kappycaft1 wrote:jenesaislaw wrote:PM2353 wrote:Do you guys think this is a slight upward trend or just a minor fluctuation? Enough data to reasonably argue that c/o 2016 will have more job stability?
It is a slight upward trend and I don't expect it to get much better in the near future in terms of raw numbers. Over the past 5 years the total number of legal jobs has been relatively consistent, usually a bit below 30k. A significant problem has simply been too many graduates. It is very likely that there will still be too many graduates for the class of 2016. However, the percentages will be better because an estimated 14000 seats will have been eliminated since the class of 2012 enrolled in 2009.
But this shouldn't be enough to allay your fears. The other significant problem is that law school just costs too much money, and costs continue to rise despite wage depression for those who do get jobs.
Hey Kyle, do you know the historic background on biglaw wages? (How long have they been at $160,000? What was the average amount before that, and when did that change?) With inflation constantly going on, it just seems weird that tuition, cost of living, and pretty much everything else is going up while starting salaries seem to be set in stone.
BigLaw went to 160K in 2007. Until Gunderson Dettmer raised to 125K in 1999 BigLaw paid under 100K.