For those of you interested in working for a law firm after graduation, Prof. Bill Henderson has a must-read piece in the ABA Law Journal, which has the uplifting title “Law Job Stagnation May Have Started Before the Recession-And It May Be a Sign of Lasting Change.”
The article states that “massive structural shift[s]” are happening in the legal industry and that they are the result of long-term trends like increased use of technology and globalization. The Great Recession accelerated the pace of change, according to Prof. Henderson, but was not its root cause, which means that change is here to stay –even after the economy fully recovers.
Here’s a key quote:
Whether BigLaw lawyers, boutique specialists or solo practitioners, U.S. lawyers can expect slower rates of market growth that will only intensify competitive pressures and produce a shakeout of weaker competitors and slimmer profit margins industrywide. Law students will find ever-more-limited opportunity for the big-salary score, but more jobs in legal services outside the big firms. Associates’ paths upward will fade as firms strain to keep profits per partner up by keeping traditional leverage down.