A study conducted by William Henderson of Indiana University Maurer School of Law showed that in 2011 only 55 percent of law school graduates were working in law-related jobs, nine months after graduation. Last year 43,735 students graduated with a law degree, of which 28 percent were either unemployed or underemployed after graduation.
Many law school graduates have experienced trouble finding work in the legal field since 2004, before the housing market crashed and the recession hit. The demand for new lawyers added up to only half of the number of those who passed bar exams in 2009.
The issue involving the over-abundance of law school graduates having difficulty finding jobs in their field is not expected to change, even if the economic state of the United States is healed. Many companies are outsourcing legal needs to countries such as India that have ‘smarter’ software. A number of American clients believe countries with such software have a more efficient process. Deans from colleges and universities are openly acknowledging that legal education is experiencing an ‘existential crisis.’
The economic problems extend much further than students finding law-related jobs. Many former law students are now facing problems paying back their student loans due to ‘high-priced degrees.’ Law students are settling for lower paying jobs for which they are over-qualified for, and as a result, many are defaulting on their student loan payments.
To read more on this story visit: http://www.nytimes.com/2012/07/15/opinion/sunday/an-existential-crisis-for-law-schools.html?_r=3&ref=opinion
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.