How Many Law Schools Need To Close?

Jun 22, 2016 by

By Charles Hugh Smith –

The only solution for the surplus of workers with law degrees is a massive, permanent reduction in the issuance of new law graduates.

America is in the opening stages of a massive surplus of over-credentialed workers. The default setting for 50 years has been: if you want a secure upper-middle class salary, get a law degree, MBA, PhD or other graduate-level professional degree.

The massive surplus is now apparent in J.D.s (law degrees) and PhDs. The writing is already on the wall: there aren’t enough jobs for law school graduates, and this scarcity of high-paying legal jobs will only increase going forward. These two articles provide the context:

The tech start-up planning to shake up the legal world (via Lew G.)

An Expensive Law Degree, and No Place to Use It (via Joel M.)

The only solution for the surplus of workers with law degrees is a massive, permanent reduction in the issuance of new law graduates. The only way to achieve this result is for a significant percentage of law schools to close their doors.

What’s the percentage that must close to restore some balance? An unfettered market would discover the price of attending law school and the number of schools needed to fulfill diminishing demand for workers with law diplomas.

But we don’t have an unfettered market–we have a government-sanctioned system of debt-serfdom. Law students can borrow up to $200,000 for a three-year law program, and so surprise, surprise, the cost of that three-year program is–yup, $200,000.

This gargantuan state-supported debt-serf machine enabled prices to soar without regard to the value of the education, its utility in the marketplace or its market cost.

The glut in over-credentialed workers is not limited to law: The PhD Bubble Has Burst: Graduating ‘Doctors’ Are Having Trouble Finding Work (Zero Hedge).

As I have often noted, graduating 50,000 PhDs in chemistry annually does not automatically create 50,000 jobs for the graduates.

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Source: How Many Law Schools Need To Close? – LewRockwell

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