Photo: Screenshot via Bloomberg Law
The law school bubble is made up of three things — increasing tuition, decreasing salaries, and simply not enough law jobs available.So, what has to be done to fix this?
• Law schools will have to cut enrollment by about 50 per cent. McEntee says it will either be a few schools closing down altogether or all schools reducing their enrollment in proportion to their market power, or how well their grads fare in the real world.
• Financial aid for law students needs to be limited in an effort to drive down the price of law school.
“If schools continue to have a blank check, they are going to continue raising their prices … and students will get into lots of debt,” McEntee says.
What is needed then is some sort of reform to the Higher Education Act during its 2013 re-authorization that will curb law school financial aid, according to McEntee.
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