None of this is exactly news, of course, but it certainly is compelling to see this data collected in one place. A few weeks ago there was a lot of discussion on the blogs about the bi-modal distribution of salaries among first year lawyers. The WSJ story hammers home the point that the bi-modal distribution made at least implicitly: A law degree simply isn't the guarantee of the good life that it used to be. In this environment, we can expect fewer students to apply to law schools and for those who do to be better and more knowledgeable consumers of law school services. They are certain to demand more from law school and to gravitate toward those that offer good value for the money. The WSJ takes some schools to task for providing incomplete or misleading data on student employment and lauds others for being honest about post-graduation employment. This is the sort of thing that motivated consumers are sure to notice.
Given all of that, can a shake-out in law schools really be that far behind? Will there really be over 200 ABA approved law schools in 10 years? In 5?
(Cross-posted at PrawfsBlawg)