Friday, February 20, 2009

Law students may need to brace for "economic re-set"

Things are worse than you thought, much worse, according to this American Lawyer article suggesting that the legal marketplace may be undergoing a fundamental change that will leave many newly minted lawyers with far fewer job options at much reduced salaries.

According to author Aric Press, AM's editorial director, the big firm market for law students is in crisis:   

If present trends continue in the big firm market, we are heading toward--you pick the cliché--a paradigm-shifting, blood-in-the-suites, terror-on-the-campus hiring and retention crisis. The "economic reset" that General Electric's Jeffrey Immelt has tagged seems likely to force changes in the way firms recruit, pay,  and/or retain their lawyers. The market for labor has changed and, for now at least, there's no normal to which it can return.

If you've been reading blogs by law firm associates in recent months, you know there's a lot of anxiety out there about whether a career in law is any longer a viable option for some.  You know things are tough when laid-off attorneys can't even find jobs as paralegals.

So this weekend, keep things in perspective as you face that pile of papers needing to be graded.

I am the scholarship dude - appreciatin' life's simple pleasures.


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