A Model of the Demand for Law School
نویسنده
چکیده
Conditions in the market for lawyers have been remarkably turbulent over the course of the last forty years, both in terms of the size of the legal industry and the earnings of attorneys. Similarly, law school demand has been in a state of constant flux, oscillating between cycles of boom and bust. This study examines the appeal of law school over the same period, using administrations of the LSAT as a proxy for demand. A model of law school demand is derived from basic human capital theory and tested using time series data. Cobweb and perfect foresight models are used to estimate expected future earnings. Results show that law school demand is strongly countercyclical and suggest that opportunity costs drive law school demand far more than the lawyer earnings premium above alternative occupations. Findings indicate that potential law school students are relatively myopic and less concerned with future earnings than with current job prospects and forgone wages.
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