Thursday, July 19, 2018

The Economic Problems of Law Schools in a Nutshell

Forbes has an article on the financial problems at Vermont Law School.  Forbes, When the Numbers Don't Add Up: Vermont Law School's Tenured Faculty Purge and What It Portends

Here is the key paragraph:

"The sad story for Vermont Law students—and thousands of others around the country—was not always this way. Net of adjustment for inflation, law students today pay 2.71 times what their predecessors did three decades ago. The job market was more promising then, too--in part because there was not a glut of lawyers and clients tacitly accepted funding on-the- job training for baby lawyers. Nor was there widespread consumer sentiment—prevalent today—that law schools do not train students for what the marketplace demands."

Does anyone remember studying the tragedy of the commons in law school?

(Scott Fruehwald)

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