Monday, August 5, 2013
Between 1980 and 2005, the median age of lawyers increased from 39 to 49. ... The number of lawyers [in California] between 55 and 75 has swelled in 2012 far beyond the numbers in 2003. ...
That means that the reported oversupply of lawyers may well result from demographic factors, rather than permanent changes in the legal market. The demographic factors, in turn, probably result from a combination of lawyers waiting longer to retire because of 401(k) accounts decimated during the financial crisis together with the "bulge" of baby boomers working their way through the system.
If this demographic pattern is responsible for displacing jobs for young law graduates, it would seem to be good news for recent and prospective law school graduates, albeit good news that may take some years to materialize.