Could Law School Be the Worst Higher Education Investment?

James G. Martin Center for Academic Renewal ^ | November 11, 2020 | George Leef

[karpov]

For decades, law school was a growth industry. Back in 1970, there were 146 law schools with an enrollment of 78,000 students; by 2013, there were 201 schools, enrolling 139,000 students. Enrollment peaked in 2010 at 147,000. (For the current year, it seems that enrollments will probably remain level with last year.)

By 2015, we were seeing articles such as this one in the Wall Street Journal: “Fewer and Fewer Students are Applying to Law School.” A number of law schools have closed since 2017, including Valparaiso, Whittier, Savannah, Arizona Summit, and Charlotte. More are on thin ice.

Evidently, many prospective law students were figuring out that the high cost of three years of study necessary to earn a JD just wasn’t worth it in a glutted market and were choosing other paths after college.

Just how right they were is highlighted in a new study by the Texas Public Policy Foundation entitled, “Objection! Law schools can be hazardous to students’ financial health.”

[DEPcom]

That attorney must be working for a good firm.

Some of the people at the top end of my field (Programmers) are pulling in around 300K (Banking System, they really earn it because of the hours they work). The average for my level (10 to 20 years) is making 100K to 200K depending on what language and business sector. On the West coast, that level would earn 200K to 300K.

[DEPcom]

“It’s all how much justice you can pay for”

Same for my cousin who quit after working three years working in a DA office. He is happier doing accounting stuff.

[goodnesswins]

Yes...I have a niece who is proof. Lately it’s like she’s part of a cult. She said a few days ago...”the election is not being stolen.”

[Kaisersrsic]

Numbers. But, I should have included another 10 years. Graduates during the twenty year period from 1995-2015 were pinched the most.

First year law school enrollment:
1965-66: 24,167
1970-71: 34,289
1975-76: 39,074
1980-81: 42,521
1985-86: 40,796
1990-91: 44,050
1995-96: 43,676
2000-01: 43,518
2005-06: 48,132
2010-11: 52,488
2015-16: 37,058
2019-20: 38,283

The profession will be shedding thousands of lawyers per year over the next decade. That will open opportunity for the new graduates.

Women law school graduates (now 50%) also have an interesting impact. An American Bar Association study found that 10% of women law school graduates were not working in the profession 7 years after graduation and another 14% were working part-time. Male graduates showed 1% not working and 2% part time. So, the effective size of new law school graduating classes may be about 10% less than it appears.

[tellw]

Wow, thanks for the explanation. I actually did consider law school in my mid 20s, which would have had me entering the profession around 1998-2000 with a lot of debt.