thesealocust wrote: Xiaolong wrote:
thesealocust wrote:After bonus, consulting and I-banking either start there or get pretty close. Obviously those fields have their issues in this economy.
Keep in mind that while it is POSSIBLE to obtain 6-figures after graduation from law school, every year there are 4-6 thousand such jobs and 45 thousand or so law school graduates. Most new lawyers make substantially less than six figures (40-50K is probably the mode).
Oh really? How do you know this?
Careful and exhaustive research from several sources. Want me to dig it up? Do you doubt some portion of what I said, or are you just curious?
I don't doubt the general thrust of your argument, I just think you present your numbers in a misleading way. One example: You claim that about 45000 law graduates compete for roughly 4000-6000 biglaw jobs every year. On the surface this is obviously the case, but I think this is misleading and needs further explanation, especially in the context of TLS. Most people here on TLS are aiming for T1 schools and most people here do end up at one.
Of the 45000 graduates, how many are actually competitve to land a big law job? In my understanding it's really only the T50 students that can claim to be competing for big law + maybe, on average, the top 5% from T2-T4. The number of law graduates however is incredibly inflated by people that are not competitive in the first place, i.e. 95% of the students that attend T2-T4 schools. If you assume an average of 250 grads per school, the T50 schools graduate about 12500 JDs every year. Then add to that the top 5% on average of the remaining schools ( i.e. 5% of 32500 graduates), thats roughly another 1600 people. So all in all you really have around 14000 grads that are actually standing a chance at landing one of roughly 4000-6000 biglaw jobs, not 45000.
Also bear in mind the number of people out of those 14000 competitve graduates that self-select into PI, governemnt, academia or market paying non-NLJ250 firms. I really have no grasp on how large that group is. In the end however you might end up with a number of anywhere between 10000-14000 grads that compete for 4000-6000 NLJ250 jobs every year.
Now, I am adding the caveat that my argument applies to someone attending a T50 or thereabouts. For someone considering Cooley, your argument is much more on point.