rayiner wrote:sunynp wrote:Fine, you are right. Everyone warning otherwise is wrong and has no idea what they are talking about. They know nothing about oci and the chances of getting biglaw. They know nothing about the instability of biglaw. They have no friends who are on school funded fellowships, they know no one who was no offered, they have no former classmates fired from Dewey or Lathamed in the recession.
They know nothing about commuting home in exhaustion from working all night. ( but who cares the firm will send you home in a car after feeding you.) They know nothing about the cost of living in New York. They know nothing of how much you need to spend on clothes and social networking events to keep your career going. They don't even know how much the insurance deductions will be. So their opinion is meaningless
You should take on massive six figure debt. You will win the lottery! You will get a job that requires 24/7 availability to work and billing retirements of thousands of hours so you can repay all that debt. You should have no concern about the stability of your biglaw job. Everyone knows that biglaw is completely secure until you choose to leave.
Why were those people trying to warn you?
At the same time, your extreme risk-aversion is a caricature of the opposite extreme. You seem to live in a world where only 1/3 of HYSCCN gets big law, Lathaming is a yearly occurance, and Dewey is something that happens multiple times a year affecting a significant portion of all big law associates.
I have friends who are/will be on law school funded fellowships. I have friends who got no-offered. I have classmates who got Dewey-ed. At the same time, the vast majority of my 1L section got jobs doing more or less what they wanted. The biggest contingent of people who didn't aren't people who tried for big law and missed it, but rather people who wanted to do public interest and got hit by the complete shutdown in public interest hiring.
The fact is that getting big law is still more likely than not (substantially so) from a T14 school. The fact is that in the Great Recession, which terminated the longest legal bubble in history, only 4% of associates got Latham-ed. The fact is that post-crash, unemployment in law has ticked up by law by less than in pretty much any other field.
The fact is that pretty much every profession is far less stable than big law. Technology is considered a safe and booming profession right now. Yet, industry stalwarts like HP, RIM, IBM, and Yahoo are laying off tens of thousands of people as wee speak. Even accounting for the fact that there are about 4x as many software engineers as big lawyers, we're still talking the equivalent of multiple Dewey's. And to a large degree, these layoffs aren't even that exceptional. Engineering is a cyclical industry and layoffs like this happen constantly.
Only someone with a paralyzing level of risk aversion would consider big law "unstable" relative to the economy as a whole.
"Paralyzing" is definitely the right word here.