DOZENS of young lawyers are being cast adrift at the end of their training contracts, The Scotsman can reveal.The truth is that these youngsters are victims of our monetary system. When money is created out of thin air the inevitable result is an artificial boom, especially in capital goods industries. Read here for details. In Britain and the US this means housing and commercial property. And guess what lots of lawyers spend their time on. Yes: property.
As the recession bites into some of Scotland's biggest law firms, one legal recruitment agency has reported a threefold rise in the number of newly qualified solicitors on its books.
The artificial property boom caused more people to choose to become lawyers than would otherwise have been the case. And now they're suffering the consequences. And if the boom is restarted by the political class the resulting bust will be even bigger.
We need to weed out all of those "investments" that were made erroneously. Until that's done we won't see a proper recovery. Only then will we know how many lawyers are actually required.
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