Labor Dynamics in Law: Supply-Demand Analysis in the Long Run

Abstract

In many areas of work labor dynamics fluctuate with the effect of the education policies environmental factors or economic conjunctures. In situations where fluctuations in supply and demand are not balanced either the unemployment rates follow an upward trend or the demands for the product or service are not met. One area where such fluctuations are observed is the field of law. It seems that especially in recent years the number of law faculties and the student quotas of the existing law faculties have increased to meet the demand for professionals such as lawyers judges and prosecutors. In this dynamic context the development of policies for taking necessary measures and keeping supply under control by correctly forecasting the time when the labor market is to be stabilized is critical for the future of the profession. The study reveals the status of the graduates of law and based on the available statistics offers forecasts for the distant future. The findings point out that if the market is not kept under control for the rapidly increasing supply level to meet the intense demand in the current situation there may be a great number of law faculty graduates above the demand level in the future.