The Law vs. Supply and Demand

Is becoming a lawyer a bad investment?

Jason Lee for TIME

It's been a spectacular week for lawyering. The battle over the constitutionality of the Affordable Care Act being argued before the Supreme Court is giving the nation a chance to see some brilliant, exquisitely educated legal minds at work. We may be unable to figure out health care in this country, but we can sure argue about it eloquently.

Further down the legal food chain, it's not so spectacular. In today's labor market, lawyers are the equivalent of Las Vegas real estate. There's a dogfight going on for what little business exists. Once prominent firms are withering, jobs are drying up,...

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