The Lawyer bubble

A recent editorial in the Boston Globe took delight in the fact that the “lawyer bubble” might have finally burst.

For lawyers trying to survive in the current climate, they might not appreciate the idea.

Nonetheless, it does seem as if we’ve hit a breaking point.  The costs of legal education have skyrocketed out of control, whilst the job prospects and utility of a legal degree have plummeted (especially from a lower-tier institution).  Applications to law schools have responded in kind.

For current lawyers, fewer lawyers is certainly a good thing; combine fewer new graduations with the retirement of older attorneys and there should be fewer mouths competing for work that is available.

At least in theory.

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