It took the tanking of the market for new lawyers for prospective law students to embrace consumerism. They are arriving at that about a half century since reformist lawyer Ralph Nader told consumers they had rights and he was there to protect them. One of those rights was to drive and ride in a safe car.
THE WALL STREET JOURNAL chronicles how the relationship between law school applicants and the law schools has shifted. Since the peak in enrollments 2009-2010, the number taking the LSAT is down 24%. That means fewer are applying to law schools and those schools now have to compete to have the better students enrol with them.
One incentive has been to offer scholarships. On the surface that seems to lower the risk. The new JD won't have that $100,000 average student loan nut to carry around for decades. On the other hand, that new JD has spent three years in school when that time could have been invested in being in a management trainee program at McDonald's or starting a food truck business around Yale campus that is wildly successful. Even if the new JD doesn't regret that opportunity cost, there is still the possible scenario of no job practicing law or that the job only lasts a year or two.
Three years is a huge investment to make in a volatile economy. Who knows what will be in demand that long into the future? What's selling in my communications business changes about every four months.