LAWSCHOOLREALITY wrote:Indifferent wrote:cattleprod wrote:90%-95% of new lawyers are not making $100,000+ and never will.
No. Hard data makes you wrong.
You forgot this part.
"Note: The graph above is based on 18,398 salaries. A few salaries above $200,000 are excluded for clarity. The left-hand peaks of the graph reflect salaries of $40,000 to $65,000, which collectively accounted for about 48% of reported salaries. The right-hand peak shows that salaries of $160,000 accounted for about 18% of reported salaries. However, more complete salary coverage for jobs at large law firms heightens this peak and diminishes the left-hand peaks — and shows that the unadjusted mean overstates the average starting salary by about 9%. Nonetheless, as both the arithmetic mean and the adjusted mean show, relatively few salaries are close to either mean figure. For purposes of this graph, all reported salaries were rounded to the nearest $5,000."
Less than half of grads from that class reported data. The NALP also reported that 25% of that class is only working part time legal jobs. Add on top of that that the unemployment rates of that class are at an all time high for law school grads. Who do you think is more likely to respond to such a survey, the people making 160k or the ones making 30k? If that chart is truly representative of salaries for that class, then about 8,000 members of that class are making > 160k, which of course is not true at all.
Reading comprehension will show you that cattleprod claimed that 90%-95% of new lawyers (not law school graduates) were not making 100k starting, or ever, for that matter. I was responding to that statement. If you can find a more reliable source of data on how many lawyers were actually hired in 2010 please enlighten me.
As for your claim that there are not 8000 lawyers starting at 160k, likely true. However, look for a minute at the hiring numbers reported by the NYC offices of the V15 firms:
Skadden: 26 (although many seem to have been deferred, expected hires for 2011 are at 105)
Weil: 54 (again, there seem to have been deferrals as expected hires for 2011 are at 103)
Paul Weiss: 83
W&C - No NYC office
The Vault 15 NYC offices alone account for 768 hires in 2010 (any maybe closer to 850 if deferrals are counted). I am not sure what all of NYC looks like, but I would imagine there were about 2000 entry level attorneys hired at 160k in 2010. I am going to assume it is safe to double that for other major markets and minor markets starting associates at 160k. That's 4000, or 10% of 40,000. Including the smattering of firms across the country in major and minor markets that pay less than 160k but more than 100k, it's not too far of a stretch to guess that at least 8000 (or more) attorneys started at over 100k, which is 20%.
In any event, I was responding to cattleprod's absurd assertion, not to the general warning that going to law school for many people is a bad decision. 20% is still ridiculously low and I agree that the decision to attend law school in this economy (and possibly in this day and age) should be one that is given extensive consideration.