With news of associate deferrals by large firms and job anxiety setting in for new law school grads, you may be wondering what you can do to protect yourself in the current economic conditions.
Along with detailed online college reviews, the Online College Guide also offers great advice in 15 Ways to Set Yourself Apart in a Recession on how you can make the most of a bad economy whether you're just entering the job market, currently employed and not looking, currently employed and looking, laid off and seeking work, or self-employed.
If you've had some luck with the current legal job market, please share your secrets in the comments!
Comments
Certainly, many legal employers presently resemble “deer in the headlights” in terms of their apparent future hiring needs. However, you should remember that the current economic climate is largely a function of three things: (1) the financial institution crisis;(2) the automotive industry crisis; and (3) the housing market crisis
Crisis #1 is simply a correction of the greed and excess of the prior 15 or so years. Crisis #2 is in reality, a result of numerous years of poor management. For an analysis of Crisis #3, see Crisis #1. And although these crises’ tenacles reach deep within the general economy, you should remember that there are numerous sectors within the generally economy whose fundamentals remain essentially unchanged.
My point is that although legal employers are presently frozen in the headlights of an apparently uncertain economy, eventually they will likely shake it off and resume hiring, although most likely at levels nowhere near the, yes, irrational exuberance of the past 10 or so years or the legal market.
This means that first-year lawyers may need to recalibrate their expectations of earning $175,000. But it does not mean that they should abandon all hope of finding a job.
Instead, newly-minted lawyers may simply have to be more creative in their search efforts, and perhaps consider employment opportunities they previously viewed as beneath their education and experience.
Specifically, there are still numerous public interest job opportunities out there. Further, to the student with debt, many schools offer loan forgiveness to students who take these jobs.
Additionally, there are still small to mid-sized firms that need new lawyers. Again, you should be prepared to lower your compensation expectations, but there are still jobs available in many areas.
Finally, now is the time to use every networking connection you have developed. Numerous social networking websites such as Linked In and Facebook afford you the opportunity to market yourself. But remember, the Internet is eternal. Do not say or do things that could come back to haunt you later.
If you are interested in additional discussion on legal careers and job searching, you might want to read “Law School Labyrinth”, available at most booksellers, including Amazon, Borders, Barnes and Noble and others. Also, the website is http://www.lawschoollabyrinth.com.
Such excellent advice! Thanks so much for taking the time to share it; looking forward to checking out your site