Lawyers and the impact on GDP [2009 Archive]

Looking through the general business press we found this particularly maddening item:

[Bloomberg] “Chrysler Lawyers May Get $200 Million From Bankruptcy Case Work” – considering that that money represents 5% of the Government Taxpayer Money pledged to get Chrysler a quick bankruptcy – that”s a lot of cash.

So that makes us wonder, what exactly is the general impact on our Nation”s GDP from all the lawyering going on every year?  A quick Google search and we find this article discussing several studies that all add up to…

[LegalNewsLine] About 2 percent of US Gross Domestic Product (GDP).

Then we asked, so exactly how big is 2 percent of US GDP?

It”s about the same as spent on total US Research and Development (R&D) – [National Science Foundation].  All that work at public and private labs and companies trying desperately to invent the future and solve technological and medical and science problems (the next Thomas Edison is out there right now)… and as a nation we decide to spend the same in the legal system – basically arguing with ourselves.

Those Chrysler lawyers should avoid flying to Washington on some jet airplane or we”ll all hear about it.

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