The recession could reshape the economics of the legal profession, according to the Times. The era of lucrative starting salaries for new associates in private firms may be coming to an end, which could also restore some sanity to law school tuition. Law school deans could once point to the generous compensation packages awaiting law school grads as justification for soaring tuitions, but firms probably won’t be able to throw the money around like they once did. And if students can get a legal education without taking out a mortgage-sized loan, they might be more willing to explore careers in government or public interest law.
The big firms will always be able to outbid the legal aid societies when recruiting new hires, but more new grads might decide they don’t want to endure years of indentured servitude and would rather practice a more rewarding kind of law.
Here’s hoping this is true. However, as long as law schools like the U of MN continue to lose state funding they need to make up their budgets on the backs of students and staff.
I always felt fortunate that my profession (engineering) required only 4 years of public University. Which, when you think about it, seems kind of backwards… we are the ones designing everything in the modern world… perhaps in light of the 35W disaster that’s somewhat questionable.