Another Reason for the Bad Job Market
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Between 1980 and 2005, the median age of
lawyers increased from 39 to 49. … The number of lawyers [in
California] between 55 and 75 has swelled in 2012 far
beyond the numbers in 2003. …
That means that the reported oversupply of lawyers may well result from
demographic factors, rather than permanent changes in the legal market.
The demographic factors, in turn, probably result from a combination of
lawyers waiting longer to retire because of 401(k) accounts decimated
during the financial crisis together with the “bulge” of baby boomers
working their way through the system.
If this demographic pattern is responsible for displacing jobs for
young law graduates, it would seem to be good news for recent and
prospective law school graduates, albeit good news that may take some
years to materialize.
Tags: demographic factors
