Big changes in store for law schools?

The American Bar Association has appointed a task force on the future of legal education and much of the conversation is focusing on some pretty big changes.  Things like cutting the length of the degree from three years two, making law degrees an undergraduate degree option, and changing the mix of faculty to more practitioners and fewer academics. 

ABA can only make recommendations, as law schools are regulated by the state courts.  In a time when many law school graduates have had difficulty getting positions as practicing attorneys, it will be fascinating to see how this all plays out. 

More evidence that markets work: law schools

The market for lawyers is being adversely impacted by three forces: financial regulations have dried up the volume of financial deals, more legal work is being outsourced overseas, and corporations insist on more bang per buck of legal fees.  We are now starting to see reaction on the supply side of the market -- the number of people taking the LSAT has fallen by 24% over the last two years.  My guess is that the LSAT numbers were artificially high in 2009 and 2010 as students sought out law degrees as a safe harbor from the Great Recession.  But a 24% drop is huge, no matter what spin you try.  This could be tough news for the smaller, less visible law schools. 

Lawyers need to understand business

According to yesterday's WSJ, more and more of the nation's leading legal firms are sending their newly hired attorneys to learn about business, especially finance.  For instance Fullbridge (founded by two Harvard MBAs) offers an eight week program that covers the following topics: finance, project management, innovation, presentation skills, spreadsheets, selling (not marketing!), and ethics.  One reason for these programs appears to be cost: clients do not feel they are getting their $300 plus per hour from junior attorneys straight out of law school with no business experience or knowledge.

Fullbridge gets paid by the law firms to provide this training.  One might guess that in today's market for entry level legal positions that law students would make a point of obtaining these skills on their own, so that they can better compete for the limited number of positions available.  Shameless plug: applications will soon be accepted for the entering fall 2012 class of Campbell JDs and NC State MBAs. 

Not a good time to enter law school

Although things are not 100% rosy on the business school front, they appear to be much, much worse on the law school front, according to Slate.  There are 100,000 fewer jobs BUT the bar association keeps approving new law schools.  The number of grads has grown by 10 percent this decade.  One thing I did not know: the salary distribution for newly minted lawyers who are lucky enough to get jobs is bimodal -- some get $150k or more at big New York firms, but most end up making $45-60k. 

Kicking it up a notch on grade inflation

Times are tough for many law school graduates.  Saddled with debt.  Few job prospects.  What can a school do to help its alums? 

Amazingly, a number of law schools have decided to increase student grades in courses that already have been completed, according to today's NYT.   Loyola Law School in LA is adding 0.333 to the GRA of all of its recent graduates.  Why?  Apparently Loyola professors had been tougher graders than those at other California law schools, so the school decided they needed to boost grades to make their grads more competitive in a tough market.  Other schools have made the same sort of change, but unlike Loyola they have not announced it to employers. 

A word to the wise to current NC State MBAs: don't hold your breath.