The law school bubble is made up of three things — increasing tuition, decreasing salaries, and simply not enough law jobs available.
So, what has to be done to fix this?
Kyle McEntee, a law school grad and co-founder of Law School Transparency, tells Bloomberg Law's Lee Pacchia two things will have to happen:
• Law schools will have to cut enrollment by about 50 percent. McEntee says it will either be a few schools closing down altogether or all schools reducing their enrollment in proportion to their market power, or how well their grads fare in the real world.
• Financial aid for law students needs to be limited in an effort to drive down the price of law school.
"If schools continue to have a blank check, they are going to continue raising their prices ... and students will get into lots of debt," McEntee says.
What is needed then is some sort of reform to the Higher Education Act during its 2013 re-authorization that will curb law school financial aid, according to McEntee.
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