Wednesday, May 20, 2015

The Fate Of The Law School Class of 2010

A recent article in the New York Times chronicled the outcome of the 52,488 law school graduates from the 2010 graduating class. With changes in the legal market and joining the supply of 1.2 million attorneys in US, many ended up here...

  • 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
All of this should be eye-opening for a number of reasons including:
  1. The business of law is going through a transformation as is ripe for future disruptions such as private funding and equity ownership. 
  2. 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. 
  3. 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. 
  4. 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.

#lawyermarketing  #lawschool  #debt  #law  #lawschool

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  2. Truly sad to say but would we recommend our kids become lawyers - not sure? Interesting career, very difficult and not that lucrative outside the top 250 firms, certainly in the UK. Marketing is now imperative - what do you think of our website in that respect?

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  3. Very interesting statistics. I was not aware of the low percentile of law students who work at law firms right after law school. Definitely a bit of a shock. Hopefully this percentage will change in the near future.

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