Jeffrey Toobin, legal writer for the New Yorker Magazine, notes the following in this week’s edition:
“… As with law firms, the top law schools are doing fine. Graduates of the most highly regarded institutions may not have the cornucopia of options that their predecessors enjoyed a few years ago, but few, if any, will go jobless. These students have large loans, too, but they’ll be able to repay them. As in days past, they will migrate to the big firms, where, by and large, their prospects are bright. And the cycle will continue: the rich (in credentials, at least initially) prospering, and the poor struggling. So it goes for lawyers—and, it seems, for everyone else…”
But even the top law schools are reporting that their graduates are not getting placed as quickly or as high on the totem pole as in past years. Yet, the law school still seems to be a mecca for many students. Perhaps it is the image of being a law school graduate (a lawyer); perhaps it’s the Socratic method of learning that enhances performance in even non-legal endeavors.
But, the economics of legal education, its ups and downs with the rest of the economy, suggests one more piece of evidence that The Business of Law® is no different than other areas of economic endeavor.