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No Longer Their Golden Ticket (law school)
New York Times ^ | January 15, 2010 | Alex Williams

Posted on 01/19/2010 5:25:52 AM PST by reaganaut1

...

“The Deep End” was conceived in 2007, that halcyon era of $160,000 starting salaries and full employment even for law grads who had scored in the 150s on their LSAT’s.

Those days are over. As the profession lurches through its worst slump in decades, with jobs and bonuses cut and internal pressures to perform rising, associates do not just feel as if they are diving into the deep end, but rather, drowning.

Lawyers who entered the field as recently as a few years ago could reasonably expect a life of comfort, security and social esteem. Many are now faced with a different landscape. Firms shed more than 4,600 lawyers last year, according to a blog that tracks the legal industry, Law Shucks. Bonuses for those who survive are shriveling, and an increasing number of firms now compensate associates based on grades for performance — shades of law school — rather than automatically advancing them on the salary scale.

For those just starting out, it’s easy to think that the rules have changed six minutes into the first period.

“I thought, ‘Great, I can afford to buy a house at 23,’ ” said Jacqueline Muna Musiitwa, recalling her first year as an associate in 2006 at Pillsbury in San Francisco. “If I start this way at 23, goodness knows what it will be like when I’m 40.”

She accepted the notoriously grueling workload for the prospect of Caribbean vacations, a convertible and a big loft apartment. But young lawyers now entering the field can feel no such assurance, said Ms. Musiitwa, 27, who left Pillsbury after a year to start a boutique firm.

(Excerpt) Read more at nytimes.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: lawschool; lawyers
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Lawyers losing money and prestige is good, but unless government stops over-regulating, it will be difficult for other productive professions such as engineering to prosper.
1 posted on 01/19/2010 5:25:53 AM PST by reaganaut1
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To: reaganaut1

Lawyers are a dime a dozen, congress is full of them.


2 posted on 01/19/2010 5:28:49 AM PST by Graybeard58 ("Get lost, Mitt. You're the Eddie Haskell of the Republican party." (Finny))
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To: reaganaut1

Now if we could just keep lawyers out of government. Biggest bunch of screwups I’ve ever seen.


3 posted on 01/19/2010 5:29:21 AM PST by Dewey Revoltnow
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To: Dewey Revoltnow

PFL


4 posted on 01/19/2010 5:32:17 AM PST by Batman11 (Sarah Palin: "Illegal immigrants are called illegal for a reason!")
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To: reaganaut1

Lawyers are running fishing commercial to find clients for malpractice suits against Doctors, Hospitals and Drug companies.

I am waiting for the same type of commercial to find victims of bad lawyers. Sharks eating sharks, not that will be fun.


5 posted on 01/19/2010 5:34:10 AM PST by CIB-173RDABN
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To: reaganaut1

The lawyer woes need to trickle up to government now.


6 posted on 01/19/2010 5:34:10 AM PST by mamelukesabre (Si Vis Pacem Para Bellum (If you want peace prepare for war))
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To: reaganaut1

The big salaries they are talking about in this came with big city, big firms. Up or out anyway, so very brief time with the salary, taxed at 50% in NYC, and then the rent and cost of living ate up the rest. Hard to believe, but it was not such a great deal even in the 90’s with starting salaries in the 90’s. Hard to believe they hit 160k tho!


7 posted on 01/19/2010 5:34:18 AM PST by Woebama (Never, never, never quit)
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To: reaganaut1

They should take a tip from those famous Harvard Law grads Michelle and Barry - go into comunity organizing!


8 posted on 01/19/2010 5:36:16 AM PST by Rummyfan (Iraq: it's not about Iraq anymore, it's about the USA!)
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To: reaganaut1

They should take a tip from those famous Harvard Law grads Michelle and Barry - go into comunity organizing!


9 posted on 01/19/2010 5:36:16 AM PST by Rummyfan (Iraq: it's not about Iraq anymore, it's about the USA!)
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To: reaganaut1

Socialize lawyers, not medicine.


10 posted on 01/19/2010 5:38:14 AM PST by Ben Chad
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To: Dewey Revoltnow

We already did with the “Titles of Nobility” Amendment, Also known as the Missing 13th Amendment. It was the Law of the Land until it miraculously disappeared.


11 posted on 01/19/2010 5:39:06 AM PST by eyeamok
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To: reaganaut1

I blame all the stupid prime time attorney drama’s on TV giving young folks a false sense of what being a lawyer really is.

You know things are pretty screwed up when there was more lawyers in law school in New Jersey then practicing doctors in the whole state.


12 posted on 01/19/2010 5:39:39 AM PST by WaterBoard
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To: reaganaut1

Good.


13 posted on 01/19/2010 5:42:23 AM PST by pnh102 (Regarding liberalism, always attribute to malice what you think can be explained by stupidity. - Me)
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To: reaganaut1


As the profession lurches through its worst slump in decades,
with jobs and bonuses cut and internal pressures to perform rising,
associates do not just feel as if they are diving into the deep end,
but rather, drowning.

That’s the general view on a local “business-oriented” radio show on
Sundays here in Mid-Missouri.
Sad that this didn’t happen before lawyers (along with the worst of
the unions) did their best to drive industry out of Missouri/USA .


14 posted on 01/19/2010 5:42:33 AM PST by VOA
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To: WaterBoard

Over the years I have worked for a lot of lawyers are very few are rich. Our business is way down over the past year. I think going into any profession only because you believe it will make you rich is a bad idea.


15 posted on 01/19/2010 5:43:52 AM PST by ilovesarah2012
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To: reaganaut1

Man, I could barely read that article for all the tears! Ha!


16 posted on 01/19/2010 5:44:07 AM PST by Rummyfan (Iraq: it's not about Iraq anymore, it's about the USA!)
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To: reaganaut1

““Lawyers are famous for having high levels of depression and anxiety, but it has increased. Everybody’s morale is down.””
Good. Hope their suicide rate goes way up. They are cockroaches, and like cockroaches there are too many of them.


17 posted on 01/19/2010 5:48:16 AM PST by Scotsman will be Free (11C - Indirect fire, infantry - High angle hell - We will bring you, FIRE)
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To: reaganaut1

.....“If I start this way at 23, goodness knows what it will be like when I’m 40.” ....

The outcome will be the same either way. You are a spinster destined to live a life without love or family. In San Francisco you are but female detritus


18 posted on 01/19/2010 5:52:34 AM PST by bert (K.E. N.P. +12 . Tax the poor. Taxes will give them a stake in society)
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To: reaganaut1
We are a nation of lawyers and, for that, we will pay a heavy price, as law has nothing to do with justice, and everything to do with tyranny.
19 posted on 01/19/2010 5:54:23 AM PST by Navy Patriot (Sarah and the Conservatives will rock your world.)
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To: reaganaut1

What are the statistics? Something like 30,000 new lawyers every year, but only 3,000 engineering grad students?

Even in our politically-correct, litigious society where the Law itself has become a form of tyranny, requiring piles of “legal experts” for any issue - the market is saying “there are too many of you!”


20 posted on 01/19/2010 5:56:13 AM PST by PGR88
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