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Full-Text Articles in Law
The Crisis In Legal Education: Dabbling In Disaster Planning, Kyle P. Mcentee, Patrick J. Lynch, Derek M. Tokaz
The Crisis In Legal Education: Dabbling In Disaster Planning, Kyle P. Mcentee, Patrick J. Lynch, Derek M. Tokaz
University of Michigan Journal of Law Reform
The legal education crisis has already struck for many recent law school graduates, signaling potential disaster for law schools already struggling with their own economic challenges. Law schools have high fixed costs caused by competition between schools, the unchecked expansion of federal loan programs, a widely exploited information asymmetry about graduate employment outcomes, and a lack of financial discipline masquerading as innovation. As a result, tuition is up, jobs are down, and skepticism of the value of a J.D. has never been higher. If these trends do not reverse course, droves of students will continue to graduate with debt that …
The Crisis Of The American Law School, Paul Campos
The Crisis Of The American Law School, Paul Campos
University of Michigan Journal of Law Reform
The economist Herbert Stein once remarked that if something cannot go on forever, it will stop. Over the past four decades, the cost of legal education in America has seemed to belie this aphorism: it has gone up relentlessly. Private law school tuition increased by a factor of four in real, inflation-adjusted terms between 1971 and 2011, while resident tuition at public law schools has nearly quadrupled in real terms over just the past two decades. Meanwhile, for more than thirty years, the percentage of the American economy devoted to legal services has been shrinking. In 1978 the legal sector …
Efficiency-Wage Theory And Law Firm Pay, Dongyu "Eddie" Wang
Efficiency-Wage Theory And Law Firm Pay, Dongyu "Eddie" Wang
University of Michigan Journal of Law Reform Caveat
Every first-year law student knows that Big Law pays $160,000 a year. In fact, this number is likely the biggest incentive for applying in the minds of most law-school hopefuls. Taking New York City as an example, a quick look at Vault’s salary data reveals that, indeed, the large majority of New York firms with available salary data pay first-year associates exactly $160,000.