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Once More, With Feeling: Law School Is Not A Golden Ticket

Will Work for Food 2 Above the Law blog.JPGAs we’ve previously noted, what might be called the “Law School Blues” article — aka “Not Every Lawyer Makes $160K” — has been written and rewritten endlessly. See, e.g., here, here and here.

So why not do it once more? These pieces always seem to generate buzz, robust commentary, and traffic, even if the tale they tell is a familiar one. From the AP:

The United States last week became the world’s first nation of 200 accredited law schools, as the American Bar Association gave provisional approval to two North Carolina institutions.

In other countries, it’s much harder to become a lawyer. In the United States, the doors are open and getting wider. The 150,000 students enrolled in law schools last year were an all-time high. So adding more slots means even more avenues of opportunity, right?

On closer inspection, however, the economics of the “more is better” argument for legal education don’t necessarily hold up.

What economics would those be? We don’t remember much from Ec 10, but we have a vague recollection of the law of supply and demand.

More excerpts and discussion, including the usual tales of contract-attorney woe, after the jump.

Still from Justin Pope’s AP piece:

It’s the numbers at the top that get all the attention: At the largest law firms, median starting salaries were $145,000 last fall, according to NALP, an organization that tracks law placement.

C’mon, Justin — $145K is so last year. These days the magic number is $160,000.

But many students don’t realize at first that the high-paying law firms recruit almost exclusively at institutions ranked in the top 15 or so. Overall, the median salary for new lawyers is $62,000. For public interest law jobs, new lawyers can expect about $40,000.

Meanwhile, the average amount students borrow to attend a private law school surged 25 percent between 2002 and 2007 to $87,906, ABA figures show. For public law schools, borrowing averages $57,170.

Here’s the promised shout-out to contract attorneys:

One symptom of the surplus is the rise of so-called “contract attorneys” _ essentially temps with JDs (the doctor of law degree). They work for roughly $20- to $40-an-hour on often monotonous tasks, like reviewing documents, that law firms outsource. A blog called Temporary Attorney even chronicles the mind-numbing assignments, verbal abuse and poor working conditions that include cockroach-infested, un-air-conditioned rooms with blocked exits and no breaks allowed.

Over at the Temp Attorney blog, you can see the email that the AP reporter sent the blog author. The title of the blog post: “Toilet Law Schools Popping Up Everywhere!”

Here’s how the article concludes:

The problem is that law schools, obsessed with rankings, have been less than straight with students about what they can expect. Too many stats are self-reported. [Professor Bill] Henderson’s research has found evidence of “massive exaggeration” by law schools when they report what graduates are up to….

It’s time, he argues, to send in the accountants, to audit what law schools advertise and make sure everyone is reporting numbers the same way. Only then can customers make an informed decision about whether law school will really be a good investment.

Not a bad idea, Professor Henderson. Not a bad idea at all.

Analysis: Law schools growing, but jobs aren’t [Associated Press]

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