Did you hear the Story of the Greedy partners who cannibalized their own firm until it was yesterday's dinner?
It may seem of academic interest only to inquire about one particular firm's demise, but it reflects what the legal profession is, at both its best (as in money) and worst (as in behavior). At one point, while facing disaster and bankruptcy, the firm signed a golden parachute with one rainmaking partner to give him 8 million (USD) in salary a year and 60 million dollars in case of default (i.e. the firm removes him or falls to pay his salary). 60 as in sixty, you IBR-debt slave suckers who are happy if you get a 0.25% discount on your student loan interest rates if you sign up for auto-debit.
What strikes me is not just a problem with the "bifurcated distribution", where successful law grads make millions but others cannot get a job selling apples for a in Times Square, but that even those successful dudes face failure (although the 60 mill guy will be fine: he landed another big firm gig). Dewey brutalized its non-rainmaking partners and associates--they were the last to get paid (or not paid). Many lost their jobs and not all managed to stay employed in PigLaw.
The means that even among the few who get jobs, only a few of those get the to make the risk and debt of the three-year rumble-in-the-debt-filled-jungle of modern law school worth it. Confucius say: Odds so long, debt so high. This is what "Professors" ("") Diamond-ring, , and Apple Piety are offering you: 200-300 grand of permanent debt for a chance to get a rare job which is uncertain even at the pinnacle of success. All you get, overall odds wise, is mathematically worthless .1% chance at millions, and 99.9% chance of nothing.
Think again, Special Sucker--I mean, snowflake. Snowflake, I said. Don't sue me for telling the truth.
Link to a book nobody has read.