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American law schools are in deep crisis. Enrollment is down, student loan debt is up, and the profession's supply of high-paying jobs is shrinking. Meanwhile, thousands of graduates remain underemployed while the legal needs of low-income communities go substantially unmet. Many blame overregulation and seek a "free" market to solve the problem, but this has already been tested. Seizing on a deregulatory policy shift at the American Bar Association, private equity financiers established the first for-profit law schools in the early 2000s with the stated mission to increase access to...

American law schools are in deep crisis. Enrollment is down, student loan debt is up, and the profession's supply of high-paying jobs is shrinking. Meanwhile, thousands of graduates remain underemployed while the legal needs of low-income communities go substantially unmet. Many blame overregulation and seek a "free" market to solve the problem, but this has already been tested. Seizing on a deregulatory policy shift at the American Bar Association, private equity financiers established the first for-profit law schools in the early 2000s with the stated mission to increase access to...