A few months ago I wrote rather flippantly about the upcoming recession. No big deal, I said. Sure, most of the economy is tanking, but law jobs will still be there. Mid-size firms will figure more prominently into law school recruiting, a few people more people will have to resign themselves to practicing bankruptcy law, but everything will be okay.
In hindsight, I may have been a bit hasty.
Big firms have gone under, mid-size firms
have been laying people off, and even small firms are having trouble. Jobs are scarce, no-offers are common, and
offers already given are being rescinded.
Obviously, I’m no economist.
Although a couple of my predictions were a little off, my overall confidence was clearly justified. I mean, sure, the legal market is tough right now. But even if you can’t get a job as an attorney there are hundreds of things you can do with a law degree, right? All those career advisers and opinionated old people who told you how valuable a law degree could be outside of the law can’t have been wrong.
Actually, according to an article in the National Law Journal, they may have been. Lawyers applying for non-legal jobs are finding themselves “priced out, overqualified and undervalued.”