Update and Bump: To the extent the 50,000 are unable to find positions they may be the lucky ones. Change is
Note: Welcome to visitors from Business Insider. Be sure to visit our home page to see how you can avoid the crowd by using TheFormTool to outperform all your peers and competition. You might also enjoy our discussion of LegalZoom’s aborted public offering and how it will affect the business of law.
According to Greg Voakes, writing in Business Insider, the next five years will see the graduation of more than 200,000 new lawyers, or five times as many as two generations ago.
Of those graduates, nearly 50,000 will be unable to find work within the profession, up from 6,000 or so two years ago.
Here is a graphical representation of the changes affecting the prospects for new graduates, and for experienced hands, too.
Note that New York and California are already awash in a flood of lawyers in excess of positions available for them to fill.
The need for increased productivity will become more apparent with each passing year.