Too Many Lawyers?

There are few that would dispute the benefits of higher education. As a youth, many children believe that they would like to be either a veterinarian, a doctor or a lawyer. A fair number of these children even live out their childhood dreams and attend a graduate school that allows them to achieve this goal.

However, a recent report on Bloomberg’s website states that law school attendance is actually decreasing despite the fact that more law schools are being built. There are many arguments as to why this phenomenon may be occurring. Some believe that the cost of higher education may be deterring many individuals from enrolling in a law school. Others believe that many law schools have earned a reputation for ill preparing their students for the actual practice of law.

These facts many be true for many, however, I feel that the problem is much more pervasive. It is my opinion that there are just too many lawyers. I know that I am essentially saying that I am part of the problem and I am okay with that. I’ll explain.

If there were fewer lawyers (and many individuals’ dreams came true), there would be more demand for qualified legal support. If there was more demand for legal support, there would be more demand for lawyers. If there was more demand for lawyers, new lawyers could make enough to actually afford the cost of their legal education. If the cost of their legal education was likely to get paid for, more students would be happy to commit to going to law school.

The Bloomberg article below states that more than one third of law school graduates could not find a job associated with their degree. Many might consider this a victory for society since there are fewer actual lawyers. It also is a huge waste of financial resources that should have never happened.

Four Charts That Explain Why America Has Too Many Law Schools

 

Matt Pfau is an attorney and founding partner at the law firm Parry & Pfau. Matt has a background in business consulting, estate planning, business start-ups and bankruptcy and is licensed to practice in both Nevada and California. A partner in the firm Parry & Pfau, he can be reached at 702-912-4451 or matt@p2lawyers.com.