There’s a notion that law schools are turning out too many graduates. As usual, received wisdom has some elements of truth, but is not the whole story.
As part of our background research, we looked at the demographic trends. We found that while some still consider the legal profession to be a strong industry, the fact that the median age of lawyers’ retirement is 75 creates a bottleneck effect. Jobs exist, but new calls must wait for the older lawyers to vacate them. The study also found that the number of practicing lawyers is growing faster than the country’s general population.
Today’s demand for legal services is static-to-declining, and would-be clients turn to self-representation or other professionals. Over-supply can be problematic for those who expected a certain return on their investment in law school – and now can’t even find an articling job.