Is law no longer a viable career option for young people?

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fredflinstone
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Is law no longer a viable career option for young people?

Post by fredflinstone »

Over the past five years or so, I've seen numerous reports that many recent law school graduates, especially those who do not graduate from a top-10 law school, cannot find steady employment. Here are a few examples:

http://cityroom.blogs.nytimes.com/2009/ ... lace/?_r=0
http://www.nytimes.com/2008/11/12/business/12law.html
http://www.top-law-schools.com/forums/v ... 3&t=199587
http://blogs.wsj.com/law/2011/06/28/new ... he-nation/
http://legalblogwatch.typepad.com/legal ... 428967970b
http://valueofalawdegree.wordpress.com/

Is it reasonable to conclude that law is no longer a good career path for young people?
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gerrym51
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Re: Is law no longer a viable career option for young people

Post by gerrym51 »

boy. your busy today Fred. :mrgreen:
Chicago60
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Re: Is law no longer a viable career option for young people

Post by Chicago60 »

It depends on what wants to do with a law degree. There is no question that finding a position at BIGLAW is more competitive now than it has ever been. You must graduate from a T14 school and be near the top of your class. These are the highest paid positions and get all the press. Other law position employment is shrinking as well and finding a job is extremely competitive. However, if a prospective law student wants to work in federal or state government, or a smaller firm, or a myriad of other places there are still very rewarding places hiring.
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Re: Is law no longer a viable career option for young people

Post by The Wizard »

I've said before that I'm planning to be a Matrimonial Attorney in my next life.
I'll need a Law School degree for that but expect to be self employed for the bulk of my career.
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NYerinLondon
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Re: Is law no longer a viable career option for young people

Post by NYerinLondon »

I would not want to be graduating into the current job market with a law degree (well, without one as well for that matter), whether from a top ten school or otherwise. The market is rough, and the practice of law has changed substantially, even in the last decade. The salaries at BigLaw are still high (higher than ever), but the model is tenuous in this climate, and the pressure on junior associates to bill in a potentially thin deal-flow environment is tremendous. It also makes it extremely difficult to learn the practice of law, as 'real' work is retained at the junior partner/senior associate level, instead of being pushed down.

As someone else noted, there are certainly opportunities outside of BigLaw, but one must realize that the salary model in law is bimodal and take that into account, particularly as the cost of a legal education is generally not bimodal.
FedGuy
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Re: Is law no longer a viable career option for young people

Post by FedGuy »

Chicago60 wrote:However, if a prospective law student wants to work in federal or state government, or a smaller firm, or a myriad of other places there are still very rewarding places hiring.
I don't think state governments, or the federal government, are doing a lot of hiring these days.
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Re: Is law no longer a viable career option for young people

Post by Spirit Rider »

The bigger truth is that even if you do find initial employment, it is no career guarantee. Even smaller firms will work their associates to death. Then after they have burned you out, you either make partner or you are out, because they always have fresh cannon fodder available. I dated a couple of women lawyers in my earlier days. Or I should say tried to, they worked at least 80 hours/week and didn't have much free time. Neither of them made partner (I suspect not being part of the boy's club didn't help).

Once you haven't made partner you have maybe one more shot at another (typically even smaller) firm. Once you are an "old maid" (not a gender reference), you become a journeyman. It is difficult to start a private practice without a good career that established creds.

So even more so in law then in other fields, you either have a lucrative career, or an also ran career. A significant percentage of lawyers do not make six figures and some end up changing careers for brighter prospects.
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Re: Is law no longer a viable career option for young people

Post by The Wizard »

FedGuy wrote:
Chicago60 wrote:However, if a prospective law student wants to work in federal or state government, or a smaller firm, or a myriad of other places there are still very rewarding places hiring.
I don't think state governments, or the federal government, are doing a lot of hiring these days.
During the present SHUTDOWN, obviouly not.
But there are LOTS of open positions on the federal jobs website...
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danwhite77
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Re: Is law no longer a viable career option for young people

Post by danwhite77 »

fredflinstone wrote:Over the past five years or so, I've seen numerous reports that many recent law school graduates, especially those who do not graduate from a top-10 law school, cannot find steady employment. Here are a few examples:

http://cityroom.blogs.nytimes.com/2009/ ... lace/?_r=0
http://www.nytimes.com/2008/11/12/business/12law.html
http://www.top-law-schools.com/forums/v ... 3&t=199587
http://blogs.wsj.com/law/2011/06/28/new ... he-nation/
http://legalblogwatch.typepad.com/legal ... 428967970b
http://valueofalawdegree.wordpress.com/

Is it reasonable to conclude that law is no longer a good career path for young people?
Read this blog starting from the first post for the most comprehensive answer to your question:

http://insidethelawschoolscam.blogspot.com/

The blog was written by a law school professor and it's generally considered the definitive resource on this issue.

As someone with significant insight into this issue, here's the short version: Legal hiring has been shrinking at a time when the number of graduates has increased. As a result, you have more graduates chasing fewer jobs. The jobs lost during the Great Recession are probably not coming back in our working lifetimes. The result is that many students incur breathtaking student loan debt (that cannot be discharged through bankruptcy) and find themselves unable to land a job because having a JD on one's resume is poison for basically any line of work other than the shrinking pool of legal jobs.

Bottom line: Unless a person is admitted to a top-10 law program and will incur only minimal student loan debt to attend that program, the person should not go to law school. To attend law school at a lower ranked school and take out student loans in order to do so results in a game of economic Russian roulette (a difference is that almost all of the chambers have bullets in them instead of just one). That decision can literally ruin a person's economic life and has many dire non-economic implications for their life as well.

Ignore this advice at your own peril.
"While some mutual fund founders chose to make billions, he chose to make a difference." - Dedication to Jack Bogle in 'The Bogleheads' Guide to Investing'.
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danwhite77
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Re: Is law no longer a viable career option for young people

Post by danwhite77 »

The Wizard wrote:
FedGuy wrote:
Chicago60 wrote:However, if a prospective law student wants to work in federal or state government, or a smaller firm, or a myriad of other places there are still very rewarding places hiring.
I don't think state governments, or the federal government, are doing a lot of hiring these days.
During the present SHUTDOWN, obviouly not.
But there are LOTS of open positions on the federal jobs website...
Virtually all of the jobs available at the Federal level require approximately 5 years of experience. Experience that a new graduate does not possess. For a freshly minted JD to obtain a Federal position, that person generally must enter through a program such as, for example, the Depart of Justice Honors Program. That is, they have to compete with other law students through the On Campus Interview (OCI) process. The competition for these positions is intense, arguably even more competitive than Big Law. As a result, it's folly to bank on landing a "fallback" position with the Federal (or even state or city) government. Each open position receives resumes from hundreds of desperate (and well-credentialed) applicants.

Also, many of the jobs posted by the Federal government are not "real." Meaning, the person that will fill the posted position has already been selected by the agency, and it's generally an internal candidate receiving a promotion. The agency simply does not look at the resumes from external applicants for those positions. A double Harvard graduate has no chance whatsoever to land this type of position, because their resume will not be reviewed.
"While some mutual fund founders chose to make billions, he chose to make a difference." - Dedication to Jack Bogle in 'The Bogleheads' Guide to Investing'.
Tempus Obliviscaris
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Re: Is law no longer a viable career option for young people

Post by Tempus Obliviscaris »

NYerinLondon wrote:As someone else noted, there are certainly opportunities outside of BigLaw, but one must realize that the salary model in law is bimodal and take that into account, particularly as the cost of a legal education is generally not bimodal.
Part of the story is appreciating the bimodal distribution of starting salaries. NALP is probably the best widely available resource on this point. See http://www.nalp.org/salarydistrib.

Another part of the story is understanding how many folks have the opportunity to report a salary. Law School Transparency makes a noble, if a bit sensational, attempt to highlight the fact that there are a lot of new lawyers who don't show up on the NALP graphs. See http://www.lawschooltransparency.com/.

Another part of the story is the debt. It's bad. See http://grad-schools.usnews.rankingsandr ... t-rankings.

Yet another part is the plight of those fortunate enough to hang around the rightmost hump for a few years. I would say more, but I've got to get back to billable work.

There's also the under-explored story of long-term careers in law. Tales of biglaw burnout are legion, but there's not a lot of nuanced discussion of what happens on the other side. BLS numbers provide one point of departure. See http://www.bls.gov/ooh/Legal/Lawyers.htm.

[Edit: Sorry to the moderator for posting the graph.]
Last edited by Tempus Obliviscaris on Sun Oct 13, 2013 10:50 am, edited 1 time in total.
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Re: Is law no longer a viable career option for young people

Post by fcox85 »

Regardless of whether law is a viable career for a young person, I think a more important question is whether anyone should want to be an attorney. I am a young attorney (28), and I'm starting to examine other options. While some of these include work in the legal field (in-house counsel, etc.), I am mainly trying to think outside of the legal world. I do not find civil defense/corporate law work to be satisfying, and I absolutely hate the business model of billing hours. I would strongly advise any young person considering law school to reconsider, and pursue other options.

Until now, I was really kind of trapped by the problem of law school debt, which I am fortunate enough to have been able to take care of due to a recent windfall. If I hadn't gotten lucky in that regard, I wouldn't even be able to consider other options at this point. Fortunately, I am to a point where I can seriously consider making a change. Importantly, I am writing from the perspective of someone who has it pretty good, too. I live in a low cost of living area with a good salary, very reasonable billing goals, and I work for a group of attorneys that I genuinely like. I have a good life by all accounts, but I don't want to wake up 30 years from now and still be doing this crap every day. Food for thought.
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Re: Is law no longer a viable career option for young people

Post by danwhite77 »

Tempus Obliviscaris wrote:Another part of the story is the debt. It's bad. See http://grad-schools.usnews.rankingsandr ... t-rankings.
Also, keep in mind that the debt numbers reported in this chart are for law school only. These numbers do not include any undergraduate debt. From my own anecdotal knowledge, graduates from the more expensive law schools (which are basically all of them now) oftentimes have a total amount of student loan debt (undergrad + law) in the ~$250,000 range.
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momar
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Re: Is law no longer a viable career option for young people

Post by momar »

This flow chart will tell you all you need to know:
http://www.businessinsider.com/samuel-b ... rt-2013-10
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Re: Is law no longer a viable career option for young people

Post by Bob's not my name »

I don't disagree with anything in this thread, but I can say that my kid loves the career so far, accumulated only $50,000 of debt in school, and makes about $300,000. My kid's law school friends are also happy in their jobs.

My second kid is an engineer, works about half as many hours, makes half as much after taxes, and also loves the career.
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Re: Is law no longer a viable career option for young people

Post by danwhite77 »

Bob's not my name wrote:I don't disagree with anything in this thread, but I can say that my kid loves the career so far, accumulated only $50,000 of debt in school, and makes about $300,000.
Your kid is what those in the industry refer to as a "legal one percenter."

Edit: Also, if your kid is in Big Law making ~$300k, that means he or she likely graduated from law school at least eight years ago. Tuition inflation has run rampant since that time, to the point where obtaining a JD for only $50k is now completely impossible unless someone (either the student or their parents) is paying for at least 2/3rds of the degree.
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Re: Is law no longer a viable career option for young people

Post by stan1 »

danwhite77 wrote: Your kid is what those in the industry refer to as a "legal one percenter."
Come on now, everyone's kid is in the Top 1%
(I'll add a :wink: in case it is necessary).
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Re: Is law no longer a viable career option for young people

Post by Bob's not my name »

danwhite77 wrote:
Bob's not my name wrote:I don't disagree with anything in this thread, but I can say that my kid loves the career so far, accumulated only $50,000 of debt in school, and makes about $300,000.
Your kid is what those in the industry refer to as a "legal one percenter."

Edit: Also, if your kid is in Big Law making ~$300k, that means he or she likely graduated from law school at least eight years ago. Tuition inflation has run rampant since that time, to the point where obtaining a JD for only $50k is now completely impossible unless someone (either the student or their parents) is paying for at least 2/3rds of the degree.
Graduated last year. $300,000 includes bonus. Yes, we paid most of the cost without loans. A law student can gross about $60,000 while in school from summer jobs and part time work, so the parental contribution needs to be substantial. I know it's unbogleheadish to help your kids with the cost of education.
Last edited by Bob's not my name on Sun Oct 13, 2013 12:06 pm, edited 1 time in total.
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Re: Is law no longer a viable career option for young people

Post by danwhite77 »

Bob's not my name wrote:
danwhite77 wrote:
Bob's not my name wrote:I don't disagree with anything in this thread, but I can say that my kid loves the career so far, accumulated only $50,000 of debt in school, and makes about $300,000.
Your kid is what those in the industry refer to as a "legal one percenter."

Edit: Also, if your kid is in Big Law making ~$300k, that means he or she likely graduated from law school at least eight years ago. Tuition inflation has run rampant since that time, to the point where obtaining a JD for only $50k is now completely impossible unless someone (either the student or their parents) is paying for at least 2/3rds of the degree.
Graduated last year. $300,000 includes bonus.
Then I mean to say your kid is a legal .000001 percenter! For someone trying to replicate that path in law school (potentially OP or OP's offspring) is basically equivalent to buying a lottery ticket. That kind of income, particularly in a lawyer's first year, is basically unheard of. Usually, for those fortunate enough to hit that income level in Big Law, they are mid-level or senior associates with 5-8 years under their belt.
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Re: Is law no longer a viable career option for young people

Post by Bob's not my name »

It's not unheard of. And it's not a lottery ticket. As I said, I'm not disagreeing with anything in the thread. If you have the talent and drive to be a top graduate from a top school, then you can achieve this. My kid's law school friends are in the same category.
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Re: Is law no longer a viable career option for young people

Post by danwhite77 »

Bob's not my name wrote:It's not unheard of. And it's not a lottery ticket. As I said, I'm not disagreeing with anything in the thread. If you have the talent and drive to be a top graduate from a top school, then you can achieve this. My kid's law school friends are in the same category.
Right, and I'm certainly not denigrating your kid's achievement. In fact, that's an incredible achievement! The important thing in this type of discussion, however, is to adjust for everyone's biases. People considering law school often suffer from a condition known as "Special Snowflake Syndrome." That is, someone reading your comments may think "I am motivated and thus can replicate this path and earn three hundred thousand dollars right out of law school!" Largely, that is not the case. Similarly, virtually everybody believes they are an above average driver. That, of course, is statistically impossible. There's a great post on Special Snowflake Syndrome here:

http://insidethelawschoolscam.blogspot. ... pirit.html

Again, I do not mean to take anything away from your kid's achievement, that's great. My only point, as someone that has over a decade of very close involvement in this industry, is to caution any potential law students that their chance of replicating such a feat is statistically insignificant.
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Re: Is law no longer a viable career option for young people

Post by Bob's not my name »

danwhite77 wrote:My only point, as someone that has over a decade of very close involvement in this industry, is to caution any potential law students that their chance of replicating such a feat is statistically insignificant.
But it's not a matter of statistics. You don't take on a single dollar of law school debt until you've been accepted. If you are accepted at a top law school you are qualified to go. At this point you will know your own capacity for hard work and you should know how seriously you really want to pursue a career in law. So if you get into a top school and you want to do it, your odds of doing well are very high. True, there are probably many law students with incorrect motivations (my mother wanted me to be a lawyer, etc.), so cautionary tales are warranted. But this thread needed a counterexample of a successful and happy law student.
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Re: Is law no longer a viable career option for young people

Post by FedGuy »

danwhite77 wrote:Also, many of the jobs posted by the Federal government are not "real." Meaning, the person that will fill the posted position has already been selected by the agency, and it's generally an internal candidate receiving a promotion. The agency simply does not look at the resumes from external applicants for those positions. A double Harvard graduate has no chance whatsoever to land this type of position, because their resume will not be reviewed.
On top of that, much federal government hiring is, frankly, incompetent. A former colleague at a federal government agency ("Agency 1") told me of someone that they hired who quit nearly a year later because she had applied to another agency ("Agency 2") at the same time she had applied to Agency 1, didn't hear back from Agency 2, took the job at Agency 1, and then got called by Agency 2 a full eight months after she had already started at Agency 1, which ultimately led to an offer at Agency 2. The Office of Personnel Management issued guidelines a few years ago encouraging agencies to try to get answers to candidates within 30 days of an application, with the result that some agencies that don't always meet those timelines now routinely cancel an opening (thereby summarily rejecting all candidates) 30 days after resumes were due, then announce a virtually identical opening and force everyone to re-apply. And even when they finally hire someone, half the time they don't bother to tell the other candidates, even those who participated in multiple rounds of interviews.
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Re: Is law no longer a viable career option for young people

Post by FedGuy »

Bob's not my name wrote:It's not unheard of. And it's not a lottery ticket. As I said, I'm not disagreeing with anything in the thread. If you have the talent and drive to be a top graduate from a top school, then you can achieve this. My kid's law school friends are in the same category.
It is a lottery ticket. Plenty of highly intelligent, hard-working attorneys had their careers significantly complicated by changes to the legal marketplace. Those who did "leasing" in the '90s (a field based entirely on a legal loophole that was closed, forcing those who practiced in the area to find an alternative) or structured finance in the mid-2000s (the demand for which dried up during the recession and hasn't come close to re-establishing itself) were victims of being in the wrong practice area at the wrong time, even if they otherwise had all the necessary skills, attributes, and qualifications to be successful.
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Re: Is law no longer a viable career option for young people

Post by SiddFinch1 »

The majority of us are not overly happy and would not advise others to go to law school. For all the reasons discussed. The huge one is the cost

The one good thing it does is open a lot of possibilities but is far from a guarantee. The biggest problem is too many lawyers for too few jobs.

The big risk is going into the wrong field. Once you to down one path /field of law its hard to backtracked to another field years later since you are too old or expensive compared to recent grads
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Re: Is law no longer a viable career option for young people

Post by Tempus Obliviscaris »

Bob's not my name wrote:But it's not a matter of statistics. You don't take on a single dollar of law school debt until you've been accepted. If you are accepted at a top law school you are qualified to go. At this point you will know your own capacity for hard work and you should know how seriously you really want to pursue a career in law. So if you get into a top school and you want to do it, your odds of doing well are very high. True, there are probably many law students with incorrect motivations (my mother wanted me to be a lawyer, etc.), so cautionary tales are warranted. But this thread needed a counterexample of a successful and happy law student.
Respectfully, hard work, intelligence, and self-awareness are necessary but not sufficient to wind up with that sort of outcome. There are simply not that many spots. Most members of the Harvard Law Review have to settle for market-paying biglaw. I say this not to be peevish but to caution folks as to the extraordinary nature of your son's achievement.
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Re: Is law no longer a viable career option for young people

Post by dm200 »

I am not an attorney, but I do have occasion to deal with many attorneys who work (for non-government entities, trade associations, etc.) in regulatory compliance. With the recent onslaught of legislation and regulations (much of it from the newly created CFPB), the number of these attorneys in this area is increasing. Some (perhaps many/most) of the positions require bar admission. I have absolutely no idea of the income levels or income expectations of these attorneys, but there seem to be plenty of hiring in these areas. Several of these attorneys started by being employed in positions often not requiring being a law school graduate (I am sure at modest compensation) - then moving into probably more well compensated positions.

Working in "Regulatory Compliance" may or may not be what a particular law school graduate wants to do as a career, but there seem to be openings in the field and some opportunity to grow. Some of these attorneys have moved from the private sector to government employment dealing (on the other side of the fence) with the same regulatory/enforcement issues.
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Re: Is law no longer a viable career option for young people

Post by lostInFinance »

Bob's not my name wrote:It's not unheard of. And it's not a lottery ticket. As I said, I'm not disagreeing with anything in the thread. If you have the talent and drive to be a top graduate from a top school, then you can achieve this. My kid's law school friends are in the same category.
I'm still think its a lottery ticket to a point. HLS tells prospective students that they can expect to make $160k starting out, if they get hired at the "most prestigious big city firms." Perhaps, the attorneys can chime in on whether its normal to offer a 1st year associate a bonus equal to his base salary, but I'm inclined to think it's very rare for even a T14 grad to make $300k starting out. If graduating from HLS is like being in the NFL, making $300k your first year is like being a first round draft pick.

http://www.law.harvard.edu/current/care ... /faqs.html
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Re: Is law no longer a viable career option for young people

Post by lawman3966 »

While I'm not a recent graduate, I feel compelled to chime in a comment or two. This seems inseparable from being a lawyer.

I disagree with one point above - namely that legal life is all or nothing at the point of making or not making partner.

I can attest to the volatility and challenges of this profession. I started in Biglaw about fifteen years ago and have been through some turmoil in that time. One firm I was with went through rounds of layoffs that left them with no associates whatever. I was laid off in one of those rounds.

After a move across the country (Rocky mountains to the Atlantic coast), and a decade working at a series of small law firms (all while working for the same partner and the same clients), I am gainfully employed (though not at the glamorous rates discussed above for the HLS crowd) and have reached what the non-bogleheadish, market-timing Bob Brinker referred to as the land of critical mass. Under these circumstances, I try to limit my complaining. In some years, I earn about 2/3 of what I earned as a Biglaw attorney in my first five years. I have more skill now, but work far fewer hours than I did then. It's not all bad. It's also not "all or nothing" as some implied above. The truth is that the fall-back position of working for smaller firms was quite reasonable in my case. Moreover, all of the colleagues I had during the heady layoff days of 2003 or so are employed, some as associates, and others as principals in their own firms.

I could spend my time complaining that I don't earn what the T14 grads make. Or, I could be thankful that I earn more than, and enjoy greater job security than, many of the engineers whose inventions I make a living describing in technical documents. While on that subject, I know IT engineers in their fifties, with stellar academic credentials and impressive work experience who are borderline indigent (net worths in the four figures) and pretty much marginally employed at what seems to be the end of their careers. And this is the problem: many career paths are not what they used to be, and one has to be careful before committing time and money to any endeavor these days.

Though I don't know the currently entry-level legal market well, at the minimum, I'd advise anyone wanting to enter this profession to practice (at least) one of the "seven habits of highly effective people" - namely starting with the end in mind. Before attending law school, I called people in the town I was in at the time, actively working in the legal specialty I wanted to practice in, and asked as much as I could about the profession and about the compensation I could expect. Given the changed circumstances, this act alone might not be enough to build the confidence needed undertake all the commitments of law school, but it's a good starting point.
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Re: Is law no longer a viable career option for young people

Post by HoosierJim »

This should be required viewing for all pre-law/law school admission applicants.

So you want to go to law school?
http://www.youtube.com/watch?v=nMvARy0lBLE
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Re: Is law no longer a viable career option for young people

Post by staythecourse »

NYerinLondon wrote:As someone else noted, there are certainly opportunities outside of BigLaw, but one must realize that the salary model in law is bimodal and take that into account, particularly as the cost of a legal education is generally not bimodal.
I'm not in law and know that so how are so many going into law and not understanding that?

My biggest pet peave is the rising costs of education, i.e. debt with no gaurantees of employment or ability to pay it off is NOT considered when choosing educational pathways.

Do whatever you like, but folks should know what they get into with any field that can incur significant debt with questionable ways to pay it off. It isn't much different then investing: control what you can (costs) as the return is unpredictable.

Good luck.
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Re: Is law no longer a viable career option for young people

Post by 2stepsbehind »

There are less than a handful of firms where a second year associate could make 300k (Wachtell, Boies Schiller, Susman Godfrey come to mind) and frankly even at these firms, that is not the norm. I sincerely doubt most of his friends are at these firms as opposed to generic biglaw making a respectable 170k base + 15ish bonus.
grog
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Re: Is law no longer a viable career option for young people

Post by grog »

We just had a thread yesterday about how medicine isn't a good field anymore. It seems like there aren't any viable career options for young people nowadays :wink:

It is beyond debate that the the job market for law grads has been very, very bad. But don't these things tend to work themselves out? It seems word has gotten out about the debt and job prospects. Prospective law students have seen the last few cohorts enter the law school slaughterhouse, and will be more cautious. Right now, I would be extremely selective about going to law school. But as more and more people decide not to go, the more attractive the prospect of going to law school will become. The only way it will persist this horribly is for all other fields to be equally unappealing.
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Re: Is law no longer a viable career option for young people

Post by tibbitts »

grog wrote:We just had a thread yesterday about how medicine isn't a good field anymore. It seems like there aren't any viable career options for young people nowadays :wink:

It is beyond debate that the the job market for law grads has been very, very bad. But don't these things tend to work themselves out? It seems word has gotten out about the debt and job prospects. Prospective law students have seen the last few cohorts enter the law school slaughterhouse, and will be more cautious. Right now, I would be extremely selective about going to law school. But as more and more people decide not to go, the more attractive the prospect of going to law school will become. The only way it will persist this horribly is for all other fields to be equally unappealing.
There's certainly a possibility that all or at least most other fields will be equally unappealing, at least for another generation or two. People may be commenting only on the fields they're most familiar with, because they're seeing the impact first-hand.

Paul
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Re: Is law no longer a viable career option for young people

Post by lostInFinance »

grog wrote:We just had a thread yesterday about how medicine isn't a good field anymore. It seems like there aren't any viable career options for young people nowadays :wink:
That's certainly true if you're like some of the posters in the other thread who think a good job has to pay at least 7 figures.
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Re: Is law no longer a viable career option for young people

Post by staythecourse »

grog wrote:We just had a thread yesterday about how medicine isn't a good field anymore. It seems like there aren't any viable career options for young people nowadays :wink:

It is beyond debate that the the job market for law grads has been very, very bad. But don't these things tend to work themselves out? It seems word has gotten out about the debt and job prospects. Prospective law students have seen the last few cohorts enter the law school slaughterhouse, and will be more cautious. Right now, I would be extremely selective about going to law school. But as more and more people decide not to go, the more attractive the prospect of going to law school will become. The only way it will persist this horribly is for all other fields to be equally unappealing.
Actually not. Look at the lack of saving for retirement, the student loan debt, and the fact there will be some changes in entitlements in the next 30 yrs. This all adds up to folks working much longer then they want or did in the past which will keep the supply up. Also include the efficiency of all fields improving with technology thus in some part decreasing demand. This all means there will not be a drought in the field to replenish.

This is not isolated to law. This is the sad story that no one wants to discuss. the future is not bright for many of the next generation. All of this with increasing student debt. Many don't know, but federal loans if not paid back are taken out of one's SS in retirement. Not many know that, but sure will in the next 20 yrs.

Good luck.
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Re: Is law no longer a viable career option for young people

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (career choice).

Upon further review, it's also off-topic (not personal nor actionable). See: A reminder that non-investing general comment threads are OT
- It must be personal. In other words, you must be asking about your own situation. You can also ask on behalf of someone specific, such as a family member.

- It must be actionable. You must be able to do something specific with the replies that will make a difference in your situation.
See the example in the referenced thread.
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