Tag Archives: now is a great time to go to law school

More Proof the J.D. Degree is a Great One to Earn

Here’s more proof of something we’ve known and been saying for years:  the J.D. degree leads to a fulfilling and lucrative career.  So says none other than Fortune magazine.

Fortune

Fortune Magazine recently collaborated with PayScale to publish a study ranking the value of graduate degrees, finding that the J.D degree is the best non-STEM graduate degree anyone can obtain.

The rankings looked at three factors:

  • long-term outlook for job growth,
  • median salaries at mid-career, and
  • job satisfaction scores.

Here is what the researchers found:

  • Law school graduates placed second in the study for median salary at $138,200, based on salaries at mid-career or 10 years in.

  • The only graduates that earn more at that point are Ph.D. students in Computer Science.

Fortune’s analysis finds the best graduate degrees are in STEM (Science, Technology, Engineering and Math). Statistics tops the list, followed by Computer Science, Human Computer Interaction and Physics. The J.D. degree is the only non-STEM degree in the Fortune top 10.

The study used data from the Bureau of Labor Statistics to determine job growth.  From that data, Fortune is projecting substantial growth in the legal profession — 20.1 % — which is higher than all degrees except for a Master’s and Ph.D. in statistics.

Moreover, the study found that 71% of lawyers rate themselves as “highly satisfied” in their careers.

This study echoes our previous postings about the huge economic value of a law degree, how job prospects have been improving, how lawyer employment has jumped substantially, how the aging of the legal profession portends good job growth, and how, indeed, a shortage of lawyers is predicted.

If you combine these factors with Fortune’s findings, you will indeed see that now is a great time to start law school.

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Lawyer Employment Jumps By 40,000 in 2014!

Cooley President and Dean, Don LeDuc

Cooley President and Dean, Don LeDuc

Now Is the Time to Fulfill Your Dream of Becoming a Lawyer!

Western Michigan University Cooley Law School’s President and Dean, Don LeDuc, publishes commentaries on our website about the Law School, legal education, legal employment, and related topics.  This post summarizes President LeDuc’s commentary highlighting the recent surge in lawyer employment in the U.S.

Football Coach George Allen famously said, “The future is now.”  Those considering law school should listen to Coach Allen.  Here’s why.

In 2014, the number of employed lawyers increased by 40,000, or 3.66 percent, compared to 2013, according to a just-released U.S. Bureau of Labor Statistics report.  Conversely, the number of unemployed lawyers fell by 8,000.

This means that improving economy in 2014 clearly supported not only the increased number of law school graduates, but also reduced the number of lawyers previously unemployed by one-third.  The unemployment rate among lawyers is now 1.2%, far below the national unemployment rate of 5.5% and likewise the lowest lawyer unemployment rate since before 2008.  And the unemployment rate for lawyers in the fourth quarter of 2014 was 0.6%.

Summer 2015 will see about 3,000 fewer law school graduates entering the job market than did so in 2014.  At the same time, increasing numbers of lawyers will retire due to aging and the recovery of retirement portfolios.

The combined trend of fewer graduates and more retirements will continue for at least another three years, creating an increasingly favorable employment outlook.

Now is the time for those whose dream is to become a lawyer to disregard the blog-fog and look at the clear employment picture that the Bureau of Labor Statistics has painted.  That dream’s future is now.

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More Jobs Than Law Grads for the Class of 2016

There will be an undersupply of lawyers with the class of 2016 . . .

so predicts National Jurist’s preLaw magazine. In an article by its editor-in-chief, Jack Crittenden, preLaw compares decreasing law school enrollment figures with bar employment data to conclude that “there will be an undersupply of lawyers with the class of 2016, even if employment remains flat.  And the class of 2017 should enjoy a market where the job demand is far greater than any previous class since NALP [the National Association for Law Placement] began tracking data in the early 1990s.”

       Crittenden’s findings confirm what Cooley’s President and Dean, Don LeDuc, has said in this blog: now is a great time to enter law school.

       But Crittenden leaves out an equally important part of the undersupply story – due to the aging of the lawyer population, an increasing number of lawyers are leaving the profession. As early as two years ago, President LeDuc noted how 56% of Michigan’s active resident lawyers are 50 years old or older.  And Michigan data show that more lawyers are leaving the practice of law in Michigan than the law schools produce. The result is that, starting very soon, Michigan will not produce the number of law school graduates sufficient to replace the number now leaving the profession through retirement, death, and other employment. This portends well for job growth in Michigan.

President Don LeDuc is publishing commentaries on the Law School, legal education, legal employment, and related topics.  In three recent commentaries, President LeDuc takes on a variety of misstatements and misinformation about legal employment, showing that legal unemployment in Michigan remains low while legal employment is increasing.  And Cooley itself is hardly “flooding the market” with law graduates in Michigan.

Click here for all of President LeDuc’s commentaries.

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See Cooley on the web at cooley.edu.

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The Benefits of Higher Education and a Professional Degree

Robb PhotoJames D. Robb is Associate Dean for External Affairs and Senior Counsel at Cooley Law School.  

The College Board has just released a study demonstrating the positive effects of higher education.  In its study called Education Pays 2013 – The Benefits of Higher Education for Individuals and Society written by Sandy Baum, Jennifer Ma, and Kathleen Payea, the College Board cites a vast amount of data to conclude that a college education pays dividends, and a professional degree tops the charts.

  • Individuals with higher levels of education earn more and are more likely than others to be employed.
  • The financial return associated with college credentials and the gaps in earnings by education level have increased over time.
  • Federal, state, and local governments enjoy increased tax revenues from college graduates and spend less on income support programs for them, providing a direct financial return on investments in postsecondary education.
  • College-educated adults are more likely than others to receive health insurance and pension benefits from their employers.
  • Adults with higher levels of education are more active citizens than others.
  • College education leads to healthier lifestyles, reducing health care costs.
  • College-educated mothers spend more time with children and alter the composition of that time to suit children’s developmental needs more than less educated mothers.
  • College education increases the chances that adults will move up the socioeconomic ladder.
  • Substantial evidence indicates that the associations described above are the result of increased educational attainment, not just of individual characteristics.

These conclusions are consistent with those I highlighted in a prior post, The Economic Value of a Law Degree.  The malicious scam bloggers and the ill-informed naysayers who bash legal education, and indeed higher education, continue to lose out.  The present time continues to be a great time to enter to law school.

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State Bar of Michigan Data Confirms Improved Law-Related Employment

Cooley’s President and Dean, Don LeDuc, is publishing commentaries on the Law School, legal education, legal employment, and related topics.  In three new commentaries, President LeDuc takes on a variety of misstatements and misinformation about legal employment, showing that legal unemployment in Michigan remains low while legal employment is increasing.  And Cooley itself is hardly “flooding the market” with law graduates in Michigan.

Unemployment Among Michigan’s Lawyers Remains Low

Despite the persistently slow economic recovery and contrary to popular misconception, unemployment among Michigan’s licensed lawyers remains low, according to data provided by the State Bar of Michigan. This analysis is based on their report entitled Statewide and County Demographics (2013-14), which includes data covering the active, licensed, Michigan resident members of the State Bar of Michigan as of July 2013.  This is so whether using the State Bar of Michigan’s definition of “unemployed” or the U.S. Bureau of Labor Statistics’ definition.

Employment Among Michigan’s Lawyers Is Increasing

Employment of Michigan lawyers increased by 5.2% over the past three years, according to the same State Bar of Michigan data.     

The State Bar reports employment by a wide range of occupational categories such as private practice, academia, the judiciary, corporate counsel. legal services, and the like.  With a single exception—military, which lost 3—all employment categories showed an increase in real numbers, ranging from 8 in law schools to 585 in private practice.  The distribution among the categories during the past three years was quite consistent, with the largest change being a 1.0% decline among those reporting employment in private practice.

As with unemployment figures, the employment data undermines arguments about the job market and the impact of recent law school graduates on that market.  Over the past three years, the number of licensed lawyers increased 1,141, while the number of lawyers reporting employment increased by 1,508. 

Another frequent assertion is that recent graduates are taking jobs that are not “law” jobs.  The date includes a category labeled “non-law related.  However, the number reporting employment in that category grew at nearly the exact rate as the growth in employment overall (5.1% to 5.2% overall), and the percentage of Michigan lawyers reporting such employment in 2013 is identical to that in 2010 (both at 4.8% of total employment).

Cooley’s Graduates Constitute a Representative Proportion of the Lawyers in Michigan

Of late, statements have circulated claiming that Cooley is flooding the market with new graduates, driving down employment among Michigan lawyers.  This is patently not the case.  Of Michigan’s lawyers, Cooley’s graduates constitute 16.6% of the bar, third among the five Michigan law schools.  Here is the order:

Wayne State has the largest share at 21%.  MSU/DCL is second at 17.4%.  Cooley is third at 16.6%.  UD-Mercy is fourth at 14.1%.  Michigan is 5th at 9.3%.  Graduates from all other law schools constitute 21.5% of the Michigan bar.

In Sum

In sum, unemployment among Michigan lawyers remains quite low and total employment of Michigan lawyers has increased faster than the increase in new members.  Cooley’s graduates certainly are not flooding the market of Michigan’s lawyers.

       

Click here for all of President LeDuc’s commentaries.

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Myth-Busting

Cooley’s President and Dean, Don LeDuc, is publishing commentaries on the Law School, legal education, and related topics.  In this commentary, President LeDuc takes on a variety of misstatements about legal education that abound across the Internet.

The Internet abounds with misstatements about law schools and lawyer employment.  Uninformed commentators and bloggers make the statements, and the media republish them without support, analysis or context, creating the impression that they are true.   Here are some of those assertions.

1. MYTH:  Unemployment among lawyers is widespread and severe.

False.  According to U.S.  Department of Labor Bureau of Labor Statistics data, legal occupations have the lowest unemployment rate among the ten recognized professional and management occupations.  Employment of lawyers is nearly the best among all individual professional and management occupations.

2. MYTH:  Law schools continue to admit increasing numbers of students.

False.  Nationally, first-year enrollment fell by 4,000 in 2011 and again in 2012, and will likely fall by at least that much again in 2013.  First-year law school enrollment at Michigan’s five law schools is down over 30% over the past three years (2010, 2011, 2012), and will likely decline significantly again in 2013.

3. MYTH:  Law schools will drop their standards to keep their enrollment up.

False.  Michigan’s law schools kept their entering class profiles relatively stable over the past five years, reducing class size rather than lowering their admission standards.

4. MYTH:  Law schools are charging exorbitant tuition.

False. Law school tuition is comparable to tuition charges for other professional schools and for doctoral programs.  For At Cooley, a typical May 2012 non-scholarship graduate would have paid about $97,000 in tuition for his or her legal education.  The typical scholarship student at Cooley would have paid about $75,000.  Approximately 57% of Cooley students receive scholarships.

5. MYTH:  Law school graduates are experiencing alarming default rates because of the student loan debt.

False.  Default rates among law school graduates are quite low, about one-third of the national average

6. MYTH:  The current admissions practices among law schools have led to a glut of lawyers.

False.  Admissions to practice in Michigan have decreased in each of the past three decades and by 10% since 1973.

1973 to 1982:  average annual admission to practice = 1,178

1983 to 1992:  average annual admission to practice = 1,137

1993 to 2002:  average annual admission to practice = 1,095

2003 to 2012:  average annual admission to practice = 1,061.

7. MYTH:  Young lawyers, burdened by debt, are forced to take on cases that they are incompetent to handle, causing them to behave unethically.

False.  State Bar of Michigan data suggest that recent law school graduates contribute relatively little to the work of the lawyer disciplinary bodies.  And the annual report of the Lawyer Discipline Board shows comparatively few competency-based disciplinary actions overall.

8.  MYTH: The law schools do a poor job at training students to be lawyers.

False.  The quality of legal education, from the substantive, doctrinal courses to the practical, clinical courses, has never been better.  Teaching is outstanding, facilities are the best in history, libraries are more comprehensive than ever, and technology has been employed in all parts of legal education.  Focus on practice preparation by the nation’s law schools has never been more intense.

9.  MYTH: Big Law – made up of the ultra large international and national law firms, is the core of the legal profession.

False.  Almost two-thirds of all lawyers in private practice work in solo practice or in law firms of from two to ten lawyers in size.  “Big Law” has no relationship to the real world faced by almost all of our nation’s lawyers.

10.  MYTH:  We don’t need more lawyers. 

False.  Maybe there are plenty of lawyers charging $600 an hour and up to represent the largest corporations, but there clearly are not enough lawyers to serve the interests of the middle class, much less the indigent in society.  Many rural counties in particular are severely lacking lawyers.

Want the details?  Read this commentary in full.       

Click here for all of President LeDuc’s commentaries.

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Now’s a Great Time to Enter Law School

Cooley’s President and Dean, Don LeDuc, is publishing commentaries on the Law School, legal education, and related topics.  In this commentary, President LeDuc shows that now is a great time to enter law school.

If you have dreamed of going to law school, now is the time to act.  Your odds of admission have never been better, whether you aspire to get into an elite school, into the school of your choice, or just hope to get into a law school.

About 74% of 2013 law school applicants will enroll in law school, based on current 2013 application numbers and the law school admissions practices of the past two years.  In 2003, about 49% of law school applicants enrolled in law school, and that rate has been climbing steadily each year since 2004 to a high of 65% in 2012.  This enrollment trend is likely to continue in light of declining applications.  Over the past couple of years, most schools were making hard decisions between cutting entering class size and reducing minimum admissions standards.  Those who have reduced class size will find it more difficult to continue to do so in 2013.  Based on past performance, the schools are unlikely to reduce entering class size in proportion to their decline in applications.

So, the odds now strongly favor admission and ultimate enrollment.  But why go to law school now, given the current labor market?  Three answers.

First, the current labor market is irrelevant.  The employment market today will not be the same in three or four years, the time it takes for most students to get admitted, start classes, graduate, pass the bar, and go to work.  All indications are that the economy will slowly improve over the next few years, leading to more employment in business and government and more jobs for lawyers.  You should make your decision based on what is likely to happen by the time you graduate, not what is happening today.  Beginning with 2014, law school graduation numbers will drop considerably, resulting from the drop in first-year enrollment in 2011.  Competition for jobs among law school graduates will be less.

Second, the popular assessment of the current legal employment market is woefully inaccurate.  Over the past few years, employment of lawyers has been stronger than for nearly all other professions and occupations, and in 2012 was even stronger.  According to the Bureau of Labor Statistics, the annual average unemployment of lawyers was 1.4% in 2012, and the number of unemployed lawyers was the lowest since 2007.  While there has been much media and blog stress on unemployment among law school graduates in their first year after law school, employment among those graduates far exceeds unemployment among them.  You should not be swayed by the critics, but make your own evaluation of the actual current situation.

Third, this decision should focus on the long term, not today.  If the first two reasons are not enough, think “reverse” Social Security.  Our nation confronts a retirement boom created by those who constituted the baby boom.  While we worry about how to cover the social security cost of the increasing boomer retirements, we lose track of how many jobs these retirements will create, including the likely surge from those who have delayed retirement during the recession.  And guess what?  Those retirees will include an increasing number of lawyers among them.  You should regard your decision in the context of law as a long-term career.

Want the details?  Read this commentary in full.       

Click here for all of President LeDuc’s commentaries.

Scroll below to comment on President LeDuc’s commentary.

See Cooley on the web at cooley.edu.

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