There’s more startling news about the impact of expensive tuition and poor job prospects on higher education.
According to the Law School Admission Council, the nation’s 200 law schools project just 54,000 applications for fall 2013 — a decline of nearly half since 2004. It’s the clearest indication yet of legal academia’s busted business model.
For decades, law schools have invested in expensive but underutilized buildings, faculty and administrators, all in the pursuit of excellence as defined by their accrediting body, the American Bar Association. They passed on the costs to students, who paid with borrowed money, confident that law school was a ticket to a high-paying job.
Now those jobs are scarce, and the debt-driven law school “value proposition” is in trouble.