The ABA reports that the legal industry lost jobs for two months in a row. The combined jobs lost for July and August was 4,200 jobs. 200 fewer people work in the industry than this time last year.

Among the fields categorized as ‘professional and business services’, the legal industry is the only one losing jobs. For instance, accounting/ bookkeeping and architectural/ engineering are both up.

My Take:

Stats like these are a big deal. In a growing economy where more and more jobs are service-based, you would hope to see jobs growth in an industry. Why is the legal industry shedding jobs?

Technology? Fewer lawsuits? Continued centralization of litigation in MDL’s?

All of the above.

This is another reason to avoid law school. Career prospects are better in growth industries.