Brave New World for Graduating 3Ls: Fewer Jobs, Less Pay
As news of new law firm layoffs and associate pay freezes seemingly breaks almost daily, worried third-year law students are anticipating rough landings into the post-graduate world of work.
“I don’t know anybody who is not nervous,” Eric Reed tells the National Law Journal. “Frankly, if you’re not nervous, you haven’t been paying attention,” adds Reed, who graduated in December from the University of Michigan Law School and plans to start work next fall at a large Philadelphia firm.
Judicial clerkships and additional graduate study have particular appeal in the current economic climate, because they may help graduates postpone their search for a longer-term position until the job market improves, the legal publication notes.
Although it’s obvious that new graduates can’t hope for the kind of salaries they considered the norm only a year or two ago, “I consider myself lucky. I’ve got benefits, and I’ve got a job,” says Ben Carlsen. A soon-to-be graduate of the University of Georgia School of Law, the former career corporate finance employee will be clerking for two years in U.S. District Court in Savannah, Ga., for Chief Bankruptcy Judge Lamar Davis Jr.
Related ABAJournal.com coverage:
New Law Grads Urged to Have Backup Plans
Silver Lining in Law Firm Layoffs News: Many Partnerships are Better-Managed
Divorcing Law Grads, Stressed Over $190K in Debt, Victims of ‘Education Hoax’
