« on: February 01, 2008, 11:35:38 AM »
I expect that the current troubles may have a very large impact. Big-law, securitization and mergers and acquisitions especially, has made a killing over the last 10 years as the market expanded rapidly with all of the cheap credit. If things do tighten up, this may temporarily force big-law into hiring fewer associates in those specialties because there is less business. Those people would then flow out to fill up other positions, forcing out more people, etc. Also, if financial services companies begin shedding employees, those people may turn around and try to enter law school, increasing competition and creating another bubble in law school enrollment like we saw at the beginning of the decade. I'm glad that I'll be going to law school now rather than a year or two from now because it means I should be coming out right as people are getting into the thick of rebuilding, and that will require a lot of lawyers.
In the long run, everything will be fine. But, as Keynes pointed out, in the long run we're all dead.