LSAT applicants drop to levels last seen in the 1990s. LSAT and Law School. The dwindling demand for Law School and weak employment prospects.
Law schools are finding themselves in an unusual position. They are finding that it is necessary to cut classes in order to maintain their quality and also to confront the dwindling demand of incoming law students. The LSAT examination is the gateway to entering law school. It is a good predictor of future demand because this is a requirement for most programs. The number of student taking the LSAT in the last three years has fallen by 38 percent. In fact, in an almost startling twist the American Bar Association is now considering dropping the LSAT to make it easier for students to apply. Yet students are unlikely avoiding law school because of the LSAT itself. What is happening is students are shocked by the costs to attend law school and their likely employment possibilities. There have been many instances were law schools have inflated their employment figures simply to make it appear better than it truly is.
The evidence is mounting that law schools are hurting for applicants:
“(Above the Law) Today brings us more evidence that the number of people applying to law school is dropping. A new Kaplan survey shows that 51 percent of law schools have cut the size of their incoming classes. Of those schools, 63 percent claim they are cutting in response to the weak legal job market.
While the job market is certainly a factor, we know that schools are also struggling to keep up their admission standards as fewer and fewer people apply to law school. Some people think this is a temporary trough and that applications will pick back up once the economy gets better.”
Over half of law schools are now cutting their incoming class size. They are doing this out of necessity to remain competitive in terms of the US News Rankings. Ironically when times are tough, applications to law schools and business schools go up because people use the time to retool. This is not the case today.
“(Above the Law) Some interesting pondering from the ABA: Really, it’s a good news/bad news kind of thing. The good news: the ABA committee reviewing the accreditation standards for law schools is starting to remember it has some power over how law schools operate. The bad news: the committee is contemplating a change that will only result in making it easier for schools to recruit any and all with the ability to pay (or go into debt), while at the same time gaming the U.S. News law school rankings.”
More problematic is the lack of jobs and glut of attorneys on the market:
“(WSJ) The numbers suggest the job market for law grads is worse than previously thought. Nationwide, only 55% of the class of 2011 had full-time, long-term jobs that required a law degree nine months after graduation. The ABA defines “long-term” jobs as those that don’t have a term of less than one year.
Of course, it isn’t uncommon for people to attend law school to advance their career without practicing law. Several law-school deans cautioned against placing too much emphasis on jobs requiring a law degree.”
This is stunning that only 55% of the class of 2011 had full-time jobs that actually required a law degree nine months out of graduation. Now those are not useful stats when the sticker price of most law programs is close to $150,000. This ties in with the massive student debt we are seeing across the nation. The fact that law schools are cutting incoming class sizes and are also considering dropping the LSAT just shows that the price shock has reached a crescendo.
As the New Year comes many people begin to make money resolutions. Save more money here. Spend less money there. Yet many end up going back into their spending ways a few weeks into the year. Like any diet, you need to put something in place that is overall a new lifestyle. Temporary measures rarely work because all they do is put you into a state of depravity. You feel as if you are missing something. But the real power in saving and being financially in control of your life is the true reward, not necessarily the actual art of saving more. We wanted to provide you with a few steps that you can take to put your financial wallet on a permanent diet. In other words you will be exercising a new way of living your life and enjoying the process.
Step 1: Do you really want to eat that?
The first step is distinguishing between wants and needs. You may want a new car but do you really need one? We have entered a stage where wants and needs are blended into a perfect combination.
Step 2: Do you have the means to buy it?
Do not purchase items on debt! If you do not have the money, do not spend it. You need to put those credit cards on a diet. You know if you lack this fiscal discipline. How? If you have any credit card balances then you are not ready for this. Cut those cards up!
Step 3: Become a Stoic.
Part of changing your habits includes changing your mindset. Saving for saving sake is not going to do anything. People like Seneca or Thoreau realized that the art of succeeding in life is not wanting and enjoying what you have. The system is setup to figure out ways to have you depart with your hard earned money. Learn to think deeper about why you are buying things. Most people buy useless goods in pursuit of some unattainable goal (i.e., popularity, envy, etc).
Step 4: Praise yourself.
Each step along the way you need to give yourself positive reinforcement. Saving is an important task. But more importantly, cutting out needless spending is crucial in achieving this task. For example, going to the grocery store hungry is not a plan. Try to go only a few times a month (and when you are already full!).
Step 5: This is a lifestyle, not an exercise.
Remember that diets mostly fail because people operate in a deficit. They feel as if they are missing out. If you approach saving money this way, it is likely you will be back to swiping the credit cards only a few weeks into the year. See this as a bigger mission. No one cares outside of your family if you end up broke. Most Americans go into their golden years counting on Social Security as their only means of income. Is this really a future you would like? Those expensive goods you buy will not be there to console you and neither will all those companies you are currently enriching.
Justin Bieber, the young pop star entertainer is one of the highest paid young people in the world. In 2011 Justin Bieber pulled in millions of dollars courtesy of 500 million views on YouTube, concerts, songs, and movies at global box offices. Justin Bieber has over 32 million followers on his Twitter account and from all accounts, has raked in big income in 2012 as well. It is impressive for such a young person to pull in such a large amount of money in the form of entertainment. Yet a lot of work goes into all of this from the music, to merchandising, to concerts, and all the media and promotional tours that are associated with this process. This is now a franchise and there is an entire industry built around Bieber and providing his fans with new products.
It is estimate that Justin Bieber pulled in close to $55 million for 2012:
“(PopDust) Justin Bieber is the only man in the Top 5, and also the youngest of the group. Fitting comfortably between Taylor Swift ($57 million) and Rihanna ($53 million) with $55 million for this year alone, The Bieb earns a little more than double Lil Wayne (whose laughable $27 million income puts him barely ahead of male Twilight co-stars Taylor Lautner and Robert Pattinson, whose yearly income were each estimated to be worth $27.5 million).”
Not a bad amount for one year of work.