We are now seeing the fruits of complaining made years ago. Google the Wall Street Journal article in question (for I am too lazy to find it), but the for-profit schools are struggling and overall law school admission has dropped compared to 2008.
Some of the smarter schools opted to shrink class size while others lowered their standards to fill vacant seats. The latter is experiencing a shortage of graduates who can pass the bar after flushing $100,000+ down the toilet.
There are apologists out there that put forth what sound like noble reasons for this model, but I can’t help but think that there was a trough of money underlying this course of action that was similar to how for profit schools were targeting those going to school under the GI Bill. Times change and the money dries up. Law schools seemed like a great cash cow. Low overhead. Desperate customers willing to shell out the money. Theoretical alumni base that was theoretically rolling in the dough and donating to the school while showing up to association dinners in their Benzs. Yet, the circle was broken.
I feel sorry for whoever is on the wrong side of this, but let’s not let the word die out! Things have not recovered as they are just as stinky as ever. I wouldn’t know that nearly a decade has passed since the big economic crisis. It may have picked up for some, but the legal profession is forever changed.
