Off-Topic: Dewey LeBoeuf and the Supply/Demand Imbalance

The imminent and tragic demise of Dewey & LeBoeuf compels me to post something off topic today.  The referenced article interviews a prominent attorney who is about to publish a book aptly titled, "Declining Prospects."  http://tinyurl.com/7m4etyp

Fundamentally, there is a supply-demand imbalance in the market for lawyers.  In real estate, when there is an oversupply, developers stop developing, and lenders stop lending.  In the legal profession, the oversupply is created and fed by an excess of law schools.  The law schools have no incentive to cut back on enrollment, as apparently the schools are money makers.  And apparently there is no shortage of applicants to law school.  If you are thinking of law school, you have to understand the grim odds.   If you get into a top tier school and are in the top 10% of your class, you will probably do fine.  Our winner-take-all society creates a steep cliff, with a small group of elites clustered at the top of the cliff.  After that, everyone else is at the bottom, struggling. 

Caveat emptor.  


We'll get back to tech issues shortly....