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SOURCE: Wysebridge Patent Bar Review
Recent reports indicate law students to expect $125k in debt with only a 55% likelihood of finding a job in a plummeting job market
Philadelphia, PA (PRWEB) February 04, 2013
A shrinking job market for lawyers means law students and current lawyers must seek creative ways to diversify and set themselves apart according to Wysebridge Patent Bar Review. On top of the catastrophic decline in legal employment, tuition for law schools has reached all time high, with an average individual debt of around $125,000 upon graduation. This ominous future has lead to a 30% decrease in applications to law school, causing much debate and anxiety over the immediate future of legal education and the legal job market as well.
“Thirty years ago if you were looking to get on the escalator to upward mobility, you went to business or law school. Today, the law school escalator is broken," says William D. Henderson, professor of law at Indiana University. Current law students are facing an almost impossibility for job placement in the midst of mounting debts. Current lawyers are feeling the mounting pressures of maintaining job security in a shrinking market.
On of the interesting caveats of the legal field is although the number of jobs are declining, there is still a big demand for lawyers. However, much of the demand is stemming from the intellectual property markets, where patents and patent litigation are becoming the forefront of market penetration.
Gillian K. Hadfield, professor of law and economics at University of Southern California said“We have a significant mismatch between demand and supply. It’s not a problem of producing too many lawyers. Actually, we have an exploding demand for both ordinary folk lawyers and big corporate ones.”
While often overlooked, passing the patent bar examination to become a registered patent attorney is rapidly becoming one of "simplest" ways to boost marketability and enhance employability. "It's simple, in that all it really takes is passing one 100 multiple choice exam," says Bryan Doreian, President of Wysebridge Patentbar Review. "It can be a daunting task, especially for those taking the exam while already in school. That's why we created Wysebridge. Trying to understand the Manual of Patent Examining Procedure (MPEP) is hard enough. Doing that on top of law school can seem overwhelming. We wanted to provide the most efficient, and effective, resources, study guides, exam prep, materials as possible to help individuals prepare for and pass the exam. On top of that, we felt it essential to provide personalized feedback, and in a way provide moral support for each test-taker."
Passing the patent bar exam allows an attorney (or soon to be attorney) to become a registered patent attorney, opening up numerous employment doors otherwise unavailable to their peers, giving them an advantage when it comes to obtaining a position. In a market where efficiency and optimization is paramount, retaining a lawyer who is also capable of filing and prosecuting patents is growing in demand.
In summary, the legal field is going through some major changes. Those already in the field, as well as those currently interested in becoming a lawyer, need to think creatively about how to further increase their marketability.
You can follow Wysebridge Patent Bar Review using a variety of social media sites, including Twitter, Facebook, and LinkedIn Stay updated on the latest tips, study suggestions, exam changes, and intellectual property updates.
About Wysebridge Patent Bar Review
Wysebridge Patent Bar Review is an information and educational company formed in 2012 dedicated to assisting individuals study for and pass the patent bar exam.
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