Sunday, February 26, 2012
It's a troubling trend. The total amount of debt that has been used to pay for legal education has risen to $3.6 billion, up from less than $2 billion just ten years prior. And if the current trends continue, that figure could reach $7 billion by 2020.
It's not a problem that has gone unnoticed. Legal education observers are worried, recent graduates are frantic and law schools are looking at their options. ...
[T]here is no easy or simple answer to the problem. ... The reason for the debt is easier to understand: law school tuition continues to outpace inflation. It increased by 74% from 1998 to 2008.
Why does tuition continue to grow? Most agree it is related to the number of law professors walking around law school campuses nowadays. Faculty salaries make up a majority of a law school's budget. And law schools increased their faculty size by 40% from 1998 to 2008, according to a National Jurist report. That meant almost 5,000 law professors were added in 10 years, with the average student-to-faculty ratio dropping from 18.5-to-1 in 1998 to 14.9-to-1.
And why did law schools expand their faculties so rapidly? Law has become more complex and specialized. Law schools today offer far more course than ever before, and specializations. But critics point out that the race to do better in the U.S. News & World Report annual rankings has also fueled the growth.
Read the full article here (free registration required).