Andy had been keeping up with the poor state of the U.S. legal market a few years ago, and it seems like a good idea to continue his efforts. The recent positive U.S. job report for January 2016 had some minor bad news for the legal profession: a loss of 1,400 lawyers, or 0.12% from December.
But the sour news was completely offset by the 95 percent of law students who spent last summer clerking at a law firm and received an offer to work full-time at the firm after graduation. Read about it here, but the takeaway is that the effect of the ’08 recession was over last year, partially because the law school bubble has finished it’s big pop:
The 95 percent offer rate was up from 93 percent in 2014, and a marked increase from the low of 69 percent in 2009.
Leipold noted that with first-year law school enrollment having fallen by more than 15,000 nationwide over the past five years, law firms are seeing more competition for the top candidates simply because schools are producing fewer graduates.
So long as the January’s (… and February’s) stock market, oil plunge, emerging market trifecta doesn’t spin the United States into another recession in 2016 … it might be time to again start thinking of an American J.D. as a safe investment in the future. But don’t tell your friends.