This may be an optimistic view, but doesn't the overall occupational outlook for attorneys look really good?
The population of the United States is increasing, which means more people that will need legal services. Yet much of this increase is due to immigration rather than domestic births. Much of these immigrants, whether low wage workers or not, would not really be taking jobs from attorneys because it's hard to be a lawyer in another country and then come over here and be an attorney (not impossible, but tough). There's also the language barrier that would make it tough for immigrants to become attorneys.
Meanwhile, the baby boomers are retiring or will soon retire. This seems like a vast client pool. These people grew up in the most prosperous time this country has ever known, and many have done quite well for themselves. Wills, trusts, and estates would benefit. There will be those who get married at very old ages and divorce at old age, those who may even want to start a small business on the side at an old age, and healthcare law should benefit as well. Thus it seems like the graying of the population may benefit young attorneys by opening up more jobs from retiring attorneys, as well as creating a vast pool of potential clients. The only problem I could see with this is increased taxes to support the elderly, which will depress wages. But the increased demand for attorneys I am expecting would cancel this out.
There is this issue of more and more people applying to law school, but that just means schools are taking a smaller percentage. There are some new schools that are coming into being, adding to the already large amount of attorneys, but this shouldn't be a large concern considering there should be increased demand for attorneys.
I don't know, does all of this makes sense? Anybody agree, disagree?