Future lawyers may be shocked to find out that the historically "safe" field of law is now suffering more profoundly from the recession than many other lines of work are. Pre-law students generally consider the hundreds of thousands of dollars that go into a legal education as an investment into their futures that will be repaid rather quickly once they are in the high-paying corporate law professions. It is also widely believed that a diploma in law can almost guarantee work due to the broad range of professions that degree pertains to. Recently, both of these beliefs have become less certain.
The legal field, which has been typically viewed as a safe area in terms of job prospects, is now sending its newest members staggering to find work. This fall is becoming the most difficult job search season in 50 years, as law students compete for half as many jobs compared to last year. As the general economy picks up, the field of law suffers from some big firms closing and others cutting their hiring by more than 50 percent. The large Philadelphia firm Morgan, Lewis & Bockius, for example, has completely canceled its recruiting this year.
At many top universities, interviews are down from 33 to 50 percent. At Yale University, students were shocked when some big firms elected to not have interviews in New Haven this fall. Law students at top schools like Yale, NYU and Georgetown, so used to being wooed by big law firms, now have to look elsewhere for work. Smaller firms in smaller markets, government posts and opportunities with public interest groups are now becoming much more appealing.
With students from top law schools scrambling to find the few open spots in big law firms, and then moving into the other law fields, this does not leave many jobs for the young lawyers of lesser schools. Because the stringent standards of high GPAs and LSAT scores (roughly 3.75 and 170 respectively) required for admittance into the country's best law schools are difficult for many students to attain, and as more and more jobs disappear, pre-law students should begin to ask themselves whether law school is still worth it.
Historically, law offered an abundance of opportunity as well as the promise of stability and a comfortable life. Now, pre-law students have to wonder whether the massive debt they will acquire from their legal education is worth it now that the most lucrative jobs are quickly disappearing and the less profitable ones are much more competitive. Most of the smaller private schools are no less expensive than their larger counterparts, and they generally offer less employment choices than the top universities. Potential law students should seriously consider the much cheaper public schools for their legal educations. In light of the way the market has turned, Loyola's pre-law students need to ask themselves if all the money and hard work involved in a legal education is worth the risk. Although the young lawyers of Ivy League schools might not get the highest-paying jobs immediately, it is still safe to say a Harvard or Yale Law graduate will live a comfortable life.
A few years as a prosecutor, perhaps, may give the young lawyer some experience before moving into a major law firm. Still, if students at top schools are suffering, would it be worth it to go to a public university? With the market deep in a recession for an undetermined length of time, freshman and sophomores with legal ambitions should strive more than ever to maintain a high GPA from the start, and should also keep in mind that it is never too early to start preparing for the LSATs.
Law school is becoming a gamble for the first time as lucrative jobs become scarce. Big law firms are beginning to change their recruitment strategies in response to this major downturn in job availability, and this raises the question of whether the legal field will be permanently changed from the stable domain it has always been, or whether this will all blow over as the Baby Boomers drop out of the workforce and into retirement. Whatever the case, aspiring lawyers should keep in mind that law is no longer the safe choice it is perceived to be.
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