We have covered the drop in demand for law schools over the last couple years. The number of people taking the LSAT has plummeted; the credentials of incoming classes at many schools have worsened; and some schools have reduced the size of their incoming classes (which in theory could keep the price higher than it would otherwise be, depending on what other schools do). Go, for instance, here, here, and here.
So, what has the effect been on the price of law schools? As Karen Sloan explains here, the price continues to go up despite lower demand. Here's an excerpt:
It's Supply and Demand 101: When demand for a product drops, prices fall to lure back buyers. But this fundamental law of economics doesn't apply to law schools. The number of applicants to U.S. law schools declined drastically during the past two years, yet the average tuition this fall will climb by more than double the rate of inflation. Average tuition and fees at private law schools will increase approximately 4 percent over last year to $40,585, according to an examination of published rates by The National Law Journal. That's the first time private-school rates have crossed the $40,000 threshold. In-state resident students at public law schools will see a 6 percent increase on average, to approximately $23,590. Inflation is running at about 1.7 percent.
It is bad thing for Law school, that they didn't get enough students. It shows that Demand of Law school becomes less.
Posted by: School Admission | Thursday, October 25, 2012 at 06:46 AM