Supply-Demand Gap in Lawyers When Boomers Retire
Most of the news these days focuses on the alleged over-supply of lawyers. I say "alleged" because the market considered by these journalists does not cover the needs of our rural populations or anyone who can not afford legal services at current prices. But, I'll leave that topic for another post. Today, I want to focus on the potentially odd likelihood that we will have a lawyer shortage in another five to ten years. Here's why. The Washington state bar surveyed its lawyers asking about retirement plans. The survey found that nearly one-quarter of the state's lawyers planned to retire in the next five years or about 1,440 per year. Another 32 percent of its surveyed lawyers planned to leave the profession or cut back their practices. See story here. The Washington bar report noted that a whopping 71 percent of the state's lawyers were aged 50 or older, with 21 percent being 61 or older. On the other hand, admission...