[T]here are 45,000 annual law school grads, and the [US Bureau of Labour Statistics] predicts there won’t be more than 25,000 annual entry-level legal jobs (including all salary levels*, part-time, and temporary work) before… 2018.
Believe me, law schools are walking hand-in-hand with for-profit dreck like U Pheonix and DeVry to the bursting of the higher educational bubble. There are tens of thousands of new attorneys who really have no more shot of paying off their law school loans than the Hollywood mail clerk has of becoming a studio boss … crippled by $200,000 or more of nondischargeable student loans. Furthermore, the legal industry is being ravaged by outsourcing, automation, and severe downward pressure on the billable hour. The industry is fast becoming a cemetery.
* Those big corporate law firms — the ones that pay six-figures to new attorneys in NYC, DC, and other major cities — barely accounted for 10% of law school grads when the economy was good. These days, even Harvard and Columbia Law are having trouble placing all of their grads.