Cobweb Adjustment and the Market for new Lawyers

This paper will investigate whether or not the law school enrollment trends reflect economically responsive supply behavior according to factors such as salary and other market indicators. Specifically, this paper will determine whether or not the supply trends of law students reflect “cobweb-like” labor market adjustments due to the time lag associated with entering the labor market. The second section will review the relevant literature and provide a theoretical framework in which to analyze enrollment trends. In the third section, the empirical model will be discussed and an explanation of the data will be given. The fourth section will provide the results and conclusions of the paper