Apparently even the legal profession is taking a hit in this poor economy. For the first time in over 10 years, this year's law graduates will face fewer job opportunities, which certainly isn't good news for the many law students who will also have tens of thousands of dollars in loans to pay back.
According to CNNMoney.com, "The legal industry lost 1,100 jobs in October, the eighth consecutive month of decline, according to the Labor Department's most recent data. Which means the 150,031 students who were in enrolled in law school last year face a job market that is contracting for the first time in recent history."
See the complete article at Verdict is in: Legal job market tightens.
Are you a 3L? Do you have a job lined up?
Comments
The other issue that the article doesn’t address is that compensation is taking a hit — many law firms are halving or cutting out bonuses this year. Many lawyers in-house saw their year-end bonuses even earlier (I know I was told in July to not expect a year-end bonus). Eventually, this cost-cutting will trickle down to total salaries. This is especially relevant because so many people go to law school assuming their debt burden will not be a problem because lawyers make a lot of money — but like you said, jobs are disappearing, and existing jobs are less lucrative. I would actually tell someone applying to law school today to defer the decision another couple of years — their odds of getting out of law school with $120 grand + in debt in this economy and have trouble securing a job are high.
So true. I’ll be interested to see what happens when it’s time for firms to announce the next incoming associates’ starting salaries….
I feel bad for those 150,000 students enrolled in law school right now. In this economy, what are their chances of finding employment? I’m sure the very top ones will still find employment with a nice salary, but for those in the bottom half of their classes (class rank), more than likely, they could face problems. If you are in law school now, it may not be a bad idea to look into judicial clerkships after graduation, if you can land one. See article on that topic.