Unemployment: Celia Chen, an economist at Moody's Economy.com said, the
erosion of the labor
market — the unemployment rate recently hit 9.5 percent — is the key factor in the rise
of home foreclosures, says «Employers continue to shed
jobs, and that makes it difficult for even people with good credit who were doing fine to keep up with their mortgage payment,» Chen says.
To the contrary, those about to embark upon that journey confront: (1) the daunting cost
of law school; (2) an average
of $ 120K debt for attending; (3) a
job market where, nationally, close to half
of all graduates do not have Bar - required employment nine months after graduation; (4) a widespread
market perception that law school graduates — even those from elite schools — lack «practice ready» skills; (5) cut - backs in hiring newly minted lawyers — even among many stalwart law firms; (6) an
erosion of mentorship due in part to pressure on senior lawyers to «produce» more (7) the unlikelihood
of making (equity) partner; (8) instability
of law firms; (9) global competition; (10) technology companies creating products that replace services; and (11) a blizzard
of negative press trumpeting the glum prospects for the profession; and (12) alternative career choices — finance, accounting, technology, etc. — that portend greener pastures and do not require the same time and financial commitment to prepare for entry.