April 4 2012
ICS Directors in Time Magazine on lawyer supply, pay
Cobweb pricing of starting salaries
Today’s graduates who waited out the recession in law schools may not have avoided the fallout. Applicants to graduate and professional schools increase in number during recessions. But, as the recession-created bubble of graduates enter the job market, pay in these professionals can take a hit. Kevin Hallock, director of the Institute for Compensation Studies, and Linda Barrington, managing director, discuss this phenomenon in the April 9th 2012 issue of TIME Magazine.
In “The Law vs. Supply and Demand,” written by TIME assistant managing editor Bill Saporito, Hallock and Barrington comment on the tightening and loosening of the job market for lawyers, an example of what economists call the cobweb model.
Read the complete discussion in TIME Magazine.