JONATHAN CHAIT APRIL 25, 2011
Paul Campos does some excellent spadework getting to the bottom of the wildly inflated claims put out by law schools about their graduates' employment prospects. One implication is that the entire law school industry -- and it is an industry of sorts, representing a significant profit center for universities -- is a giant bubble. The students are the investors, and the school ranking indexes (like U.S. News) are like the rating industries. The whole thing is supported by the obscuring of vital information which would expose the unsoundness of the enterprise. Once that is corrected, it's all going to pop.
I'm not saying law schools will go away -- the prestigious ones, especially, will probably come out just fine -- but vast swaths of it will probably disappear.