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Law school bubble about to burst?
Across the country last year, 46,000 newly minted law school graduates hit the job market bearing the crushing weight of their student-loan debts.
Nine months later, only 27,000 had found full-time jobs as lawyers. At two major Bay Area law schools -- Golden Gate University and the University of San Francisco -- only one in four had settled into law jobs.
"Legal education is in crisis," said Frank Wu, chancellor at Hastings College of the Law. "Nobody has seen anything like this. There are too many lawyers, there are too many law students and there are too many law schools."
Once considered a sure bet for a stable, well-compensated career, law has become a riskier gamble. It's not only harder to become a lawyer now, it has become much more costly. As California and other states withdraw support from public universities and schools chase rankings that reward them for spending more, tuition goes up and up, forcing students to borrow $100,000 or even $200,000 to earn their degrees.
A law degree from UC Berkeley now costs $150,000 in tuition and fees, double the cost of just five years ago. Hefty hikes at other Bay Area law schools have brought their costs to similar levels.
Nine months later, only 27,000 had found full-time jobs as lawyers. At two major Bay Area law schools -- Golden Gate University and the University of San Francisco -- only one in four had settled into law jobs.
"Legal education is in crisis," said Frank Wu, chancellor at Hastings College of the Law. "Nobody has seen anything like this. There are too many lawyers, there are too many law students and there are too many law schools."
Once considered a sure bet for a stable, well-compensated career, law has become a riskier gamble. It's not only harder to become a lawyer now, it has become much more costly. As California and other states withdraw support from public universities and schools chase rankings that reward them for spending more, tuition goes up and up, forcing students to borrow $100,000 or even $200,000 to earn their degrees.
A law degree from UC Berkeley now costs $150,000 in tuition and fees, double the cost of just five years ago. Hefty hikes at other Bay Area law schools have brought their costs to similar levels.
http://www.mercurynews.com/ci_24192739/law-schools-at-crossroads-weak-job-prospects-high
Law schools might be just the beginning. Many schools have increased tuition costs by huge amounts leading to massive student loan debts. Students who graduate then cannot find any job that pays well enough to pay back the loan.
A concern for the future is something I've heard many call "degree inflation." Today, a bachelor's degree is now the new High School diploma. You need a bachelors just to qualify for most jobs that just a decade ago needed only a HS diploma. Now you need at least a masters to gain an edge on the competition. And now...certain masters programs are beginning to flood the market, like MBA for example.
America runs the risk of having an odd problem of a very educated population, with high student debt, and no work for them to do.
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