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Author Topic: 1Ls Don't Seem Worried about Economy. Why?  (Read 6870 times)

SamE397

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Re: 1Ls Don't Seem Worried about Economy. Why?
« Reply #20 on: January 27, 2009, 07:18:02 PM »
if you're pursuing law just to make money I don't think you're in the right profession.

why not?  because you can make more money elsewhere?  what if one wants to make money but is somewhat risk-averse?
I'm not saying law isn't the best way to make money for some people but in general I think you have a better or equal shot at making a lot of money being an entrepreneur or getting an MBA and a better shot at becoming rich if you're a doctor or medical professional. Of course, if you're someone who went to harvard and can land a 150k+ salary right out of school than the general rules don't apply.

Furthermore, even among the people who go to law school and land high salary jobs many of them are miserable. I knew a guy who was very bright and worked his way up to partner then quit and started a construction business. He was well qualified to be a lawyer but I could tell you the first time I met him that he'd probably be miserable being in an office for 8-10 hours a day he was just that kind of person.

Law isn't a horrible way to make money but there's ways that are probably easier and definitely less stressful and risky if that's your only goal.

clairel

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Re: 1Ls Don't Seem Worried about Economy. Why?
« Reply #21 on: January 28, 2009, 06:10:29 PM »
As for the debt part I don't know how to answer that because I'm not going to have that much debt.     

well then that's why you don't understand the hysteria.

Proposed solution: poor people stop attending law school.

Seriously. Don't tell me that these swarms of reasonably bright (vel non) 20-somethings didn't realize the risk of loading up with 6-figures worth of debt prior to securing gainful employment.

Personally, I think most people on this thread are overshooting on the extent of the recession (which is a commonly observed behavior after fallouts). The class that is MOST screwed? The 2009s. Expect a wave of offer rescinds this spring. I imagine that there will be a recovery by the beginning of 2010. It may not be a boom (that's a whole 'nother ball of wax that economists are worried about) but it's doubtful that current 2Ls are going to be hit that hard; same is true to a greater extent for current 1Ls.

But say that that doesn't happen. Say that things stay in the shitter. Well, guess what Chachi, that's the price you pay for debt loading yourself. No one forced you to come to ls; the cost was apparent upfront; firms don't pretend to hire you on anything but an at will basis; 6-figure jobs don't grow on trees

Hate to be harsh, but a self-inflicted 'hysteria' is hard to sympathize with.

i actually disagree pretty strongly with this. revoking post-graduation employment offers is tantamount to OCI suicide at a school in the future; i know most of the 2Ls at my school didn't interview with firms that only hired half (or less) of their 2L summer class or something. most firms are sucking it up, employing all their 3L offerees, and cutting down on the 2010 summer class (for the record, while there's been some talk on ATL about firms rescinding offers if 2Ls don't accept right away, i haven't heard of one firm revoking a post-graduation offer).

again, this may just be wishful thinking on my part, but i'm pretty sure it's backed by the evidence.

Eggshell Shin Vosburg

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Re: 1Ls Don't Seem Worried about Economy. Why?
« Reply #22 on: January 30, 2009, 11:20:26 PM »
crossing my fingers the p.i. market demand stays constant.

i've heard rumblings that our p.i. kids are struggling. also, i don't know why you'd think that funding and competition for these jobs wouldn't be affected by this mess.

because i predict countercyclical government spending, on different priorities set by a new, more-social-justice-oriented administration. i might be wrong, but i think it's not a bad prediction.

well, good luck with that i guess.

as long as the federal government continues to tax at the rates they do, they can afford it. you don't think obama, the former constitutional law lecturer and community organizer, would want to make sure p.i. legal services are funded?

Most of the PI jobs are funded at the state and local levels. State and local budgets are NIGHTMARES right now. There are a ton of hiring freezes on for full time jobs at PD offices, DAs, etc. I have friends that are recent grads and 3Ls trying to get these jobs right now, and that's a pretty awful job market. The federal government is pretty much immune from this, and I think you'll see an uptick in jobs there as a very pro-regulation administration will need to oversee these regulations, but overall full time PI job opening are hurting. Also, non-profit donations are down everywhere.

If you don't believe me, take a look at the 20K job cuts announced by Mayor Bloomberg today, or the multiple states (CA, IL, etc.) with high profile crippling budget deficits.

This shouldn't really affect summer job prospects at these jobs (these are unpaid internships), and may actually increase the number of summer slots available. However, full time prospects are awful.

Majmun

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Re: 1Ls Don't Seem Worried about Economy. Why?
« Reply #23 on: January 31, 2009, 07:49:00 AM »

but overall full time PI job opening are hurting. Also, non-profit donations are down everywhere.


Yep

Non-profits are going to take the biggest hit of all, not only are donations down, their endowments just got murdered.   The ACLU just laid of 10% of it's work force. I'm amazed at how many of my peers think that PI is going to be okay in this economy.  Unicorns don't fart cash.


El_Che

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Re: 1Ls Don't Seem Worried about Economy. Why?
« Reply #24 on: January 31, 2009, 12:48:08 PM »
I'm a 1L. I'm worried about the economy. That is all.

TTom

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Re: 1Ls Don't Seem Worried about Economy. Why?
« Reply #25 on: January 31, 2009, 01:00:53 PM »
I'm glad someone brought this topic up. I have been amazed at how little my classmates seem to notice or care about the economy right now. When I talk about how important grades will be for OCI in this economy, people look at me like I'm crazy and say something like "oh we're at a top 25 school, we'll be fine. as long was we get at least B's we'll get a good job". Tons of people I know here haven't even submitted a single resume or cover letter anywhere. It's ridiculous. I can't believe the lack of panic. I'm freaking out. But that may just be me  ;)

I think your classmates are oblivious to reality. Although I only go to a tt, I'd say only 25% of my 2L class has paying jobs lined up for next summer. Law is not what it used to be, especially in this economy.

ps The good news is that your self-assured (smug?) cohorts will be way behind the curve when it comes to getting employment.

Kevin.

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Re: 1Ls Don't Seem Worried about Economy. Why?
« Reply #26 on: January 31, 2009, 01:35:46 PM »
Not everyone prefers to exercise their neuroses out loud.
Vandy Law 2011

dischord

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Re: 1Ls Don't Seem Worried about Economy. Why?
« Reply #27 on: January 31, 2009, 02:10:06 PM »
Not everyone prefers to exercise their neuroses out loud.

Ha, touché.

And yeah, Freely, so what if we're all screwed?  What's the point of wringing our hands about it now? 

If you were a 0L, this might reasonably fit into your calculus about when or whether to attend law school, or whether to focus more on scholarship offers than prestige.  But we all made this decision before things looked quite so dire, and now we're stuck here.  I mean, sure, you might decide to drop out if you ended up below some arbitrary GPA where you feel like you're no longer 100% guaranteed employment, but then where would you be?  40K in debt with a year of law school under your belt IN THIS ECONOMY.  THAT would be what bad job prospects would look like. 

Anyway, bad economies have happened before and they'll happen again, and lawyers have lived to tell of it.  Crap, I watched my dad graduate law school in a huge recession with median grades from a T25 (quelle horreur!) and no job and a family to support.  We lived. 
At least I can f-ing think.

,.,.,.;.,.,.

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Re: 1Ls Don't Seem Worried about Economy. Why?
« Reply #28 on: January 31, 2009, 02:33:01 PM »
Not everyone prefers to exercise their neuroses out loud.

We're not talking about that.  We're talking about talking about how we're all going to be fine and everybody. gets. a. job!

sheltron5000

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Re: 1Ls Don't Seem Worried about Economy. Why?
« Reply #29 on: January 31, 2009, 03:18:42 PM »
Like, OMG, guys! The economy is bad!? how can that affect me?!
LSN

I'd love to join this LGBT club.  It's the Legos, Gobots, Barbies, and other Toys group, right?  I'll show up with an armful of toys.