Too many lawyers?

NY Times:

Money Issues Drive Down Law Schools’ Applications

Applications are headed for a 30-year low, reflecting increased concern over tuition, student debt and diminishing prospects of lucrative employment.
I got my law degree in 1971 from the University Of Texas.  By the mid 80's there were more lawyers in the city of Houston than there were in the entire state in 1971. This growth was clearly not sustainable.  Many of these new lawyers had to take jobs in other professions.  When the business downturn hit, even large law firms were laying off people.  Some lawyers wound up with jobs in the media.  Attractive women lawyers seem to have the best shot at getting these gigs.  With the current glut of unemployed lawyers, starting salaries are declining and if the students borrowed money to get through school they were left in a real bind.

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