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| *Ostroff, Fair and Company>>>Law & Legal |
If all law schools closed their doors for the next five years, would that increase the demand for lawyers? |
If all law schools closed their doors for the next five years, would that increase the demand for lawyers? I do not think so. I think it would take at least 10 years. When I graduated law school in 1993, more than half of my graduating class were unable to find jobs as lawyers. Many already had jobs and went to law school at night, so they continued on in their job, using the degree/license as a notch on their resume. In 2003 the law school did a survey on my class and still 40% were not using their degree and their law license. That is just one graduating class. If law schools closed their doors for a time, maybe all those who paid their money, studied hard to become lawyers, but because of their age, sex, race, past jobs, family commitments were not hired as lawyers, would get the opportunity to use their education. i think it would. Same with any profes. every year lawyers retire, die move ont o better things. I think it would cause an increase in the demand. Yes and no. The clients real need would not increase so that would not increase demand. However, partners in large firms make their real money from the billing of young associates time so the firms would have to create an artificial demand to bring in higher paid people from the surplus avaiable and thus would create the demand. It is not a classical market where surplus lowers demand and that is why the firms don't take steps to limit supply. |
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