The best time to buy is when everyone else is selling. If August 2012 law school matriculations are truly as bad as the common wisdom expects, then three years from now law grads with decent credentials will be in higher demand than they otherwise would be.
(Keep reading for the rest of Seto’s response, as well as snippets from Tucker Max‘s original post.)
Here is the rest of what Professor Seto had to say:
This does not mean that English majors who can’t figure out what else to do should go to law school. And it does not mean that prospective students should ignore costs. But when markets correct misallocations, they often overcorrect, particularly in markets with imperfect information. In my view, there is reasonable possibility that the current decline in law school applications represents just such an overcorrection.
What was he responding to, exactly? Here’s a chunk of Tucker’s less delicately worded piece from April 30. The post provided six reasons why most people shouldn’t go to law school. My favorite is No. 5:
5. “I don’t know what else to do.”
If you are coming to the end of your schooling and don’t know what to do, or just otherwise feel lost in life, you shouldn’t feel bad. It’s OK. You’re not alone. At least you have an excuse: You’re barely old enough to drink, you don’t need to know what you’re going to do with the rest of your life at this point.
If your parents and guidance counselors say that you should have already “picked a direction” or “figured out a plan for your future” by now, ignore them. The pressure and admonitions they are foisting upon you aren’t about your happiness or your success; it’s about theirs. It’s about validating themselves as good parents and qualified counselors. If they see you go to law school, to them it means you a) got good grades, b) went to college, c) didn’t drop out, d) didn’t commit (m)any felonies, e) have ambition and f) will make six-figures. By every traditional measure, they have succeeded in their prescribed roles.
None of this, of course, has anything to do with whether you are happy or fulfilled or even like the law; which are the most important considerations when making a decision like this. So relax. If you need more time to find your calling, that’s fine, take it. Try lots of things, see what you like. Try working in a law firm, you’ll see REAL fast that you hate it (or you’ll love it, and thus validate your law school choice).
Who’s right here? Tucker, or Prof. Seto and his “it’s so bad, it’s basically good” argument? Let us know in the comments.
Seto: Could 2012 be a Great Time to Go to Law School? [TaxProf Blog]
Why You Shouldn’t Go to Law School [It's up to You]