Monday, October 08, 2007

Troubles for new attorneys

I saw another great article in the Wall Street Journal, though it's a couple weeks old now. The law market as a whole has been relatively flat compared to overall growth in the economy. Meanwhile the number of law graduates, and thus, new lawyers, has increased quite a bit.

Many students now graduate from law school with over $100K in debt - I know one who owes $150K. The article details the difficulties many face finding work and making enough to handle the debt load. As one young friend says, he has a mortgage without the house.

They mention one attorney who graduated in 2005, owes $118K, and makes $50K working in Manhattan. Hopefully he lives with his parents.

The public perception is that all lawyers are rich. It's simply not true. I know one lawyer who consolidated his student loans and may still be paying them in his 70s.

I have been fortunate in my career, though the first couple years was a bumpy ride. People should be aware that it isn't easy, and many lawyers struggle.

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