Those of you who have been following the exploits of Loyola 2L are familiar with his refrain that law school is a scam. In this economy, that's getting ever more exposed, and according to a recent article in the ABA Journal, people are starting to get it (emphasis mine):
Many educators tout the statistic that college graduates will earn $1 million more than high school grads. The magazine examines the claim and says the statistic doesn’t account for some facts.
First, the higher salary figure may reflect the fact that college graduates are smarter and work harder—characteristics that could boost salaries for such people even if they don’t attend college. Second, the cost of a college degree has risen at twice the rate of inflation, coming to nearly $100,000 for a private school. Third, college students give up about $125,000 in pay for the four years they are in school.
The story cites a College Board study that found one in four college grads earns considerably less than the top quartile of high school grads.
One law school dean, Richard Matasar of New York Law School, says law schools are "exploiting" students who don't succeed in life, according to an account of his remarks at a recent program by TaxProf Blog.
Matasar said registrations for the law school admissions test are flat or below the norm for this year. “That's never happened in a downturn in the economy before,” he said. “They're catching on. Maybe this thing they are doing is not so valuable. Maybe the chance at being in the top 10 percent [helpful in landing a good job] is not a good enough lottery shot in order to effectively spend $120,000 and see it blow up at the end of three years of law school.”
Exactly. The Stud has heard that legal careers are a bubble. If so, this recession is bursting that bubble.
On the plus side, if you can hang on for a few years, there will be fewer competitors from the dwindling class of 2012.
(Hat-tip: The Lene Machine)