted JDs rise every year. By 2020, about 300,000 additional grads will join those 59,157 in a hunt for jobs that, statistically, are not to be found.
. . . .
Law students can borrow today — often with federally guaranteed loans — the full cost of tuition and expenses, and worry later about repaying what could total $237,000 for a UC-Irvine-level education.
For years, the return on investment made sense, as a law degree from a respected but not stellar school seemed to promise a long, fairly lucrative career, with more modest loans paid off in a 10-year span. But things changed as tuitions rose sharply and employment and compensation lagged. Federal tuition-repayment plans adjusted for low-earning lawyers now stretch to 25 years. If the loan is not paid off at the 25-year mark, the balance is forgiven, and the taxpayers eat the loss.
“I’m not sure how well-thought-out a lot of decisions [to invest in law school] are, in all candor,” says Mark Medice, national program director for Peer Monitor, a Thomson Reuters unit that tracks hiring and compensation data at large law firms, which traditionally have offered the highest-paying jobs to new lawyers. The market for new lawyers is so weak, says Medice, who himself has a JD and an MBA, that the return on investment is questionable for those at all but the most elite law schools. “If you have to pay $100,000 to do it, is it worth it?” he wonders. “Arguably, no.”
Besides, most law schools offer such a broad overview that legal education is “generic” and lacks utility, Medice continues. While most law schools now claim some sort of clinical or practical training, the broader trends may demand more fundamental reform.
Perhaps the structure of the entire system needs to change, with number of JDs graduating each year declining drastically. Medice envisions a new model, built around year-long, hyper-specific skills — such as discovery, regulatory matters and litigation support — that would quickly and relatively cheaply train students for the kinds of legal jobs that are available.
Continue reading here.