Easy Answers to the Law School Question
Considering law school presents a paradox: Is law school a bold risk, a chance to express your talents, to create a future that few have the intelligence, perseverance and tenacity to realize? Or is law school a retreat from your potential, a pre-packaged career path that lets you off the hook from reflecting on who you are or what you want out of life?
I have a conviction that we sell ourselves short when we put our fears before our needs or our lack of imagination before our capacities.
What makes the “Should I Go to Law School?” question so hard is that it can fall squarely on both ends of the spectrum.
Running Away
Many people who apply to law school do so simply for the reason that they don’t know what else to do with their lives. It sounds like an exaggeration, but I’ve known many people, smart people, who went to law school because they felt like law school was an easy answer. Sometimes people in this camp report no clear sense of passion when it comes to a career path and feel unqualified to enter traditional business careers like marketing, sales, product management, etc. They often have liberal arts degrees. While they may have done well in school, it’s unclear how they transfer their academic skills to a money-making career path.
Law school may be a good fit for this group. It may even end up being a good fit for those who don’t think too carefully about it.
But there is an opportunity that is lost when you make a decision out of not knowing what else to do. It’s the opportunity to give yourself the time and space to become something that you can’t see or know or understand yet. If you “don’t know what to do with your life”, what would be the problem with inhabiting this uncertainty, trying out different things, developing your interests to see if you find something that moves you?
When your career path is something you choose because it is what you need most to express your talents, you will feel energized and motivated. Your life will have a unique vitality because you are living in alignment with your interests, abilities and — if you are lucky — your passions.
Hiding
Some people don’t apply to law school, even though it is what they want the most. This group is often dominated by fears: Fear of the cost of law school, fear of the impact of law school on their relationships, fear of the competitive environment of some law schools (and law firms).
These fears don’t come from nowhere: law school is expensive, time consuming and can be competitive.
But, behind these fears, I often hear a faint but persistent sense that law school is something that would genuinely be a good fit. Why would someone deprive themselves of the opportunity to live their dream?
The answer will vary, but in many ways it boils down to a fear of risk and a lack of confidence that taking a chance would bare fruit.
But hiding from your potential will always leave you in a questioning state, wondering if that spark of passion inside you should be given life or simply ignored. Looking back on your life, you might always wonder “what if…”
Your Decision
There are no simple answers to the “Should I Go to Law School?” question. My recommendation to you is to take the time to reflect on the question, not settling on answers because they seem easy or safe. You are worth it.
What 300 Lawyers Have to Say About Your Law School Career
Ever wonder about the real world of law school and legal practice? Ann Levine’s latest book is the result of a survey of 300 attorneys on their opinions about their decision to go to law school and their subsequent legal careers. It’s written with Levine’s characteristic style, which — if you’ve followed her on http://lawschoolexpert.com — is refreshingly direct and informative. I think you’ll love it! Check out my review for more details.
Considering law school means considering your career, an uncertain process even for the most goal-oriented, an unwieldy process for those who lack a clear direction, it’s a consideration that law firms are changing radically.
The traditional career path at law firms has been fairly stable over the past fifty years, influencing many in their decision to apply to law school, infusing the law school decision with a tolerable blend of caution and certainty.
When I was at Stanford Law School in the late-nineties, I was struck by the scripted nature of the law school career path: Get into a good school, get a great second-year internship, land a job offer in the fall of your third year and start working at a firm when you graduate and pass the bar. While there were no guarantees, no simple equation that allowed us to calculate the value of our law school investment, the process was nonetheless straightforward and the outcomes were almost predictable.
We knew that the first few years at a firm would be challenging. The most ambitious young attorneys put in long hours and distinguish themselves as revenue generators for their firms. These stellar performers eventually make their way to partnership and participate in more and more of the profit that the firm generates. Those who don’t make partner switch firms or switch careers in this “up or out” model.
It’s proven to be a challenging path for many; but it’s also extremely rewarding for highly-motivated attorneys.
According to the New York Times, this model is changing dramatically at some larger firms. Instead of the partner track as the only option, firms are splitting attorneys into highly-paid partner track positions and moderately-paid career track positions:
…now firms are copying some manufacturers…by creating a separate class of lower-paid workers. At law firms, these positions are generally called “career associates” or “permanent associates.” They pay about $50,000 to $65,000…
Career associates know that they will never reap the rewards of the partner track. They are typically located in smaller markets to avoid the costs of expensive metropolitan areas like New York, Los Angeles or San Francisco.
“It’s our version of outsourcing,” said Ralph Baxter, Orrick’s chief executive. “Except we’re staying within the United States.”
There are positives to this development: While career associates make less, they also work less. This means that law firm careers may require less personal sacrifice, allowing attorneys to pursue interests outside of work. Further, in many parts of the country, a $65,000 annual salary is a solidly middle-class income, far above the poverty line, particularly for dual-income households.
The Times suggests there are also negatives to consider:
But as has been the case in other industries, a two-tier system threatens to breed resentments among workers in both tiers, given disparities in pay and workload expectations. And as these programs expand to more and more firms, they will eliminate many of the lucrative partner-track positions for which law students suffer so much debt.
The Times highlights an interesting facet of this structural change: Whether you are in the partner track or the career track, you likely are shouldering the same amount of student loan debt, making monthly payments that have to be considered as a major part of your household budget.
While law school debt is likely a hardship for all new attorneys, its impacts are dramatically different if your starting salary is $160,000 vs. $50,000. And keep in mind the completely different financial trajectory implied by these starting salaries. While a Career Associate may never make more than $70,000 – $80,000, a partner-track Associate will easily make $250,000, if not more, as they move on in their careers.
A financial analysis should be part of everyone’s decision to go to law school, plugging in the numbers to see if law school makes sense, weighing your possible futures, deciding if that monthly loan payment is really going to be worth it. But with the introduction of a two-tiered system, your analysis hinges upon which track you are placed in, a decision that, more than likely, will be made for you rather than by you.
Law School Job Prospects for 2012 and Beyond
If you are considering law school today, the jobs outlook for the next few years is most certainly on your mind. According to the San Francisco Business Times, job prospects for attorneys are improving, but not necessarily for recent law school graduates. If you look closely, though, there is definitely reason for hope if you are just starting to think about law school.
The latest trend in the San Francisco Bay Area is that firms are focusing their attention on lawyers with three to seven years of experience:
Salaries that were frozen at some [Silicon] Valley law firms are now going up…base pay for an associate with four years experience is $210,000, up from $185,000.
While great news for local mid-level attorneys, can we read more into this?
“It’s an indication that, at least locally, the economy is starting to rebound,” said Julie Brush, a partner at Solutus Legal Search.
As Brush suggests, the demand for legal services is increasing. Firms report “our clients are busy and we’re looking to keep up with client demand.”
The article doesn’t mention the job outlook for law school graduates this year and it doesn’t speculate on the job outlook for law students who are just starting (or starting to think about) law school.
But what it does suggest to me is a few things:
- Hiring is typically a lagging indicator of economic improvement. The fact that law firms are hiring is overall a good sign.
- While attorneys with some experience are in demand today, law school graduates over the coming years may be the beneficiaries of a hiring boom.
- How much of this is local to the Bay Area? The best way to find out is to consult your local business periodicals and talk to practicing attorneys in your area.
While a recent trend saw an increase in law school applications from individuals hoping to wait out the recession, we may see a new trend of students who are hoping to ride the wave of a legal hiring boom that is just starting now.
Deciding on Law School
Hopefully, you had a chance to join me and law school admission consultant Ann Levine this morning for a lively discussion of the decision to attend law school. If you missed the show, you can enjoy the replay available on the Blog Talk Radio site. Check out the link below now:
Should I Go to Law School? The $100,000 Gamble on Blog Talk Radio
Soon, the discussion will be available on iTunes as well at no charge to you. If you have any questions after listening to the show, please comment below or drop me a note on the Contact form.
Thinking About Law School? Let’s Talk…
Law school on your mind? If you’ve followed this blog recently, you know there has been lots of excitement around the release of Should I Go to Law School? The $100,000 Gamble. Well, now there’s even more to get fired up about:
On March 29th at noon EST/9 a.m. PST, I will join the law school expert herself, Ann Levine, for a frank, fun and informative discussion on Blog Talk Radio. If you are thinking about law school and wondering about the personal, financial and academic challenges and joys ahead of you, you don’t want to miss this show!
If you already have a copy of The $100,000 Gamble, then you know Ann Levine from my Bonus CD interview with her. If you haven’t heard Ann speak before, you are in for a treat. We’ll make sure to pack the show with great content about the decision to go to law school and we’ll be sure to make some time for your questions.
Join us on March 29th at noon EST/9 a.m. PST here: Blog Talk Radio.
EDIT: The show just got moved up one day. Be sure to join us on Tuesday!
Why Law School? Four Corporate Counsel Respond
Why law school? The San Francisco Business Times recently asked top Corporate Counsel in the San Francisco area what led them to law school in the first place. Their answers are typical among prospective law students (though, unique in their own way) and I wanted to share them with you.
Mary Dent of SVB Financial Group says:
I love reasoning and logic and trying to figure out puzzles, so law appealed to me as a problem-solving endeavor.
Makes sense. I enjoyed the rationale from Reggie Davis of Zynga (think Farmville):
I backpacked around the world, worked on a political campaign and had no idea what to do.
For some people, their background drives them to law. Cheree McAlpine of Wyse Technology explains her rationale like this:
I grew up in rural Alabama, and I saw things that I thought were very unjust. I had this great appreciation for right or wrong, and it was that appreciation for right or wrong that drove me to law.
Perhaps the most interesting quote comes from Dorian Daley of Oracle (the second largest software company in the world). When asked for “Something about you that would surprise people?”, she responds:
That I really didn’t want to become a lawyer.
Now, put yourself in their shoes. Fast forward to the future and imagine that you are being interviewed about your decision to go (or not go) to law school. When the reporter points the microphone in your direction, how do you respond?
Considering Law School?
If you are a frequent visitor to this site, you may have noticed a soft-spoken note in the sidebar about my upcoming book about the law school decision. I’m happy to announce that it’s no longer upcoming — it’s finally released! I have quietly launched Should I Go to Law School? The $100,000 Gamble on its own site. I can say without reservation that it’s the best resource you will find — online or offline — about the decision to go to law school. And it’s not just a book, it’s much more.
I will have more to say about the making of the book soon — it’s really the result of many people collaborating to create an offering that is both informative and great-looking. Also I hope to be offering a free download of my own law school story on this site as well.
For now, jump on over to the site and let me know what you think: Should I Go to Law School?
Law School Job Outlook Improves
Law school graduates looking for work have been fighting an uphill battle for the past few years. The economic recession has been the constant victor as it maintains its stranglehold on job growth. Despite the tough outlook, there has been a persistent optimism about law firm employment prospects over the past year. It’s been a cautious, tentative, stiff-upper-lip optimism, but an optimism nonetheless. In the latest edition of the San Francisco Business Times, it appears that this optimism may actually have some teeth.
The headline is one of those mixed messages: “Law firms remain cautious despite record revenue.” Let’s consider the record revenue first. The chairman of Morrison & Foerster reports that the firm had a record year in 2010 with $930.6 million in revenue. Pretty impressive. Other Bay Area firms are also looking good from a revenue perspective. Cooley reports that business is stronger than it was a year ago, even if times are not as booming as they once were.
But, as times get better, firms are not immediately scaling out their benches. While revenues improve, the Business Times reports that growth is only expected to increase by about 2 percent this year. Rather than hiring like mad, firms are being cautious in order to avoid layoffs should circumstances change.
If history is any guide, however, firms will eventually reach a tipping point where hiring will take off. As the economy continues to improve, so will demand for legal services. Firms that have downsized over the past few years will have to get aggressive about hiring in order to make sure they can take advantage of the opportunities in the market. I saw this in the dot com era and then again in the housing bubble era. When the economy heats up, law firm hiring (and salaries) start to boil.
