Debra Cassens Weiss, in two recent posts in the ABA Journal, gives us these stories to share with you.
Bad News First -- Law School Applications Way Down.
The number of law school applicants for the 2013 school year are at a 30 year low; they are predicted to be between 53-54,000 compared to 100,000 people applying in 2004. This plunge is attributed to high tuition costs and the decrease in high-paying law jobs. One University of Chicago law professor has opined that 10 law schools will close in the next ten years, and 50-75% will cut faculty, staff, and class sizes.
Now the Good News -- 2012 Wasn’t That Bad a Year For Top Law Firms.
In a surprising result from a survey by Wells Fargo Private Bank’s Legal Specialty Group, 100 of mostly large law firms did not have that bad of a 2012 -- there was a 5% increase in gross revenues, 6% rise in net income, and 5% surge in profits for equity partners from 2011. However, the second tier in the study did better than the top tier, with the second tier having a 6.5% increase in revenues compared to 4.5% for firms in the top group.