Friday, March 12, 2010
One-Way Ticket to Brazil: A Solution to Law Student Debt
Maimon Schwarzschild
Paul Caron links to a National Jurist post reporting that law school faculties are 40% larger than ten years ago and the number of deans, librarians, and other full-time administrators on the teaching faculties has tripled. A law professor's typical teaching load has dropped from five courses per year a few generations ago to three courses today. Instapundit links to Caron's post, and rightly highlights the comments at the foot of Caron's post from indebted law students, graduates, and their families:
BUBBLE? In the comments to this post, law students are talking about crushing — $150-250K — debt loads and no jobs, and being advised to flee the country since the debt is non-bankruptable. I’m hearing more stories like this, and I wonder if it’s not a sign that the higher-education bubble is starting to burst.
The economics of legal education today seem unsustainable to me. Here is an article of mine on the subject, with more gory details. It was for a symposium on "the ethics and economics of legal education today". Here are all the symposium articles, posted by Paul Caron.
Then again, unsustainability seems to be a theme in much of the country's - and not only this country's - economics and politics today.
https://rightcoast.typepad.com/rightcoast/2010/03/oneway-ticket-to-brazil-maimon-schwarzschild.html
Comments
Heading off for Brazil is the best idea ever. There the rum is cheap ($3 per liter) and no Baptists to tell you you can't buy or drink it anywhere 24/7, the women are Oh-so-fine and they know how to cook and do churrasco, the kids are living the good kid-life I lived in Chicago of the 50's. Now that we have a fully corrupt Congress in the USSA, the classical political corruption of Brazil looks tolerable. OK, here a guy tries to bring in explosives in his underwear; there, a politician tries to leave with $$$ in his underwear. Which is better?
In addition, there are almost no cops there following you around to see what you are smoking or drinking, or filming your sex positions with men or women. Gays have full marital rights there and a couple about to be married can choose a pre-nup that specifies full-sharing, part-sharing or no sharing of wealth and income. Smart!
Another advantage is that you never have to endure the endless hours of baseball, football or basketball on TV. You have to like soccer and fast women, though.
Posted by: jimbino | Mar 12, 2010 3:29:47 PM
The ever increasing number of attorneys is driving me nuts. How will I ever find a job once I'm out of school. At this rate I'll just be part of the new poor class: http://lawblog.legalmatch.com/2010/03/01/an-emerging-poor-may-mean-an-emerging-need-to-walk-away-from-your-home-mortgage/
Yep, poor YUPPIE
Posted by: Tragger | Mar 13, 2010 7:50:41 AM
A PhD in New Jersey at one of the State Universities is 90 credits over a Bachelors degree which ends up being about 90k plus books and a few other things. Most full time students end up being supported which reduces that amount. So a law degree, which is a little more than an MBA in length of time, is 150-250k? We are saying that the PhD is unsustainable as it is going but Unsustainable is not the word for the law degree situation
Posted by: Rich | Mar 14, 2010 12:39:51 PM
The United States has too many lawyers. It's time to stop subsidizing Universities and Colleges. Lawyers are non-productive PARASITES on our economy. Lawyers become politicians who then write more unneeded laws and statutes and RAISE TAXES to steal from the productive citizens and give to non-productive leaches.
How about a moritorium on new Lawyers for about five years or so.
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