The Future of Law Schools: Will there be Fewer?

The value of a law school education has been taking a hit ever since the economy forced  "contraction at the top of the salary scale (which) pushed a substantial number of highly competitive entry-level job candidates down the scale." This, according to Law professors Bernard Burk of Stanford and David McGowan of the University of San Diego Law School. The two professors studied the future of the law firm and law schools in their article, "Big But Brittle: Economic Perspectives on the Future of the Law Firm in the New Economy."

Because of that compression at the top of the career ladder,  the break-even point for law grads--the point where the cost of a law school education is still a good investment--will be forced higher.  In order to pay for law school, students will need higher salaries even though many of those higher-paying positions will no longer exist.  As  students weigh the cost/benefit, the professors note that "graduates of less prestigious law schools, and many graduates with less distinguished academic records...are having a very hard time finding jobs remunerative enough to support the levels of student-loan debt common among recent graduates, let alone recoup the investment of time and money law school represents for them."  Professors Burk and McGowan say they "see these conditions continuing indefinitely." That harsh economic reality will ultimately reduce the number of students willing to pay the high tuition price when there is a reduced chance of a high level career reward.   They add that the ultimate impact will "likely imply that there are more law schools than an increasingly competitive environment will support. Contraction in the number of schools seems probable and likely would be efficient." 

The report also discusses the need for more practical legal education.  Clients are demanding it because they no longer care to have the cost of practical, on-the-job training passed on to them.  Without the ability to charge clients, fewer firms are willing to absorb the full price tag for practical training.    

Sources:

Nancy Rapoport's Blogspot

SSRN

ABA Journal