The median age of U.S. lawyers is on the rise in a way that cannot be explained by a decline in law school enrollment. Is this due to the decrease in entry-level jobs for law school graduates? Or have the increased number of women lawyers (and related high attrition rates) contributed to this trend?
Looking for a job? Check out Above the Law’s new job board. You can find it under the “Career Center” navigation tab on the top of the page, and the five most recent jobs posted can be found in the column on the right side of the page. While there, you can easily find jobs like:
A few weeks ago, I asked for stories from former solo practitioners who have closed up shop and their reasons why. I received a fair number of responses. Some did well, moving on to BigGov, better larger law firms, or decent non-legal jobs, and some even started profitable businesses.
Others dug themselves into a deeper hole. Some got further into debt. Others made no money for years. And others became estranged from family and friends.
From time to time, I want to feature these stories as case studies for people considering going into solo practice.
For today’s inaugural feature, I will profile a lawyer who became a solo practitioner because he had no other options. Things seemed to be going well until something went wrong….
* Law schools are in trouble, but Cooley Law is “going strong” — after all, only “28 percent of last year’s graduates at its Michigan campuses failed to land jobs as lawyers within nine months.” You’re really doing it wrong. [Tampa Bay Times]
* This guy broke into the University of Oregon School of Law three times, and all he got were these computers for hipsters and a crappy 11-year sentence. (He should’ve broken into the football facility for better loot.) [Register-Guard]
* Amanda Bynes has been placed on a 5150 psychiatric hold, and people suddenly care about mental health law. It’s sad that it takes a celebrity to make people care about these issues. [WSJ Law Blog]
* Marijuana is making its way to the ballot in some states this November, but before you vote, here’s a primer on where it’s legal to smoke weed, where it might be, and where it’s not. [Washington Post]
It’s that time of year again. Disregarding the fact that there are 204 law schools that are currently accredited, either fully or provisionally, by the American Bar Association, the Princeton Review has released its annual law school ranking which covers only the best 169 law schools. Our condolences to the 35 law schools that were left in the dust — per the Princeton Review, you suck.
Once again, we decided to focus on one of the 11 rankings categories that we thought people would be the most interested in: the law schools where graduates have the best career prospects. Before digging in, you should be aware that here, “career prospects” means a law graduate’s ability to get a job — any kind of job — period. Perhaps the Princeton Review ought to consider changing its methodology to include data people actually care about, like whether these law schools are helping their graduates become lawyers.
There was quite a shake-up in the rankings this year. Did your law school make the cut?
Ed. note: This is the latest installment in a series of posts Lateral Link’s team of expert contributors. Larry Latourette is Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.
In Part 1 of this series, I introduced three lawyers — Alpha, Beta, and Gamma — to help explain the value that a partner candidate can gain from working with the right recruiter. Each candidate was relatively junior, each had in the high six figures in business, and each had decided to leave his or her current firm for the right opportunity. When last we left our intrepid trio, I had used no-name profiles at appropriate firms to obtain interviews for each of them.
While I kept in close contact with each candidate throughout the process (see Anatomy of a Lateral Move for an overview of the steps commonly involved), each candidate had unique issues that required particular attention…
“Oh, you hate your job? Why didn’t you say so? There’s a support group for that. It’s called EVERYBODY and they meet at the bar.” – Drew Carey
You thought law school would be a good investment. “Even if I don’t become a lawyer,” you proudly announced, “I will have many, many options. A J.D., after all, is so valuable.” When staring down a crushing mountain of student loans, you signed on the dotted line. “Who can put a price on the doors a J.D. will open up for me?” If you knew this guy back then, you might have thought twice, but you didn’t.
Today, four, six, or ten years later, you spend late nights staring at your J.D. in its pristine frame, tears of rage streaming down your face. “Where are MY DOORS??” you scream at it, sobbing into your sea of briefs or closing sets or brown liquor. Instead of doors, why are there enormous walls and sets of handcuffs (and not the good kind)? Why is it that you hate every job opening you might qualify for? I mean, you got your J.D., and you’re a grown-up lawyer who brilliantly catches typos.
I’m eight years out of law school and many of my classmates – including some of the gunnerest of gunners – are now in industries like legal technology, legal practice products, deal consulting, and law firm professional development. A director at a global fashion house in Latin America. A professional poker player. And my favorite: founding a service for renting gentlemen.
So how do you get from here to there? How does a lawyer really stop being a practicing lawyer?
Over the last few months, people have emailed me questions about my job search and for general advice. Unfortunately, I have not been able to answer all of them for various reasons. But now that my job search is on hold, I wanted to get back to everyone and possibly take this column into a new direction.
After the jump, I will answer some frequently asked questions about my future plans, and my difficulties in finding former solo practitioners willing to share their stories and impart their wisdom. I will also describe my plan to profile law firms that have hired underdog candidates with good results.
So far 2014 has been very good to Above the Law. We enjoyed record traffic over the summer, thanks to some bigstories. We announced our partnership with How Appealing, Howard Bashman’s superb appellate blog. We have some great events coming up over the next few months, including our Supreme Court event in D.C. and our second annual conference in New York.
As we continue to expand, we’d like to add new voices to our pages. If you might be interested in writing for our pages or working with us as an intern, please keep reading to find out how to apply….
* The Supreme Court’s new term kicks off today, and lawyers are pumped — especially since “the Roberts court [may] be to the rights of gays and lesbians what the Warren court was to the rights of African Americans.” [New York Times]
* But come on, the Supreme Court hasn’t even decided to take up a same-sex marriage case for October Term 2014, you say. Not to worry, because “[h]owever slow the term is starting, it could obviously explode.” [USA Today]
* This year’s law firm merger pace is slightly more robust than last year’s record-breaking rate. Lawyers should probably get ready for some real merger mania before the new year comes. [Am Law Daily]
* The legal services sector just lost the largest number of jobs in a one-month period in almost five years. Our condolences to recent law school graduates who are still searching for employment. [WSJ Law Blog]
* On the other side of the spectrum, this recent law school graduate has it made. This former bank robber turned D.C. Circuit clerk just found out he’ll be allowed to take the bar exam. Yay! [National Law Journal]
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: