Enter Frank Newton, dean of Texas Tech Law School. First, he states this:
Newton said that while business schools and engineering schools have experienced periodic bubbles over time, that hasn’t been the case for law schools before now.
Sigh. C'mon Frank. We all know that the boom and bust cycle happens in law applications, too. It happened in the 70s, so, like ipso facto no questions, there's no reasons to close up any law schools now, because applications will come rip-roarin' back when the economy fully rebounds.
But then, to quote Harry (or was it Lloyd?), he goes and TOTALLY REDEEMS HIMSELF:
“Law students saw this elevator that kept going up, offering near guaranteed jobs paying six digits in good economic times and bad, so they jumped on board,” Newton said. “Suddenly, the elevator isn’t going up as high, graduates cannot find jobs and they cannot repay the $100,000 in student loans.”
I just want to give a shout out to all you '07 Texas Tech grads who are rollin' in six-figure incomes. You guys are all right.
If you'll recall the happy, magical elevator, it went something like this: http://www.youtube.com/watch?v=VJeFmtBELEM
And it's not like Newton lacks understanding for the real results:
Newton and others say the legal marketplace has segmented into two groups.
The first is an ever-shrinking group of elite lawyers and firms working on high-dollar business matters and earning big bucks. The second includes rank-and-file lawyers who are seeing their paying client base opt for cheaper self-help legal forms offered on the Internet and by the courts.
He just remembers fondly all the Texas Tech graduates signing off on oil deals and escorting their supermodels around Lubbock.