I’ve been critical of the National Association for Law Placement (NALP) in the past, but you have to give them credit for at least one thing: they have been tirelessly trying to make people understand that most lawyers do not make $160,000 a year straight out of law school.
In fact, NALP has been at the forefront of educating prospective lawyers on the dangers of focusing on “average” starting salaries. The average is meaningless. The median is just slightly more helpful, and NALP has been begging people to pay attention to the bimodal salary distribution curve that tells the true story of how much lawyers are likely to get paid.
And the bimodal curve is only useful if you are actually lucky enough to secure full-time employment. If you have to work part-time, God help you…
This isn’t going to come as a galloping shock to anybody here, but the new NALP numbers confirm that the job market is terrible for young lawyers (aka the “lost generation”) :
Analyses of the NALP Employment Report and Salary Survey for the Class of 2009 reveal an overall employment rate of 88.3% of graduates for whom employment status was known, a rate that has decreased for two years in a row, decreasing 3.6 percentage points from the recent historical high of 91.9% for the Class of 2007. The employment figure for the Class of 2009 also marks the lowest employment rate since the mid-1990s.
“There are dozens of reasons why the employment report for the Class of 2009 will be different than those that preceded it, and dozens of reasons why the data that has been gathered will require special explanation and analysis to make sense of it,” said NALP Executive Director James Leipold in commentary accompanying the Selected Findings. He noted that while the employment rate of 88.3% may seem stronger than expected, when the statistic is teased apart, it begins to reveal some of the fundamental weaknesses in the job market faced by this class.
Please, prospective law students, do not look at the 88% figure and start wetting yourself. There are a number of reasons to explain why employment statistics look as basically decent as they do…
I’m back in New York City — a place that has infinitely more Puerto Rican culture than a Hilton in Puerto Rico. But I still have a few more write-ups from the 2010 NALP Annual Education Conference. I’d be remiss if I didn’t bring back a little information for the hordes of lawyers laid off or shut out of Biglaw during the recession. Rest assured, you are not alone.
On Friday afternoon, I attended a panel called “The State of the Legal Economy and the Legal Employment Market.” This should have been the highlight event for the conference. The only panelist was James Leipold, Executive Director of NALP, and he was slated to talk about the hard numbers NALP has put together describing the recession. The panel was booked for the largest conference room in the hotel — the room easily sat 250 people.
Jim Leipold, of NALP
Total attendance = 12 people (I counted). The lesson: do not hold your executive summary panel at 3:30 on Friday in Puerto Rico.
Why was I there? That’s not a rhetorical question. I’m actually confused as to how I ended up covering a panel with 11 other attendees. The room was so cold (air conditioning for 250) that I’m convinced that when conference room air met the Puerto Rican humidity, it caused the tropical depression that hammered the Gulf Coast over the weekend.
In any event, I received some hard numbers for my trouble. And I got to hear Leipold’s thoughts on just how screwed the “Lost Generation” of would-be Biglaw associates are. Not good times, my friends. Try not to finish your cup of hemlock before you hear the numbers…
We’re on to day 3 of the NALP conference. With all the racial tensions going on back home, day 3 has been a pleasant reminder that once properly tanned, everybody basically looks the same. Of course, there is a downside: I can no longer figure out which panelists may be genetically predisposed to say something intelligent.
Day 2 of the 2010 NALP Annual Education Conference had a remarkably different feel from day 1. Apparently, it took everybody a day to realize that they were in Puerto freaking Rico. After really sticking to business casual on the first day, day 2 saw the introduction of something I’d call “business beachware.” Men were wearing t-shirts with their slacks. Women were wearing bathing suit tops instead of bras under their attire. Sandals abound. Everybody’s hair is messed up. Panelists stuck in suits look like they’re ready to kill themselves, or melt.
As you may have heard, I’m in Puerto Rico covering the 2010 NALP Annual Education Conference. There are so many panels and talks scheduled at precisely the same time that I’ve had to prioritize what will matter most to ATL readers. I’m tweeting about the conference, so if you want me to check something out, just let me know.
Sadly, I already decided to skip the “How to do a body shot when you’re 40″ break-out session. Instead, I went to “Recruiting in the Aftermath of the Recession.”
I figured ATL readers would like to get a peek at this one because Kimball and Long were talking directly to firm recruiters about lateral hiring. I was not disappointed. During Kimball’s opening, he wondered if “some legal recruiter will say in 2013, ‘In order to gain the competitive advantage, let’s raise starting salaries to $185,000.’”
Meanwhile, Long predicted “The Lateral Hiring Crisis of 2013.” I don’t know who this 2013 person is, but I’d sure like to meet her.
But sadly, Kimball and Long predict that 2013′s potential bounty will fall on only a select few associates…
Last recruiting season, Above the Law was the first publication to warn law students to accept their offers for summer employment as soon as possible.
This year that advice is so obvious that even law school career service professionals are telling students to accept offers quickly. William A. Chamberlain, assistant dean for law career strategy and advancement at Northwestern, wrote an article for the National Law Journal this week, strongly urging students to make decisions rapidly:
Our message to students about how to handle offers has been straightforward — accept your offer quickly. The key is to get a job for next summer. Smart students will not rely on NALP’s 45-day guideline but rather accept their offers as soon as humanly possible. [W]e have dealt with all sorts of reactions by firms to the economy and are urging our students to be risk-averse. Any sense of entitlement will be fatal this fall.
Relying on NALP guidelines = fatal?
You know, when the career services dean is directly warning students not to rely upon the NALP rules, I am forced to ask why students should heed the NALP rule limiting the number of offers students can accept….
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
LexisNexis and OverDrive®, the digital library solutions provider chosen by 22,000+ libraries, schools and colleges worldwide, have joined forces to provide a library management solution that suits evolving legal research requirements mobility, simplified library management, and space and budget reductions.
Reduce your library costs and extend the budget.
With LexisNexis® Digital Library, overhead and administrative costs for maintaining a print library are reduced dramatically. Adopt an easy-to-use platform that requires minimal staff resources so your organization can make the most out of your library budget. Plus, multi-year purchase options let your library lock in savings.
Empower your librarians.
Your firm’s librarians will have more time to conduct value-added research. They’ll have greater insight into what resources the staff actually uses so they can make adjustments to the collection quickly using a single website. Librarians can gain greater control, which can lead to better library utilization and increased strategic value to the firm.
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: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!