How bad is business in the legal profession? Law schools are going out of business in droves. The remaining ones are fighting like crazy to reduce their prices, one way or another, in an attempt to stay in business despite plummeting applications. And why are applications plummeting? Because the word has hit the streets that it’s more difficult than ever before to eke out a living as an attorney.
That’s true nationwide and across all areas of practice. I posted a story about a partner in a New York prestigious law firm who filed a Chapter 7 bankruptcy recently on my blog. I tell my children to go do something else. This job is in a terribly declining industry.
The reasons are extremely complex. It ranges from changes in the way corporations handle legal issues to caps on malpractice awards to changes in the income distribution in society.
Nevertheless, yours truly has no plan B. I am going to be doing this for life, even if it means riding this pony to the bottom.