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Paper suggests there will be fewer law students in the near future, less competition for jobs

Supply and demand can work for the legal industry, too

Your classic Econ 101 principles of supply and demand are working together to improve the legal job market, according to a new academic study.

The Wall Street Journal reports that Bernard Burk of the University of North Carolina School of Law has some interesting news regarding job prospects for future grads. The number of available jobs is not going to return to pre-recession levels, he predicts, and the salaries for those who do get jobs aren’t going to be quite as hefty as they once were.

But the market, as it so often does, will work things out, according to Burk. Three to five years from now, there will be fewer students seeking law degrees in the first place, he predicts, resulting in less competition for jobs post-graduation.

Read more about the legal job market on InsideCounsel:

Facts & Figures: Litigation driving hiring at law firms, legal departments

Unemployment up among law school grads

Amidst a troubled legal industry, the non-profit sector is thriving

 

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