Wall Street Journal report: Poor outlook for many law graduates

[stateofbeasley]

This is further proof that law school is not a financially wise move:

http://online.wsj.com/article/SB119040786780835602.html

Evidence of a squeezed market among the majority of private lawyers in the U.S., who work as sole practitioners or at small firms, is growing. A survey of about 650 Chicago lawyers published in the 2005 book "Urban Lawyers" found that between 1975 and 1995 the inflation-adjusted average income of the top 25% of earners, generally big-firm lawyers, grew by 22% -- while income for the other 75% actually dropped.

According to the Internal Revenue Service, the inflation-adjusted average income of sole practitioners has been flat since the mid-1980s. A recent survey showed that out of nearly 600 lawyers at firms of 10 lawyers or fewer in Indiana, wages for the majority only kept pace with inflation or dropped in real terms over the past five years.

The findings of the WSJ are further proof that many law schools are merely overpriced revenue generators for universities.   

[wiimote]

More truth to LSD, which will probably be ignored.

[TeresaPinfold]

I love the person who is "Near the top half at Chicago Kent".

[wiimote]

WOW at the last sentence of the article.

[TeresaPinfold]

That'd be a good day for anybody, $500 a day is $180,000 a year, better than Cravath.

[botbot]

I sure wish Tulane would have sent in a slightly less gamed salary median, I mean they gave us all a career packet with 97% reporting over the last 4 years.

[nealric]

hat'd be a good day for anybody, $500 a day is $180,000 a year, better than Cravath.

umm... Assuming you work 365 days a year and have no overhead or expenses. Also assuming that $500 represents only one days work.

Dude is probably lucky if he makes $40k

One thing that does NOT get repeated over and over (which this story brings up) is that the current bifurcation in the legal market is a recent development. A lot of people heading off to TTTs are getting their advice from people who graduated 20 years ago into a very different market.

These are off the top of the head numbers, but I believe them to be roughly accurate:

30 years ago, Biglaw paid under 40k, fed clerkships paid under 20k, and TTT firms paid around 30k.

Today, Biglaw pays 160+k, clerkships pay 60, and TTT firms pay 45k.

30 years ago, 20-40k in debt was the norm, now 100k+ is the norm.

Even with inflation, you can see a huge change in circumstances.

[t...]

I honestly believe we'll see some sort of tuition reform in the next 10 years. College tuition has far and away increased more significantly than just about any other product or service in the past few decades. f-ing ridiculous.

[wiimote]

I honestly believe we'll see some sort of tuition reform in the next 10 years. College tuition has far and away increased more significantly than just about any other product or service in the past few decades. f-ing ridiculous.

Can't blame the schools for charging as much as they can, but misrepresenting their career stats goes too far.

[Wurd]

I agree with the last comment because there's no reason for reform if there is still a strong market for the service.  It does make me wonder if there would be quite the demand for say Cooley if they didn't completely misrepresent employment data.