Megan McCardle is worried about the coming law school collapse:
What happens to someone who has been teaching law for 20 years? Many of them are very smart people who might once have been great lawyers, but comparatively few of them have actual experience practicing law. When a law school shuts down, the professors will go from having one of the best jobs ever, to having to scramble for a job in a pretty lackluster market.They'll have to get real jobs? Seriously, it doesn't do a professional education good if all it can do is provide you with tenure at an increasingly expensive university.
Of course, at worst we're talking about a few hundred, maybe a few thousand people, trickling onto the market over the next decade. It's not even going to show up in the labor statistics. But arguably it's a symptom of something much larger: the breakdown of even stalwart, safe options for middle class employment. Where are all of those non-lawyers, and non-law-professors going to go? And what if they're only the canary in the coal mine for doctors and MBAs and government workers? What if the entire professional class is about to lose its tenure?