Rethinking the Profession
Have you noticed that many commentators have been discussing the long term impact of the present economic crisis on our way of life. Tyler Cowen, an economics professor at George Mason University, authored an article in the New York Times a little over a month ago explaining how a recession can change our way of life. A few days ago I heard Dr. Phil opining on the same topic, while reminiscing with great reverence the lessons of the Great Depression.
To briefly summarize Professor Cowen’s thesis, we are headed for a new reality where thrift and simple pleasures dominate our lives. What does this mean for the practice of law? If what is happening to my former colleagues and no doubt many others out there, the profession’s income is likely to fall as companies cut salaries and benefits. Although some refer to many reductions as deferrals or “temporary” the reality is the previous compensation levels are not likely to return for a very long time. For some that means, well after they had planned to retire.
Although law schools may see an early bump in applications as the unemployed substitute school for a job, that trend is likely to decline once graduates find that potential post graduate income in many cases is not likely to justify law school, particularly if one is required to incur substantial debt. Eventually, even law schools are going to have to seriously look at faculty costs and class schedules. Perhaps we may see a return to clerkship legal training with formal schooling reduced.
Society may promote other ways for dispute resolution without the need for the formalism of the legal process and lawyers. Philip Howard’s latest book, LIFE WITHOUT LAWYERS, Liberating Americans from Too Much Law, presages such a change. Who knows even my notion that law must shed its process paradigm for one focused on problem solving will gain more traction as traditional institutions like Harvard are weighted down by a reputation that justly reflects their central role in creating this crisis by producing a torrent of lawyers and businessmen who were incapable of recognizing and controlling risk.
And yes, perhaps the public may even come to demand that artificial restraints on the practice of law placed on the system by lawyers and judges whose primary focus has been protecting their own interests rather than serving the public come to an end. Crisis presents an opportunity for change, and this profession could use a good dose of change.
