The law-school bubble is popping:
“I’m hearing from the students I work with that they are concerned about the value of a law degree,” said Tim Stiles, a career adviser at the University of North Carolina. Students, he said, often tell him they have read press accounts about the difficulty of finding law jobs.
Some students are starting to feel they don’t need an advanced degree to improve their career opportunities, college advisers said.
Business-school applications for the fall 2011 class have not been tallied yet by the Graduate Management Admission Council. But last year, the average number of applications to full-time graduate programs declined 1.8%, the Council said, the first decline since 2005.
“When the economy first went down, students saw law school as a way to dodge the work force,” said Ryan Heitkamp, a pre-law adviser at Ohio State University. “The news has gotten out that law school is not necessarily a safe backup plan.”
It’s not just good news because it’s generally good news when bubbles finally deflate, at least for productive activity. It’s also good news because the overproduction of lawyers in itself has high external costs on society. I wish that we could swap a million or so for Japanese engineers.