[bryanthompson]

Len: pm me with your email address if you want this article I found on EBSCO.

LEGAL "COBWEBS": A RECURSIVE MODEL OF THE MARKET FOR NEW LAWYERS. By: Freeman, Richard B.. Review of Economics & Statistics, May75, Vol. 57 Issue 2, p171, 9p, 4 charts, 1 graph; Abstract: The principal findings of this study may be summarized. 1) The decision to enroll in law school is significantly affected by economic conditions in the profession, with elasticities of students to salaries of near unity in the short run and 3.0 to 4.0 in the long run. 2) Similarly, the number of students completing a legal course of study is influenced by the labor market, with elasticity of approximately 0.1 to 0.2 to annual salaries during the first and second years of study. 3) The salaries of young lawyers are inversely related to numbers of graduates, with a flexibility of about - .15 or, alternatively to the total stock of LLB's with a flexibility on the order of unity and positively linked to the level of activity in the legal sector. 4) Because of the recursive structure, the market undergoes highly dampened cobweb-type fluctuations with a peak-trough period of three to four years. 5) Finally and more speculatively the cobweb model suggests that the market for new lawyers will be depressed in the mid-seventies, when the large classes of the late sixties/early seventies graduate. [ABSTRACT FROM AUTHOR]; (AN 4650561)