Friday, December 26, 2008

Bursting My Bubble

Michael Cahill wonders if the law market is due for a bubble burst akin to the housing crisis. Like the housing market, law school tuition has risen dramatically over the past several years, easily outpacing inflation, due to easy access to credit. With the market in free fall, however, is that model sustainable? Answer: possibly, because law school admissions tend to be counter-cyclical, as people who are having trouble finding jobs anyway are more likely to leave the market entirely and go back to school. But that assumes the coming credit crunch doesn't extend to law school students.

My guess? Tuition raises will slow down, but not fast enough to do anything for me. But I'll be trying to enter legal academy right in the heart of the turn away from tenure track hiring. Huzzah!

1 comment:

Mark said...

Just keep and open mind and your eyes open. The Academic market in physics got a lot tougher in the late '80s and I ended up a computer programmer after getting my degree ... but 20 years later, I'm well married, have a family, am happy and employed. So even if you don't end up an legal academic things will not necessarily end up worse than your hopes.