The official NALP numbers are out for the class of 2012, and they stink. We’ve known for a while that they were going to stink, but the final numbers stink slightly more than we thought they were going to stink.
While we had been hoping that entry-level hiring would be slightly up for the class of 2012 over the class of 2011, it’s actually slightly down. The overall employment rate for new law school graduates fell to 84.7%. It’s the fifth consecutive year that figure has fallen. The last time the numbers were this low was in the aftermath of the 1990-1991 recession. Things stink.
You don’t have to tell the class of 2012 that their hiring stinks; they’ve been living in it for over a year now. And you don’t have to tell the class of 2013 that their prospects aren’t much better; they’re out of school now, they know. Rising 3Ls in the class of 2014 might be deluding themselves that everything is going to be sunshine and roses for their class, but if they aren’t busy securing jobs this summer, they’ll learn what bitterness and failure taste like soon enough.
In fact, the only people who seem to need to be told that hiring is REALLY, REALLY BAD are American law schools, who continue to make statements and push programs as if getting a job in this market happens in a classroom instead of on a telephone or at a networking event…
The National Association for Law Placement (NALP) has new numbers on the legal job market for recent graduates, and like it has been every year since the start of the Great Recession, those numbers are a horror show. A freaking horror show. They might as well put three recent graduates in a room with one job offer in it, handcuff the graduates to a pole, and give the offer to the one that eats through his arm first.
The other two would then get to leave the room unemployed, with some bite wounds, instead of unemployed with over $100,000 in debt, which is how people are actually leaving law school.
Do you want some good news? The lateral hiring market is hot. NALP executive director Jim Leipold called it a “feeding frenzy” for experienced associates. So if you got a job and held onto it through the 2009 layoffs, pick up your phone. It’s probably a recruiter calling. Congratulations on all your success.
If instead you were not lucky enough to be born five years earlier and have just graduated or are about to graduate, I don’t have anything for you — other than this here hacksaw. Chop, chop….
Despite rumors of impendinglayoffs, many people thought that 2012 would be the year that Biglaw would make its comeback after being dragged through the wringer of the recession. You’d think that Biglaw’s “solid performance” last year would’ve served as an indicator of its hiring needs, but as with most predictions having to do with Biglaw, you’d be wrong.
The numbers are in for the fall 2012 summer associate recruiting season, and they’re nothing to write home about. In fact, according to the latest National Association for Law Placement (NALP) report, the median and average numbers of summer offers made to 2Ls took a tumble.
In an uncertain economy, this depressing kind of recruitment activity may be the new normal for Biglaw….
Greetings from San Francisco, home of the world champion Giants, surprisingly noisy trolley cars, and the faint smell of cannabis pretty much everywhere. We’re in town to attend Ark Group‘s conference on “The Brave New World of Entry-Level Recruiting,” which examines how the world of law student recruiting by firms has changed (and will continue to evolve) since the onset of the Great Recession. Moderated by Bruce MacEwen, who kicked off the proceedings by framing the day as an opportunity for “frank conversation” between schools and firms, the conference featured an absolute Murderers’ Row of industry thought leaders, including Orrick‘s Ralph Baxter, legal academia’s apostate Paul Campos, NALP’s Jim Leipold, Indiana/Maurer‘s Bill Henderson, three Biglaw hiring partners, and deans from Berkeley, Stanford, and Hastings.
Read on for some highlights and takeaways from yesterday’s conference.
Admit it: when you applied to law school, your admissions essay was probably about your desire to help some poor, disadvantaged group of people. You walked in the door bright-eyed and bushy-tailed, ready to conquer the world one unpaid public interest internship at a time.
If by some chance you weren’t convinced to give up on your dreams of helping the disenfranchised, now that you’ve graduated, you’ve probably realized that this whole “public interest” thing isn’t exactly working out so well for you. After all, servicing six figures of debt is no easy task on a $45K salary, even with school-sponsored loan repayment assistance programs (if your school has one). As it turns out, now you’re one of those poor, disadvantaged people.
This leads to a very relevant question that was recently raised by the National Association for Law Placement: should you even consider pursuing a public interest career path after graduating from law school? Is it really worth it? Let’s take a look at some salary figures and find out….
Back in April, we brought you a story about a family who had written to Dear Abby, an advice columnist, about their child’s law school loan debt. Apparently the mere thought of assisting their darling daughter with the repayment of her $100,000+ debt load was just too much to bear. The daughter had already ruined her own life, so why should they ruin theirs too? And yet, tens of thousands of students are still willing to look this student loan debt problem in the face and laugh.
Yes, in a time where the Executive Director of the National Association for Law Placement is forced to write entire columns about the fact that there is no conceivable way he could describe the current entry-level job market as “good,” others are still considering applying to law school.
For example, today we found out that the matriarch of another family sought wisdom from an advice columnist as to whether her husband should go to law school. How did she respond? Let’s just say Dear Prudence is a little more in tune with the realities of today’s legal job market than Dear Abby will ever be….
* Oh, by the way Dewey & LeBoeuf partners, the little contribution plan you signed that received court approval last week might not protect you from your former landlord’s claims for back rent. Hope you’ve all got an extra $45 million sitting in the bank. [Am Law Daily]
* Louisiana Supreme Court Justice Bernette Johnson will finally get to claim her seat as chief justice of the state’s high court after official judicial recognition — on both the state and federal level — that the year 1994 does indeed come before 1995. [Bloomberg]
* No matter how hard law school administrators wish it were so, or how much they beg Jim Leipold of NALP, he’s never going to be able to describe the current entry-level legal job market as “good.” [WSJ Law Blog]
* NYU Law School is changing its third-year program in the hopes of making a “good” market materialize. If you ship students to foreign countries for class, maybe they’ll get jobs there. [DealBook / New York Times]
* “[W]e’re determined to do everything we can to help them find jobs and meaningful careers.” We bet Brooklyn Law’s dean is also determined to avoid more litigation about employment statistics. [New York Law Journal]
* Has the other shoe finally dropped? After the Second Circuit ruled that YSL could sell monochromatic shoes, the fashion house decided to drop its trademark counterclaims against Christian Louboutin. [Businessweek]
We haven’t had a good New York to 190 post in a while, and maybe there’s a reason for that. While many associates (and partners) feel that they’re long overdue for a raise, starting salaries have grown stagnant in New York — and across the country, for that matter. Remember back in 2007 when we first reported that Simpson Thacher raised incoming associates’ base salaries to $160,000? That was five years ago, and these days, you’ll be lucky if you’re making what you would’ve been taking home before that $15K salary bump.
While that $160K sweet spot for first-years is still the norm in many large markets, it’s no longer as widespread as it once was. In fact, that figure represents only 46 percent of first-year salaries in firms with more than 700 lawyers — and that percentage has been on a steady decline since 2009, when layoffs and terror ran rampant in Biglaw.
Don’t look so sad; it is possible to bounce back from a career setback.
Last week we covered news of associate layoffs and summer associate no-offers over at Winston & Strawn. We heard primarily from sources who were upset over the news, and because the firm declined to comment on personnel matters, we didn’t hear Winston’s side of the story. But now, thanks to some helpful sources, we have a few pro-Winston comments that we will now share.
First, the number of “stealth layoff” victims may have been overstated. According to word on the street among Chicago associates, “while some people were let go, 30 seems pretty high.”
Second, it seems the layoffs were focused in Chicago; other offices may have escaped relatively unscathed. According to a source in Winston’s New York office, “nobody has heard about layoffs” there.
Third, the changes to the timing of associate reviews — which were viewed by some as ominous, perhaps laying the groundwork for additional cuts — may actually be quite innocent. Said a source: “The review cycle was also moved forward for some classes and back for others, but it is part of a general re-vamp of the evaluation process, and I’m not convinced there are any sinister motives behind it.”
Fourth, although the firm’s Chicago office doled out a relatively high number of no-offers — about 10 out of 30 summer associates did not get offers of permanent employment — we hear that this was primarily a Chicago phenomenon. As noted by a commenter, “The offer percentages are, to the best of my knowledge, significantly higher in the other offices.”
Of course, after our story we also received additional criticism of Winston, to which we now turn….
Please note the addition of multiple UPDATES, after the jump.
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: email@example.com.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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