Have We Hit Peak Lawyer?

Paul Campos takes a hard look at his industry:

Over the past 20 years, the share of the nation’s GDP attributable to the legal services sector has deteriorated significantly. In the late 1980s, the legal services sector represented slightly more than 2% of GDP (the same percentage as in the mid-1970s). As of 2009, that figure had declined to 1.37%. Contrary to the standard narrative within legal academia, which assumes an increasing or at least steady demand for legal services relative to overall economic growth, the demand for legal services within the American economy has been declining, relative to the rest of the economy, for the past two decades. In other words, “law” (as an economic entity) appears to be a mature industry in relative decline.