So the big question is.... with so many people in law school, are there any more lucrative jobs for the average law school graduate. Does it pay for me to rack up the debt by going to law school and getting a job that will only allow mediocre pay due to basic supply and demand rules. I want to be a lawyer, but if I can find another avenue to serve the public in a similar capacity, I may be inclined to take that path if the pay is similar or more. Three years is a lot of time and money to invest, to not make the money I want. It is a shame salaries are being lowered so much. Unless you are a grad from Harvard or Yale (or the alike), I am not sure lawyers can make the kind of money they used to (unless they have connections or good luck).
I think supply and demand rule for lawyer is strictly dependent upon area of specialization. For example (not based on any statistics or studies, just for sake of the argument), there might be more DUI defense attorneys than immigration attorneys. Accordingly, DUI defense attorneys, on average, may earn less than immigration attorneys do. This is textbook supply and demand at work.
I plan to be a tax attorney because of my educational and professional background in accounting and tax. This area is not so easy to enter for someone with, say B.S in English/JD unless LLM in tax.
Typically speaking, BMW mechanics' wages are higher than Chevy mechanics, Heart surgeons make more than family practice, Orthodontists make more money than regular dentist, and so forth and so on.
I saw "top 25 paying job" on MSN recently which showed that only professions that have higher avg salary than a lawyer were various types of MDs.