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Author Topic: Occupational Outlook for Attorneys  (Read 1541 times)

thechoson

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Occupational Outlook for Attorneys
« on: April 16, 2004, 12:38:50 AM »
This may be an optimistic view, but doesn't the overall occupational outlook for attorneys look really good?
The population of the United States is increasing, which means more people that will need legal services.  Yet much of this increase is due to immigration rather than domestic births.  Much of these immigrants, whether low wage workers or not, would not really be taking jobs from attorneys because it's hard to be a lawyer in another country and then come over here and be an attorney (not impossible, but tough).  There's also the language barrier that would make it tough for immigrants to become attorneys.
Meanwhile, the baby boomers are retiring or will soon retire.  This seems like a vast client pool.  These people grew up in the most prosperous time this country has ever known, and many have done quite well for themselves.  Wills, trusts, and estates would benefit.  There will be those who get married at very old ages and divorce at old age, those who may even want to start a small business on the side at an old age, and healthcare law should benefit as well.  Thus it seems like the graying of the population may benefit young attorneys by opening up more jobs from retiring attorneys, as well as creating a vast pool of potential clients.  The only problem I could see with this is increased taxes to support the elderly, which will depress wages.  But the increased demand for attorneys I am expecting would cancel this out.

There is this issue of more and more people applying to law school, but that just means schools are taking a smaller percentage.  There are some new schools that are coming into being, adding to the already large amount of attorneys, but this shouldn't be a large concern considering there should be increased demand for attorneys.

I don't know, does all of this makes sense?  Anybody agree, disagree?

nathanielmark

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Re: Occupational Outlook for Attorneys
« Reply #1 on: April 16, 2004, 09:33:22 AM »
On balance, I agree with you.  you have to figure areas of law involving tax, financial services, and medicine will benefit most from the retirees.  this country is going to undergo some major changes in the coming years.  regardless of what happens, everyone will benefit from the extra options a law degree will bring.

its also worth noting that the workforce will be getting a lot smaller, which should improve the employment market (or offset jobs going overseas). But there will also be a huge burden of entitlement funding on working people.  The government may tweak the tax code to encourage workers to work longer or do numerous other things, but as it stands now there are big problems ahead.

if you want to see a similar model of what could happen, look at japan which has an aging population and has been suffering for several years as a result.

jgruber

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Re: Occupational Outlook for Attorneys
« Reply #2 on: April 16, 2004, 09:41:10 AM »
I have to agree, too, because I'm going to law school.   :D

NerdyLaw

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Re: Occupational Outlook for Attorneys
« Reply #3 on: April 16, 2004, 09:51:16 AM »
its also worth noting that the workforce will be getting a lot smaller, which should improve the employment market (or offset jobs going overseas).

I believe that this is the single most important fact that most people overlook when they decrie the "horrible" employment possibilites in this countries. Everyday I hear people screaming, "Bush isn't creating jobs!" I think that the next 5-10 years are going to see a HUGE boom in every industry due to the babyboomers retiring. Those jobs have to be given to someone and I think that as lawyers, we will be in a unique position to take advantage of the void. Right now is probably one of the best times to go back to school.
EE at Rutgers - 3.5/164
There are 10 types of people in this world... Those who understand binary and those who don't.

jgruber

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Re: Occupational Outlook for Attorneys
« Reply #4 on: April 16, 2004, 10:10:37 AM »
I have my doubts.  I'm a baby boomer and I expect to be working to the day I die.

 :'(
its also worth noting that the workforce will be getting a lot smaller, which should improve the employment market (or offset jobs going overseas).

I believe that this is the single most important fact that most people overlook when they decrie the "horrible" employment possibilites in this countries. Everyday I hear people screaming, "Bush isn't creating jobs!" I think that the next 5-10 years are going to see a HUGE boom in every industry due to the babyboomers retiring. Those jobs have to be given to someone and I think that as lawyers, we will be in a unique position to take advantage of the void. Right now is probably one of the best times to go back to school.

nathanielmark

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Re: Occupational Outlook for Attorneys
« Reply #5 on: April 16, 2004, 10:18:58 AM »
I have my doubts.  I'm a baby boomer and I expect to be working to the day I die.


Have you been putting away money for retirement? if not you still have time.

NerdyLaw

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Re: Occupational Outlook for Attorneys
« Reply #6 on: April 16, 2004, 10:20:25 AM »
I have my doubts.  I'm a baby boomer and I expect to be working to the day I die.

 :'(

Time to marry rich (if you haven't already)  ;)
EE at Rutgers - 3.5/164
There are 10 types of people in this world... Those who understand binary and those who don't.

jgruber

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Re: Occupational Outlook for Attorneys
« Reply #7 on: April 16, 2004, 10:30:30 AM »
Yes, I put some money away for retirement, but I wasted way too much money on luxuries like children to accumulate very much.  How long will 70K will last me?

Of course, there's always social security.   :-\


I have my doubts.  I'm a baby boomer and I expect to be working to the day I die.


Have you been putting away money for retirement? if not you still have time.

jgruber

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Re: Occupational Outlook for Attorneys
« Reply #8 on: April 16, 2004, 10:31:19 AM »
Time to marry rich (if you haven't already)  ;)

I did, but we used up her $1,500 about 28 years ago. 

NerdyLaw

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Re: Occupational Outlook for Attorneys
« Reply #9 on: April 16, 2004, 10:39:07 AM »
I did, but we used up her $1,500 about 28 years ago. 

Hehe... My wife's father is LOADED. He paid 100% to send her through ugrad and then NYU for her masters (well over 200K) but then cut us off. He believes that we should earn our money ourselves to appreciate it more. What's up with that? I would appreciate some free money right about now pops.
EE at Rutgers - 3.5/164
There are 10 types of people in this world... Those who understand binary and those who don't.