In other industries when there is a decline or severe curtailment of the demand for their product we see companies downsizing, layoffs and even bankruptcies. American law schools have to this point been able to operate largely without any required adaptation to the economic realities of demand for their product. The problem is created by the fact that law schools are part of a rigid and intractable business system in the same way that the large firms and solo practitioners are driven by their need for money. The economic downturn is not a simple cycle but a transformation. Law schools have flourished in an insulated and parochial world exempt from real financial pressures. That is changing dramatically and the conditions will only intensify. A new system is being created that will be more complex than the traditional approach that has characterized American legal education. For a substantial number of US law schools and faculty it is like the lyrics of Bruce Springsteen’s “My Home Town”—“These jobs are going boys, and they ain’t comin’ back”. The new world of legal education will be dramatically changed and quite a few law faculty members will find themselves with reduced incomes, restricted tenure options, and higher teaching workloads. In many instances tenure track and even tenured law faculty will replicate the stunning experiences of millions of white collar workers in America’s industries who thought they had well paying life time jobs only find themselves on the streets as their companies downsized or went out of business.