Yglesias looks at the bright side:
[F]rom a social point of view, the fact that the lawyers’ cartel has failed to erect giant barriers to entry is a good thing. Falling real wages for lawyers is an egalitarian, pro-growth measure. And lawyers still earn above-average incomesit’s not like people are being forced into penury. These are trends that are making legal services more affordable for productive businesses and improving the quality of legal talent the public sector is able to attract without adding to taxpayers’ burden.
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