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Wednesday, August 4, 2021

Simkovic: Does The Wall Street Journal Have An Axe To Grind Against Law Schools?

Following up on yesterday’s put up, WSJ: Law School Loses Luster As Debts Mount And Salaries Stagnate:  Michael Simkovic (USC), Wall Street Journal Blames Law Schools For COVID Economy:

In 2010 to 2013, the Wall Street Journal successfully blamed legislation colleges for the financial fallout of the monetary disaster and the Nice Recession.  Particularly, the recession brought about a big discount in employment which hit younger and inexperienced employees throughout the economic system. … 

Throughout this time interval, legislation graduates continued to carry out comparatively nicely in contrast their identical age cohorts going through the identical economic system. Regulation graduates had been much less more likely to be unemployed, had been extra more likely to be employed, earned considerably extra money, and had decrease scholar mortgage default charges. …

The WSJ is resuming its less-than-stellar financial reporting, with one other out-of-context broadside towards higher education, and legislation colleges specifically.

Just like the 2007 to 2009 recession earlier than it, COVID triggered a big decline in employment. And youthful, much less skilled employees had been once more hit onerous. …

Throughout this era, legislation graduates and different highly educated workers have faired comparatively nicely, a minimum of judging from the imperfect data that’s presently obtainable (see additionally here and here). Legal professionals proceed to earn excessive salaries, their employment numbers haven’t appreciably declined, and unemployment charges in authorized occupations, at 3 p.c, are decrease than in most fields.   …


… The WSJ’s a-contextual critique of legislation colleges may lead readers to wonder if the WSJ has an axe to grind towards legislation colleges or is talking the book of private student lenders.

Lenders have repeatedly acknowledged that graduate college students akin to legislation college students are amongst their most worthwhile clients.  Personal lenders have been desirous to pry these clients away from federal lending applications by lobbying to make these applications much less beneficiant and by subsidizing suppose tanks that generate misleading evaluation concerning the supposed fiscal risks of those applications.

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