Excerpts as follows:
The bureau’s new method of calculating workers leaving an occupation who need to be replaced no longer relies on the assumption that workers enter at a young age, work in their field until they are old, and then retire, according to Loyola at Los Angeles law professor Theodore Soto, writing at TaxProf Blog. Workers no longer follow a traditional career path, and the old method failed to capture many people leaving law jobs, the bureau concluded.
Now the Bureau of Labor Statistics will directly measure workers who leave occupations, based on survey results. The bureau made the change after testing both measures of job openings against historical data, including data for lawyers.
The new method projects 41,460 lawyer openings a year, according to Soto.
“Based on 2012 and 2013 matriculation rates and historical drop-out rates,” Soto writes, “we should expect 40,082 ABA-accredited law school graduates in 2015 and 35,954 in 2016. If the new BLS projections are accurate, we should see demand and supply in relative equilibrium in 2015 and a significant excess of demand over supply beginning in 2016.”
What are your thoughts on this? Is this just another attempt to keep law school applicants?
To counter, here is a post written by Law School Tuition Bubble that counters the BLS's new statistics: