The noble profession of attorneys has taken a hit in recent years as there are fewer students wanting to get into the legal field. A combination of many factors has significantly reduced the number of people who are taking the LSAT test and entering law school. The dearth of new lawyers will be felt in upcoming years until this current trend is reversed.
Why has Interest Dropped in Becoming a Lawyer?
There are actually a number of reasons that have to do with current economic times and the changing interests of a new generation.
Economy: Although recovering from the housing crisis of 2008, today’s economy is still quite sluggish. With the near future looking more uncertain, the poor economic indicators are still holding back many people from entering all types of professions, especially becoming an attorney.
Tuition & Loan Costs: It is no secret that tuition costs have soared well above the inflation rate for the past two decades. Today, tuition costs are now higher than ever and no end is in sight to the increases. Student loans have frankly become outrageous for law students, often racking up into the hundreds of thousands of dollars. Such a burden, even with the average salary of a lawyer can be quite intimidating.
Saturation of the Market: It is a well known fact that the field of law has been over saturated for the past decade, leading to greater competition and fewer opportunities. That impression is still being held today despite far fewer people entering the law profession.
Interest in Other Degrees: There has been a shift in recent years from students who may be natural candidates for a law degree to pursue another in-demand degree; forensic science. For example, criminal investigators, a criminal justice or a forensic science degree has looked much more attractive based on the demand for these particular professionals.
These are the reasons why there are fewer people entering law school and those that do often have lower LSAT scores, which means that the opportunity for those who are passionate about this profession is higher than ever.
Why Pursue a Law Degree Today?
The old adage in the stock market is to buy when everyone else is selling. With the dearth of new law students and increases in opportunities, the time to pursue a law degree is now. This is because of a number of reasons that makes getting a law degree more attractive than ever.
More Opportunities: In 2012, the number of law school graduates reached a peak, yet the number of opportunities for them was also higher than ever. Today, with the number of new students entering law school virtually half that of 2009, the opportunities have not diminished.
Greater Demand: With fewer lawyers available towards the end of this decade, the demand for good lawyers will soar along with their salaries and opportunities. With reduced competition combined with a higher rate of retiring lawyers, this means a golden opportunity awaits those who are just entering law school.
These are just a couple of reasons why now is the perfect opportunity to pursue a law degree. For those who can face the financial burden, becoming a lawyer can become the opportunity of a lifetime.