How come the overabundance of people practicing law has not driven the cost of lawyer related services down?
(Supply and demand makes me assume this would be happening by now..)
Burdened with Debt, Law School Graduates Struggle in Job Market
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Re: Burdened with Debt, Law School Graduates Struggle in Job Market
#22We've had this problem in Brazil for quite a while. It persists, I think, because of the large salaries that some public careers offer. People would be better off working as plumbers or electricians (huge demand for those jobs at the moment), but there's also the need for social recognition which, it seems, is more important than money for some people (who have not realised they wil get neither).
Re: Burdened with Debt, Law School Graduates Struggle in Job Market
#23How come the overabundance of people practicing law has not driven the cost of lawyer related services down? (Supply and demand makes me assume this would be happening by now..)
It appears relatively few are establishing their own practices because the income from a private practice is very uncertain.
It also looks like demand for lawyer related services has also decreased. The larger firms have responded to this by laying people off - it seems they would prefer to have few, highly compensated positions rather than many lowly paid positions.
Re: Burdened with Debt, Law School Graduates Struggle in Job Market
#24Since when was the economy "flourishing" in 2010?
Re: Burdened with Debt, Law School Graduates Struggle in Job Market
#25How come the overabundance of people practicing law has not driven the cost of lawyer related services down? (Supply and demand makes me assume this would be happening by now..)
The supply of "hirable lawyers," those with real experience, is gated by the amount of legal activity in the broader economy.
Re: Burdened with Debt, Law School Graduates Struggle in Job Market
#26Since when was the economy "flourishing" in 2010?
It was flourishing in 2007 when he started. 2010 graduation minus 3 years.
Re: Burdened with Debt, Law School Graduates Struggle in Job Market
#27Many have predicted for a while now that the next big crisis will be the default of student loans (approximated at over $1 Trillion). Perhaps the Law profession will lead the way, but there must be many other professions where people are getting degrees but not jobs. After-all, it takes a lot of people to accumulate $1 Trillion in debt.
Re: Burdened with Debt, Law School Graduates Struggle in Job Market
#28I know someone in this situation. It is sad having $100k+ debt. That being said seems good thing the country to need fewer lawyers. With the excess where is the $49hr lawyer available for people? I have seen some on freelancer/uwork sites for $88 but would think could lower than that.
Many people believe that you get what pay for with Lawyers, Accountants, and other professional services. I don't think we will likely see such low costs for good lawyers anytime soon.
Re: Burdened with Debt, Law School Graduates Struggle in Job Market
#29How come the overabundance of people practicing law has not driven the cost of lawyer related services down? (Supply and demand makes me assume this would be happening by now..)
I think it has, in some respects. We have things like LegalZoom.com, which provide quick access to a law professional for things like wills and incorporation documents.
Re: Burdened with Debt, Law School Graduates Struggle in Job Market
#30At last, an explanation for the proverbially low price of legal services!