2022 State of the Commonwealth Report
While movies and television shows portray lawyers as members of high society, with expensive cars and tastes, the reality is grittier. In 2021, more than 90% of law students took out a loan to enable them to pay their costs, and the typical law school graduate owed $165,000 in loans. The crucial point of this report, however, is that significant proportions of law school graduates are destined to be disappointed if they pursue a career in law believing they will earn lots of money. In this chapter, we explore the supply of lawyers in Virginia and whether we are producing too many lawyers. We ask what the future may hold for the legal profession in Virginia and the nation.
Dragas Center for Economic Analysis and Policy, Old Dominion University, "Part 4: Virginia's Lawyers Confront Tougher Times" (2022). State of the Commonwealth Reports. 69.