Since the recession began millions of people have lost their jobs. Many people are looking for work while others are trying to see if they can gain a competitive advantage amongst their peers by going back to school and getting an advanced degree. Also many people who are in ready to graduate from an undergraduate program are looking to alternatives such as going to some graduate program since the job market has been so miserable.
It seems as if the number of people who want to attend law school is on the rise. The number of people who have taken the LSAT is gradually rising. From 2000-2008 the number of people taking the LSAT increased by around 28%. In October of 2009 the number of people that took LSAT increased 19.8% year over year. I highly doubt that the number of applicants offered admission into law school has also increased by these amounts. It should be pointed out though that just because someone takes the LSAT doesn’t necessarily mean they go to law school. In fact, there are actually more people in law school today then practicing lawyers.
This story caught my eye because it beautifully illustrates the concept of supply and demand. Since it appears everyone wants to go to law school and law schools can only accept so many applicants wouldn’t it seem as if there is a supply-demand problem? Currently there are around 200 ABA accredited law schools. However, in 1963 there were only 135 accredited law schools. It seems as if the number of law schools has only increased 32.5% over a 45 year period. This is a problem when the number of applicants increases 28% in an 8 year time period.
It seems as if the number of people who want to attend law school is on the rise. The number of people who have taken the LSAT is gradually rising. From 2000-2008 the number of people taking the LSAT increased by around 28%. In October of 2009 the number of people that took LSAT increased 19.8% year over year. I highly doubt that the number of applicants offered admission into law school has also increased by these amounts. It should be pointed out though that just because someone takes the LSAT doesn’t necessarily mean they go to law school. In fact, there are actually more people in law school today then practicing lawyers.
This story caught my eye because it beautifully illustrates the concept of supply and demand. Since it appears everyone wants to go to law school and law schools can only accept so many applicants wouldn’t it seem as if there is a supply-demand problem? Currently there are around 200 ABA accredited law schools. However, in 1963 there were only 135 accredited law schools. It seems as if the number of law schools has only increased 32.5% over a 45 year period. This is a problem when the number of applicants increases 28% in an 8 year time period.
Another question would do lawyers contribute to society. Most people are familiar with trial lawyers but are unfamiliar with other types of lawyers such as: tax attorneys, estate planners, patent lawyers. My question how are trial lawyers adding value to society. Clearly, trial lawyers redistribute wealth from the party that committed a tort (wrong) to the plaintiff. Decisions in trials are made by a judge and jury who can base their decisions off emotions rather than rational thinking. What is even more interesting is in some counties judges have a political representation (republican or democrat) and get a large proportion of their contributions from local lawyers who could possibly influence their decision. Shouldn’t judges use their judgment based off the law and past precedents? However, I will contend that not all lawyers are bad. For instance, lawyers that deal with contracts and have to work on various business deals provide value for corporations in analyzing if a contract is valid and if it makes financial sense to the company. There are other groups of lawyers that provided value as well.
With the number of LSAT applicants increasing and the number of law schools staying the same getting into law school will become even more competitive. A similar situation has occurred in the field of medicine as well (look for an upcoming blog about that). I would argue that we should have more doctors instead of lawyers.
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