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Salaries Plunge for Lawyers; Unemployment Still High
Townhall.com ^ | July 8, 2011 | Mike Shedlock

Posted on 07/08/2011 8:24:01 AM PDT by Kaslin

An NALP study finds Law School Class of 2010 Starting Pay Fell 20% as Jobs Eroded

Starting salaries for last year’s U.S. law school graduates plummeted 20 percent as private practice jobs eroded, according to a report by the National Association for Law Placement.

The national median starting salary at law firms dropped to $104,000 from $130,000 in 2009, reflecting a shift in the distribution of jobs and salary adjustments at some firms, the NALP said today. The report cited information submitted by 192 laws schools and covering 93 percent of 2010 graduates.

Aggregate starting salaries fell because graduates found fewer jobs with high-paying large law firms and many more jobs with the smallest firms at lower salaries, Leipold said. More than half of the jobs taken by 2010 graduates were in firms with 50 or fewer attorneys. Jobs at firms with more than 250 attorneys fell to 26 percent from 33 percent in 2009.

The employment rate for 2010 law school graduates was 87.6 percent, down from a high of 91.9 percent for the 2007 class, the NALP said. Part-time jobs accounted for 11 percent and almost 27 percent were reported as temporary jobs, according to the survey.
Law School Graduate Scorecard


The total of those groups is a whopping 50.4%. However, some jobs may be temporary and part-time so the correct total is somewhere between 39.4% and 50.4%, probably towards the high side.

Having a law degree is no guarantee of success. All of those groups will struggle to pay back student debt.

Addendum:

Reader Dave writes ...
Hello Mish

Actually, it's far more grim than it looks.

How many new lawyers took a job at their dad's or mom's small practice? That is very common. How many hang out a shingle and/or start a small law firm with friends or classmates?

From what I've seen, the vast majority who start a practice, close their doors and find a new career in a year or two.

For the rest of us out in the workforce, unemployment remains at recession levels.

The number of initial unemployment claims remains elevated. Here is the table I posted last week.

Initial Unemployment Claims For 2011



We can now tack on another week.

Please consider the 
Department of Labor Weekly Claims Report.

In the week ending July 2, the advance figure for seasonally adjusted initial claims was 418,000, a decrease of 14,000 from the previous week's revised figure of 432,000. The 4-week moving average was 424,750, a decrease of 3,000 from the previous week's revised average of 427,750.



Note that last week was revised from 428,000 to 432,000 accounting for 4,000 of today's reported 14,000 drop.


TOPICS: Business/Economy; Culture/Society
KEYWORDS: aba; lawyers; obamadonors; unemployment
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To: Kaslin

The deflation camp scores another run. Attorneys should be thankful that the D of C cannot offshore their jobs. The feds will probaly import a hundred thousand muslim attorneys instead. Its a win win for gov. They destroy American citizens and they enrich islam and sharia law.


41 posted on 07/08/2011 9:19:19 AM PDT by winodog
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To: DannyTN

LMAO!

I believe that the ABA is also heavily biased to the demorats, as well as the trial lawyers. So there is a big problem there that needs fixin.

As fun as it is to hate lawyers, if the whole human system was reset, the very same system of advocates would re-emerge. There is no way around it. Guns/clubs, etc., only work so long, until ppl get tired of dying and want civility in resolving disputes.


42 posted on 07/08/2011 9:22:54 AM PDT by SgtHooper (The last thing I want to do is hurt you. But it's still on the list.)
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To: WaterBoard

We can also blame schools that churn out useless liberal arts grads by the trainload.

A bunch of people with law degrees never intended to be lawyers. They just graduated with a four year degree in something fairly useless in industry today (eg, english lit, history, etc) and decided “Well, what can I do with this? Oh, I know... I can go to law school!”

And wha-la, another lawyer is minted.


43 posted on 07/08/2011 9:24:18 AM PDT by NVDave
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To: henkster

I’m also a 25-year lawyer, and my observation is exactly the same as yours [see, Board, two lawyers CAN agree!!]. The business of law sucks. The practice of law is often very rewarding. I added 6 years of Air Force service as a JAG, which I would recommend to anybody coming out of law school who can get accepted (AF stats are about 20 applicants for every 1 who’s accepted).

Colonel, USAFR


44 posted on 07/08/2011 9:26:01 AM PDT by jagusafr ("We hold these truths to be self-evident...")
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To: George from New England

Yeah, until you need one. Then you are $hit out of luck!

Good luck representing yourself in a lawsuit.


45 posted on 07/08/2011 9:32:26 AM PDT by Soothesayer9
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To: Kaslin
Our country has more lawyers per capita than any other country in the world. We need to shut down all law schools for five years ... make that ten.
46 posted on 07/08/2011 9:33:04 AM PDT by bwc2221
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To: winodog

It seems that a lot of legal services are being outsourced.

http://www.nytimes.com/2007/08/21/business/worldbusiness/21iht-law.4.7199252.html


47 posted on 07/08/2011 9:33:58 AM PDT by USFRIENDINVICTORIA
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To: GlockThe Vote; SgtHooper

Yep, the freedom of the sole practice is great. I don’t have to worry about getting RIF’d and then being “too old” to be employable. I may not make more than 10 cents, but after taxes it’s all mine! For all it’s headaches, there is still no substitute for self-employment.


48 posted on 07/08/2011 9:34:14 AM PDT by henkster (Ethanol belongs in a beer can, not a gas tank.)
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To: winodog

actually the mega firms ARE ofshoring much of the grunt work.

Clients are never told their PERSONAL data is being processed in china and india.


49 posted on 07/08/2011 9:37:18 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: 1rudeboy
Everybody hates lawyers, until they actually need one. Then, it’s “my lawyer is a nice guy.”

If it weren't for lawyers, we would never need one.
50 posted on 07/08/2011 9:52:43 AM PDT by crosshairs (Peace through superior firepower.)
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To: Kaslin

This article’s title brings tears to my eyes.
/
/
/
Tears caused by laughing so hard!

Maybe starvation is the way to cut down the plague of American trial lawyers.


51 posted on 07/08/2011 9:59:17 AM PDT by RicocheT
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To: crosshairs
If it weren't for lawyers, we would never need one.

That reminds me of a joke I heard once; let's see if I can at least paraphrase it (and not mangle it too badly):

In a small town a few years back, a newly-minted lawyer moved in and opened up the town's first law office, right there on Main Street.

Weeks went by and the front door to the office never seemed to open, except when the lawyer arrived in the morning and left at night.

Now, the town was a rather nice place to live so, about six months later another lawyer showed up in town. Not to be outdone by the first lawyer, the newcomer opened up his own law office right across the street, with a more ornate door and a bigger, more expensive sign.

Two years later, both lawyers were wealthy enough to retire.
52 posted on 07/08/2011 9:59:34 AM PDT by Oceander (The phrase "good enough for government work" is not meant as a compliment)
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To: 1rudeboy; dead
Everybody hates lawyers enemas, until they actually need one. Then, it’s “my lawyer enema is [nice].”

You know... if you really need an enema, I suspect you'd think it was nice!

Unlike lawyers, a glut of enemas will not increase your chances of needing one because someone turned an their enema loose on you.
53 posted on 07/08/2011 10:02:23 AM PDT by brownsfan (I miss the America I grew up in.)
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To: henkster

Ethics rules? These are just for show, like the traffic lane paint lines in downtown Athens, Cairo or Moscow. The only way to lose your law license in Wisconsin is failure to pay bar (the mandatory association) dues.

I’m a retired WI lawyer and thus now no longer a scoundrel.


54 posted on 07/08/2011 10:07:20 AM PDT by RicocheT
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To: 1rudeboy

But his comment was truly funny and yours merely lame.


55 posted on 07/08/2011 10:12:55 AM PDT by hcmama
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To: crosshairs

I do commercial collections for contractors, subs, etc. you think lawyers are not needed by the little guy? GMAFB!

Let’s say you are a small HVAC contractor on a large job and the GC tells you to F off and decides not to pay you the balance of your contract of say 100k. Say its punch list and change orders and the GC just tells you to screw off.

What do you do?

Tell me genius. Tell me your brilliant plan to force the GC to pay you after you paid the material supplier, have payroll, and have other costs.

I really want to hear it since I get this lawyer bashing bs all the time and have yet to hear the brilliant plan by someone who hates lawyers as to how they can accomplish this when the GC has an army of lawyers to crush you and screw you.

I want to hear it.


56 posted on 07/08/2011 10:15:09 AM PDT by GlockThe Vote (The Obama Adminstration: The flash mob who won’t leave.)
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To: 1rudeboy
Everybody hates lawyers, until they actually need one. Then, it’s “my lawyer is a nice guy.”

Hardly.

57 posted on 07/08/2011 10:21:46 AM PDT by newzjunkey
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To: GlockThe Vote

You hire one but you still despise them because the majority are money grubbing thieves that’s what.

When I was a kid in a very barely middle class neighborhood, lawyers lived all around us. Then they started moving out into bigger houses.

If you knew the amount of complete bull lawyers talk on the phone and charge the idiot corporations for, it would blow your minds. “Well, David said la de dah and then Bill says hoo ha.” I said to my H people pay you for these dumb conversations? Just repeating comments about a “deal”? It’s a sham a ridiculous sham and then, word processors have made lengthy documents out of everything and lawyers have to spend hours trying to figure out what that string of words means.

People hole lawyers in way too much awe. I have had people come in and want me to spin some kind of web for them and I tell them “no, I deal in the flat truth.” But I am a rarity. I also still charge way less than most and accomplish more than most.

People have gotten used to paying fat fees and believe me, it is not warranted.


58 posted on 07/08/2011 10:33:30 AM PDT by yldstrk (My heroes have always been cowboys)
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To: yldstrk

Yeah, blame the lawyer instead of the dirtbag who actually stole money from you.

Talk about brainwashing.


59 posted on 07/08/2011 10:40:49 AM PDT by GlockThe Vote (The Obama Adminstration: The flash mob who won’t leave.)
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To: yldstrk

I work on a commission. unless I collect for clients - I don’t paid a dime.

Next bogus excuse?


60 posted on 07/08/2011 10:45:00 AM PDT by GlockThe Vote (The Obama Adminstration: The flash mob who won’t leave.)
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