Elsewhere, I have written about law firm failures. Although some laypeople might applaud as members of the bar receive their comeuppance, there is much for us in the academy to learn from these trends.
I am no expert. I offer only this comment about the dynamics of the legal marketplace.
Nobody suggests that law firm failures are caused by lawyers performing their work in an incompetent manner. To the contrary, everyone is surprised that great lawyers have not avoided the demise of their enterprises.
The same could be said of other ventures. That includes law schools and other institutions of higher education. It is important to assemble excellent scholars and dedicated teachers. But bringing together a group of great individuals is nothing more than gathering together impressive resumes, without a business model is sustainable.