Its been well documented that the legal profession has taken a big hit since the most recent recession. A drop in demand for high-paying corporate legal services, outsourcing and computerization of basic tasks and a big increase in the number of students coming out of law school have all acted to keep wages stagnant for the last few years.
But from the end of World War II until 2006 it was a completely different story. The world was rapidly changing, with technology, regulations and business structures becoming vastly more complex. Everyone needed a lawyer, especially a corporate one.
"There were no economic forces checking them," said James Leipold, executive director of the National Association for Law Placement. "The market would bear whatever they charged."
