- Only 40% are now working in law firms compared to 60% in 2000
- 85% of law school graduates have taken out some type of student loans
- The average outstanding student loans range from $77K - $112K
- Many of the graduates who are practicing law have started their own practices due largely to the lack of jobs at larger law firms
- The business of law is going through a transformation as is ripe for future disruptions such as private funding and equity ownership.
- Many of the younger attorneys joining the market tend to be much more technologically savvy and are more inclined to advertise and compete for business online.
- The amount of student debt carried by many of these attorneys can create higher levels of burden on them and their potential for free mobility in the market place.
- Many of the practice areas they tend to start out in as solo's are in criminal defense and family law- creating even higher levels of competition in these already competitive practice areas.
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