Sunday, November 18, 2012
Thanks to An Associate's Mind for this one; the results of a survey administered by the Alabama State Bar that asked law grads from the class of 2011 to identify how long their job search took, how they found a job, where they landed, their starting salary and the amount of educational debt they accumulated while in law school. While the response rate was only 34% and salaries and employer size reflect the fact that Alabama is not a major legal market like NYC, DC or LA, the results still provide some insight into the economic value of a law degree circa 2012.
The median starting salary was mid-$40k and of those who went into private practice, the vast majority went to work for small firms consisting of 2 to 5 lawyers. Forty-five percent of those who responded to the survey graduated with educational debt somewhere between $100k and $250k (for one outlier).
In terms of the job search itself, most of the grads found employment in a relatively short time after the bar results were posted (which is data that might help allay the anxieties of future 3L's who are freaked out that they don't have jobs at the time they graduate). And despite the prevalence of social media in the lives of today's students, the vast majority found it pretty worthless when it came to finding a job. Most found a job the old fashion way through their career services office or via face-to-face networking.