Is There a Crisis in the Legal Job Market? What's a Lawyer to Do?

Yesterday's Wall Street Journal article and post on the Wall Street Journal Law Blog about the current state of the legal job market for new lawyers have sparked a lot of discussion, both online and off.

According to the article, job growth for lawyers has not kept pace with the rest of the economy. Declining markets in such areas as personal injury and medical malpractice resulting from legislation limiting damages combined with more graduates seeking jobs in the legal arena have created a glut of lawyers. On top of that, law school tuition has increased significantly over the past several years, leaving many young lawyers with large loans and small or non-existent salaries.

While the news has been filled with stories about increased pay for young associates at BigLaw firms and $1000 hourly rates for top tier partners, the majority of lawyers in private practice- those that work as solo practitioners or in small firms - have been overlooked  in the news.

Young lawyers and law students alike are beginning to complain that law schools haven't adequately prepared them for the current state of the job market, and haven't advised them of the difficulties in obtaining work for those who aren't top tier students. Law schools frequently publish survey responses indicating the average salary of first year students, but often the surveys are skewed because only those with high-paying jobs respond.

Although I sympathize with young lawyers and law students who feel they've been mislead by their law schools, these students need to realize that, as young professionals, it's time that they learned to do their own homework instead of relying on their law school to provide them with all of the information they need to succeed in the legal job market. Law students need to research the current job market in their city to determine what the 'real' salaries and opportunities are. And if law schools aren't going to provide significant help to students seeking employment or aren't going to teach law students how to market themselves both to law firms and to potential clients, students are going to have to seek out that knowledge outside of their schools.

Law schools 'should' be more open about employment statistics and what they mean in 'real terms' for the majority of students in the current job market. And they 'should' prepare students better for the real world of legal practice by offering practice management and business development courses and/or seminars to help prepare students better for their future. But until the law schools change, it's going to be up to law students to find ways to learn those skills on their own.

And this isn't limited just to law students and young lawyers. The job market affects already practicing lawyers as well - the competition is getting stiffer for all lawyers. Perhaps it's time to take a good, hard look at your strengths and weaknesses and what you can offer clients (or employers) that nobody else can. If you've already made an investment in law school but you can't find employment (or can't find clients), it may be time to invest a bit more time and money into your future and get help with those pieces that law school left out. And in the interim, gain experience any way you can. Learn how to network and make connections. Talk to practitioners and ask more questions.

Want to learn the basics of developing a law practice, networking and creating connections with clients? Check out the teleseminar series beginning October 9: How to Grow a Law Practice on a Shoestring Budget. Register by October 1 and get $100 off of the regular price.