The Wall Street Journal’s Law Blog points out that we’re back to 1977 enrollment levels, an era that predated the surging growth of lawyers during the 1980s. The jump in law school enrollment during that time was credited, in part, with the popularity of the television drama “L.A. Law.” As the New York Times wrote back in 1995:
The surge in applications in the late 1980s coincided with something else: the television show, “L.A. Law.” The hit program, which focused on a remarkably good-looking, diverse group of lawyers who led exciting lives in and out of the courtroom, was broadcast from 1986 to 1994, and increased interest in law schools in ways that recruitment brochures probably did not.
More recently, life at US law firms is more akin to the popular reality show “Survivor,” as the broader demand for legal services has never quite regained the pep it had before the Great Recession struck. That has meant real difficulties for those exiting law school. In July 2012, 12% of law school graduates from 2011 were unemployed, compared to 5.8% of students who graduated in 2007, according to research published by Moody’s Investors Service. And quite sensibly, fewer people want to get into the field at the moment.

Which of course is the exactly right time to enter the [asset class] profession. Here in NZ the cost of an LLB compared to a JD is a fraction of the cost. Four years of law school to gain the LLB – $24K. Well worth the risk for potential returns post-graduation.