This morning I read a bleak article from the American Lawyer. It surveyed hundreds of law firms and interviewed some of the top managing partners of the nation RE: future plans and projections.
I know there have been prior comments and predictions about the "changing legal landscape", but most statements (thus far) have been at best guess work (based on mere observation). This recent study, however, brings some empirical data to the conversation. And in short, ladies and gentlemen, the future is not all that bright for law students...at least for the time being.
More than 60% of the respondents picked "YES" to the question: "Do you plan to ask partners to leave?" And the vast majority of the respondents also made it clear that they will only be hiring a very small number of fresh law school grads.
No one can know with a 100% certainty in which direction the economy is headed. But despite there having been some signs of economic improvement, most people believe that times are (still) bad. And even if it were true that the tides are turning and the economy improving, law firms probably won't budge in their unwillingness to hire fresh grads. Law firms are slothfully slow to change because they are run by a fiscally conservative and risk-adverse bunch.
While I am under no delusion that all will return to the pre-2008 state (when law firms were giving out jobs left and right), I want to remind everyone that even with the changing billing structure (from billing per hour to billing per case) a law firm's greatest asset is its lawyers. So though the numbers are smaller, law firms will always need to hire fresh law school grads. In all honesty, the pre-2008 hiring spree was a bit crazy and unsustainable. In some ways, law firms are readjusting after going on a spending spree.
For those thinking about law school - think carefully, long and hard. And if you are committed to going, then be sure to study long and hard. You need the best possible grades to do well in this environment.
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