Law School Lamentation: Jobs are Scarce, like everywhere else

With all the litigation going on nowadays, it's hard to imagine firms going in the tank. I guess in some areas, like bankruptcy, law changes cut down demand.

 

Firm need clients who spend big money. Remember -- law firms sell nothing but their time. You can't store hours up for lean times and you need a steady supply of timekeepers to meet that demand. The bread and butter of most big firms are corporate transactions and right now, most of these lines of business are severly hurting. So they layoff those who are going to cost them money.

I worked at big firms for my first dozen years out of school. I was lucky enough to get incredible experience when I was junior. But many of my friends spent the first 4-7 years of their career shuffling paper and not really building a skill set which transfers outside of the big firm world. The thing is, they pay is really good and unless you are going to retrench your career, you ride the wave out as long as you can. That's the biggest problem -- the "best and the brightest" too often turn out as drones with no skills.

From when I was 27-34, I worked like a mad man. My mentor was very driven, my department was busy and I often worked 14+ hours a day and weekends. Now, I still was in great shape and played in a couple of hoops leagues, I ate and drank well, took fun vacations and because my live-in girlfriend/fiance/wife was in a similar job, I had an understanding personal life. By hour, the job probably wasn't so glamorous, but it was very good. And I like what I did.

When we decided to start a family, I had to decide what kind of husband and father I wanted to be for the next 20 years. I couldn't keep up that pace and I didn't want to either. I also was likely not going to make equity (i.e. real) partner at my firm and I wasn't satisfied litigating cases for the rest of my career. Luckily, I have been able to make the transition to work for a former client. But it's not exactly 7 hour days and 6 weeks of vacation. But I can work at home when I want to and don't miss school events or doctors appointments either.

The point is, to be a lawyer, you have to prove your skills every day. There is little resting on laurels, or you are going to be found out.

 

If this was closer to 2008-2009 this description would make a lot of sense. That period was very difficult for many larger firms, especially in your coastal cities.

Business is generally good right now. Most largish firms in my area are hiring. Most largish firms are giving solid year-end bonuses. They're more conservative on both fronts IMO, but that's certainly not a bad thing.

 

Indeed.

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