https://en.wikipedia.org/wiki/Let%27s_kill_all_the_lawyers
The US population has doubled from 1960-2020, so the share of new lawyers remains roughly at the same percentage, despite the greatly increased complexity of modern business, communications, intellectual property and society. This ratio is now way down from the 2000’s when it was unusually elevated.
Supply and demand drove lower salaries and higher unemployment after 2010.
Starting salaries at major law firms have always been attractive to undergraduates. The distribution of starting salaries shows that the legal profession is divided between those in the top one-fourth and all of the rest. The median starting salary at $100K for 7 years of college education looks more like an engineer, pharmacist, actuary, data scientist, financial analyst or market researcher than a world changing persuader.
The percentage of US congress reps with a legal background has declined decade after decade.
Lawyers occupy 9% of CEO roles; far less than their MBA competitors.
https://hbr.org/2017/08/do-lawyers-make-better-ceos-than-mbas
In general, public opinion has less and less support for the “advocate” model of legal representation.
https://medium.com/indian-thoughts/devils-advocate-the-new-age-sophists-bf25c928eefdhttps:/
New lawyer debt is at a record high level ($150K). (page 27).
The legal profession remains 86% white, far removed from the American population distribution. (page 34).
Legal wage growth accelerated in the “oughts” and then rose by less than inflation in the teens (page 47).
The number of law school applicants dropped nearly in half from 2004 to 2015, from 101,000 to 54,000. (page 55).
Despite the great reduction in new law school entrants, the bar exam pass rate has declined from 80% to 70%. (page 80).
The highest skilled lawyers remain in high demand in the US, earning $120-180K for starting salaries. They are typically not “changing the world”. But, they are helping the owners of great wealth to maintain and improve their positions. As an accountant, engaged to measure and advise, I appreciate this value-added role in society.
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