Thursday, May 10, 2012
Theodore Seto (Loyola-L.A.) shared this response on the TaxProf Email Discussion Group in response to Tuesday's post, Tucker Max: Why You Shouldn’t Go To Law School (reprinted here with Ted's permission):
The best time to buy is when everyone else is selling. If August 2012 law school matriculations are truly as bad as the common wisdom expects, then three years from now law grads with decent credentials will be in higher demand than they otherwise would be. This does not mean that English majors who can't figure out what else to do should go to law school. And it does not mean that prospective students should ignore costs. But when markets correct misallocations, they often overcorrect, particularly in markets with imperfect information. In my view, there is reasonable possibility that the current decline in law school applications represents just such an overcorrection.