{"id":28557,"date":"2015-01-07T19:06:41","date_gmt":"2015-01-08T00:06:41","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/01\/economic-outlook-2015---james-t-towne.html"},"modified":"2015-01-07T19:06:41","modified_gmt":"2015-01-08T00:06:41","slug":"economic-outlook-2015-james-t-towne","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/01\/economic-outlook-2015-james-t-towne\/","title":{"rendered":"Economic Outlook 2015 – James T. Towne"},"content":{"rendered":"
\n
\"james\n<\/div>\n
James T. Towne, Esq., principal at Towne Ryan & Partners PC, Saratoga\n<\/div>\n<\/div>\n

BY JAMES TOWNE<\/p>\n

The coming 12 months for the legal profession
\nin the Capital Region should mirror the previous
\n12, showing further improvement in the legal
\nlandscape locally.<\/p>\n

While some sectors of the legal practice, such
\nas real estate, are down, based on stated real
\nestate closings, for the most part the area’s 4.7
\npercent unemployment rate has permitted the
\nlocal legal profession to realize proportionally
\nless constriction than other regions.<\/p>\n

Having a stable local economy does buoy the
\neconomy for all in comparison. That is not to
\nsay that there are not areas of concern–some
\none-sided and some double-edged for the profession
\nat large.<\/p>\n

While normally an educational institution
\nshould be a bell weather of where a profession
\nor trade is headed, many law schools over the
\npast decade chose to feast on temporary fortune
\nrather than responsibly foresee a future need.
\nThese decisions were made at the expense of
\nthree years of a young person’s life and at a staggering
\ncost well in excess of $100,000.<\/p>\n

In response to the economic realities of the
\nlegal profession suffering from too many law
\nschools, shrinking job prospects and too many
\ngraduates, while flooding the market during a
\nrecession, most law schools have finally started
\nacting in a responsible manner by reducing
\nstudent enrollment.<\/p>\n

One of the law schools leading the way in aggressive
\nand responsible enrollment reduction
\nhas been Albany Law School. President and former
\nDean Penelope Andrews has succeeded in
\nslashing enrollment by 34.2 percent for incoming
\nfreshman. That is a remarkable and responsible
\napproach to a too-long neglected issue.<\/p>\n

Year-on-year enrollment in New York law
\nschools is down 4.7 percent and total enrollment
\nin New York law schools is down 28 percent
\nsince the peak of 2010, according to the New
\nYork Law Journal.<\/p>\n

And while a few New York schools show a
\ntrending increase in enrollment, those numbers
\nare not sustainable unless there is a reduction
\nin the total number of law schools. That may
\nhappen as some schools teeter on the brink of
\nclosing entirely. Several multi-campus schools
\nhave already chosen the option of consolidation.<\/p>\n

Nationwide, in 2014 first year enrollment at
\nABA-approved law schools plummeted to the
\nlowest level since 1973. All the more remarkable
\nis that in 31 years there has been an increase
\nin law schools to the current number of 204,
\ncompared to 1973 levels when there were only
\n151 ABA-accredited law schools.<\/p>\n

Overall, the total number of enrolled law
\nstudents has sharply declined to 1987 levels
\nwhen there were only 175 ABA-accredited law
\nschools. The prospect of studying for three years
\nto obtain a juris doctorate degree at a cost of
\nnearly $150,000 while earning no income during
\nthose years has become an unrealistic dream to
\nmany. It is no secret that the hours required to
\ncreate and build a practice make alternatives
\nall the more attractive.<\/p>\n

Enrollment of freshman students fell from
\nan all time high of 52,488 students in 2010 to
\nthe current enrollment totals of 37,924. Total
\nenrolled students in the three-year degree
\nprogram dropped to 119,775 students, a 17.5
\npercent decline from the peak in 2010 of 145,157
\nstudents. With ever dwindling enrollment of
\nfreshman law students, the enrollment figure
\nwill continue to plummet in the near term, if
\nnot become the new norm. Clearly a 27 percent
\nreduction in freshman enrollment in a mere
\nfour years is the story of the profession’s future.<\/p>\n

Also equally clear is that the reduction in
\nenrollment will further stabilize the economics
\nof the practice for those already working,
\nespecially in light of the aging of Baby Boomers
\ninto retirement or semi-retirement.<\/p>\n

The place of minorities and women in the
\nprofession remains problematic, both in the
\nCapital District as well as nationally. The National
\nAssociation of Women Lawyers’ annual
\nsurvey of the state of women in the nation’s 200
\nlargest law firms reveals some sadly disturbing
\nnews that equality in the profession is sorely
\nlacking, a bit of an absurdity in a profession
\ngrounded upon equality.<\/p>\n

Since the mid-1980s, more than 40 percent of
\ngraduates have been women. Yet only 17 percent
\nof equity partners in those firms are women. In
\n30 years those numbers should be far closer.<\/p>\n

But–and this is the silver lining–Gov.
\nCuomo has increased the goal\/mandate from 20
\npercent to 30 percent for outside state, county
\nand local contacts, including those for legal
\nservices, to be awarded to minority and women
\nowned businesses. For law firms whose practice
\nareas include the ability to provide legal services
\nto these entities and who are a certified MWBE,
\nthe future looks bright indeed.<\/p>\n

Our firm’s experience as the largest state certified
\nMWBE law firm in 57 of the state’s
\n62 counties has been extremely positive. So
\nperhaps the increased opportunities afforded by
\nthis state mandate will bolster the move toward
\ntrue equality in the profession.<\/p>\n","protected":false},"excerpt":{"rendered":"

James T. Towne, Esq., principal at Towne Ryan & Partners PC, Saratoga BY JAMES TOWNE The coming 12 months for the legal profession in the Capital Region should mirror the previous 12, showing further improvement in the legal landscape…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[57,59],"class_list":["post-28557","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-capital-region"],"yoast_head":"\r\nEconomic Outlook 2015 - James T. 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