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The Law School Bubble

Gaetan LionAugust 20, 2014

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Source: LSAC.org

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Concentrating on the most recent periods capturing a steady decline since the 2010-2011 season.

Source: LSAC.org

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Progressive Decline in Law School Applicants over the most recent three Fall Admission seasons

It is also interesting to observe the ramp up in applications. It looks like about half of the applicants apply before February and half after February.

Source: LSAC.org

The acceptance rate has progressively increased from 55.6% in 2004 to 76.9% in 2013. Watch that starting in 2011, the industry has attempted to match the reduction in Demand (green) with a reduction in Supply (red). Maybe some Law Schools are closing down.

Source: LSAC.org

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These are # of applicants from the blog Associates’ Mind that gatherered data from LSAC.org. See spectacular drop for Cornell from 589 applicants in 2010 down to 309 in 2013!

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The Top 14 Law Schools have Employment Rates of around 95%

Source: Forbes

Employment prospects are still holding up at the top 14 Law Schools. This is especially true if you focus on the most lucrative jobs at large Law Firms according to Forbes.

15th to 25th have employment at 80% or above (green). And 26th to 56th have employment at or above 80% except for two Schools

(blue)

Source: Forbes 8

Employment rates are still reasonably high at around 80% of above for the majority of Law Schools that rank from 15th to 56th. However, to assess the quality of those jobs call for further analysis.