Law school admissions are down. So what?

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The Wall Street Journal recently reported that the “Number of LSAT Test Takers is Down 45% Since 2009”. Fewer test takers, fewer law students, fewer attorneys.

Is this a good thing or a bad thing? Neither. It’s just a thing.

Sure, fewer lawyers means less competition, but don’t get too excited. It doesn’t matter how many other attorneys do what you do. What matters is if there are enough clients.

If you handle bio tech law, for example, and you are in a small town where there are no clients for your services,. the fact that you are the only attorney in town doesn’t help you. If you are in Silicon Valley, however, where there are lots of clients, it doesn’t matter that there are lots of attorneys competing for those clients. You’re in the right place.

Go where there’s lots of competition and be better.

Work harder. Deliver more value. Be different. And infuse into what you do the uniqueness that is you because in the end, it’s not just about the legal work, it’s about the relationship.

If you own a law school, declining law school admissions matter. If you are an economist or a think-tanker, measuring the ratio of lawyers to clients nationwide, declining law school admissions matter. But if you are a practicing attorney thinking about your future, it doesn’t matter how many attorneys there are or whether or not there is enough business for all of them. What matters is if there is enough business for you.

And there is. So don’t worry about the competition. But don’t get too comfy when there appears to be less of it.

Do your clients always pay you on time and in full? If not, this can help.

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