Ok so you give bad advice and make stupid observations and now you try to weasel out of it. You said a job in litigation is better than no job at all, but most firms that do transactional work in securities do not do that exclusively, and it is certainly not a requirement at almost any firm that you declare an interest in doing securities work or litigation or anything in particular prior to getting a job. You say you are interested in securities and some other stuff and hope work picks up before you start in september. There is no need to go into litigation now in order to get a job because firms typically offer you a job and then talk practice area, and if they do not need securities peopel they will tell you. I understand that you say that it is not necessarily true, but it is typically true. Also, while some firms have stock values drop in a recession for totally innocent reasons, you can count on enough bad apples to say that you can expect more securities litigation when markets are bad.