Job Market Very Tight for New Lawyers

[sallyawp]

<p>The legal news is full of stories these days about law firms that have reduced or disbanded their summer associate programs, law firms laying off associates, whether or not they admit it (admitted versus “stealth” layoffs) and law firms going out of business entirely. Even many T14 law schools have sent out memos to their 2L classes (the class that is most recruited for summer associate jobs), warning them that waiting to accept job offers could (and has actually, in some cases) resulted in revocation of those job offers as law firms fill their classes quickly due to higher than expected yields. </p>

<p>In light of the very difficult current market for lawyers, particularly the newly minted variety, I thought you might find exerpts from this cnn.com article interesting:</p>

<p>

Verdict is in: Legal job market tightens
Even the legal industry is not immune to the downturn, leaving recent graduates with hefty student loans and no jobs.
By Jessica Dickler, CNNMoney.com staff writer

</p>

<p>

Employment opportunities for legal professionals have traditionally been plentiful - and lucrative. But as the economy has dried up, so too have those jobs.</p>

<p>The employment market for new law graduates has remained relatively strong and stable since 1997. And last year was the sector’s strongest showing in 20 years, with 92% of graduates finding jobs in their field, according to the National Association for Law Placement. But that’s beginning to change.</p>

<p>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.

</p>

<p>

In the past several months, some of the nation’s largest law firms, which also recruited and hired the most aggressively, have started laying off lawyers and staff members. This fall, San Francisco firm Heller Ehrman shut down all together, putting nearly 700 attorneys out of work.</p>

<p>That means recent graduates not only face experienced competition for limited jobs, but also hefty student loan bills. “Recent grads are going to have a hard time,” Pierce Stronczer said.

</p>

<p>

Andrew Magdy, 27, is already under pressure. He graduated from Michigan State Law School last year and received an LLM in taxation from Washington University in June. He has been looking for a full-time job since the spring, but “there’s not much out there right now,” he said.</p>

<p>“Every day I send out resumes, both electronically and through the mail, and every day I receive responses that the law firms are not currently hiring,” Magdy said. “Roughly 300 resumes have landed me one job interview.”</p>

<p>In addition to his living expenses, Magdy has about $150,000 in student loans and the first payments are due in the middle of this month.</p>

<p>With $166,000 in loans and no legal job in sight, Rob Cox, 33, is beginning to question his decision to go to law school. He has expanded his job search to include other industries, but he sometimes finds his schooling works against him.</p>

<p>“My resume, which consists mostly of schooling and volunteer positions I held during school, is less than appealing to the type of companies I’m aiming for,” he said.

</p>

[blueapple]

<p>This is something to consider. Yet outside of some very specialized fields, ALL professions have ‘tightened’ recently due to the economy. Less contracts are being signed, less patents are being filed, the entire country is slowing down. Yet I dont think this should deter anyone. Most people on this board are either planing on graduating 2012 or 2013. In five years time I am sure the economic situation will look better and so will the job market.</p>

[toronto_guy]

<p>Top law firms ALWAYS hire top grads. If you come from a good school (T1 top half) with good grades (B/B+ or better), your chances of a good job are excellent. Everyone else competes for the rest.</p>

[futurenyustudent]

<p>And the securities lawsuits and Chapter 7/11 bankruptcies haven’t started yet. Just saying, the whole Enron affair lasted 6 years until Skilling got 25 years in the slammer. And I believe the civil suits are still pending.</p>

<p>SOMEONE has to do all that discovery, and it ain’t gonna be a senior associate or partner. :)</p>

[sallyawp]

<p>

SOMEONE has to do all that discovery, and it ain’t gonna be a senior associate or partner.

</p>

<p>No, it will often be a contract lawyer getting paid a pittance on an hourly basis, without benefits, who sits in a big conference room surrounded by other contract lawyers.</p>

[cartera45]

<p>Sally is right. Senior associates may be lucky to get that kind of work.</p>