Law School 2.0

LAWSCHOOL 2.0 How law school and law careers are changing $ IT'S GETTING MORE EXPENSIVE Median yearly tuition and fees at public law schools, non-resident rate: $40,000 2$ $35,000 $37,586 $30,000 $25,000 $20,000 %24 $23,506 $15,000 $16,113 24 $10,000 $11,656 $5,000 $7,390 $4,786 1985 1990 1995 2000 2005 2010 Average living and book expenses for law students: $14,445 $12,466 $11,054 $7,222 $5,269 1990-1991 1995-1996 2000-2001 2005-2006 2011-2012 s, STUDENTS ARE GRADUATIING WITH MORE DEBT Average amount borrowed for law school eS Private schools Public schools $130,000 $120,000 $110,000 $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 SALARIES HAVE DROPPED Law school graduates who work full-time for at least a year report a lower salary than in previous years % decrease since 2009 $130,000 35% 17% $104.000 $85,000 $72,000 $63,000 $60,000 Median salary employees Median salary for non-firm employees 2009 2010 2011 BUT THERE IS SOME GOOD NEWS Fewer people are applying Grants and scholarships are increasing Applications have dropped since their peak in 2004 Financial aid awarded by law schools surpassed the billion dollar mark in 2010-2011, doubling since 2004-2005 # of fall applicants 100,600 Total aid 2004 78,500 2011 ..which means that more people are being accepted With fewer applicants, there's less competition for a spot in the class $1 billion % of applicants accepted $513 million 57% 71% 2004 2011 2004 2011 ? WHERE ARE LAWYERS WORKING TODAY? Fewer people are employed in private practice More are employed in business and industry And more are working for the public interest 57.8% 49.5% 11.3% 18.1% 2.9% 7.5% 2001 2011 2001 2011 2001 2011 Big firm employment is down, small firm employment is up I Firms greater than 250 I Firms less than 50 60 50 31.8% 48.9% 33.5% 52.6% 32.9% 51.1% 26.5% 59.0% 21.2% 65.5% 2007 2008 2009 2010 2011 Specialization is the trend # of lawyers with certification in a particular area of law practice 29,771 37,090 2003 2011 Certifications growing faster than average: Health Elder Labor Workers Compensation City, County, Local Government Law Law Law Certifications growing slower than average: Tax Civil Trial Business Law Law Litigation THE VERDICT Law school isn't a one-way ticket to easy street, but if you're excited to practice law in a changing legal landscape, it may be worth the investment. WorldWideLearn THE WORLD'S PREMIER ONLINE DIRECTORY OF EDUCATION Created for WorldWideLearn.com© QuinStreet, Inc., 2012 Sources 2012 National Roundtable on Lawyer Specialty Certification, American Bar Association Average Living and Book Expenses for Single Students Living on Campus 1990-2011, American Bar Association Average Amount Borrowed for Law School 2001-2010, American Bar Association Internal Grants and Scholarships Total Dollar Amount Awarded 1991-2010, American Bar Association Law School Tuition 1985-2011, American Bar Association LSAC Volume Summary 2002-2011, Law School Admissions Council Recent Graduates, The Association for Legal Career Professionals Median Private Practice Starting Salaries for the Class of 2011 Plunge as Private Practice Jobs Continue to Erode, National Association for Law Placement, July 12, 2012