RECESSION PANIC MEGAPOST: Bad economy threads go here!

[Colton]

No kidding. Mintz Levin set a grade cut-off of 179 here at Chicago. That's easily top fifth, if not closer to top ten percent.

Most of you will learn the hard way, except for Colton, who I think I know from high school. Good luck, dude. I haven't been around to the CR in a while.

Nah, we didnt go to HS together. I have no idea what CR is. I know it's really bad out there, but these threads are getting a little old.

[PrudenceNeverLied]

[SilverE2]

There's a thread for this.

[Blindmelon]

zOMG I am calling to drop out RIGHT NOW

It is your only choice. Hold my hand and we can do it together!

P.S. Why do I always feel these messages are self-serving?

Actually, I'm from New Jersey, and we don't do self-serve.

Ah a Jerseyer going to school in Boston... I'm heading to BU... any more info on how the BC/BU crowd are doing? OCI down to 50ish? Do you have a job? Is only top 10% ok, or is everyone screwed?

[Mr. T6]

The human capacity for delusion never ceases to amaze me. In 1938 Germany, some Jews went ahead and stayed. They said that Hitler's actions were merely temporary. They thought that a holocaust would never happen.

[Bronte]

I understand there's been deferrels, etc., and that there will be some backup, but can you really say the class of 2012 and 2013 are screwed, considering it's now, um, 2009? We know the economy's bad. Do you think it's looking better with a bachelor's degree?

[Colton]

The Holocaust, really? Damn.

[Mr. T6]

I understand there's been deferrels, etc., and that there will be some backup, but can you really say the class of 2012 and 2013 are screwed, considering it's now, um, 2009? We know the economy's bad. Do you think it's looking better with a bachelor's degree?

Less debt. You'll likely make the same amount in the long run. You do realize that many lawyers ten years out earn as little as 40k? I make 37k with a bachelor's from my state school.

[Bronte]

The human capacity for delusion never ceases to amaze me. In 1938 Germany, some Jews went ahead and stayed. They said that Hitler's actions were merely temporary. They thought that a holocaust would never happen.

But, lemme guess, you're okay since you're Mr. T6? Maybe the people who think every damn recession is the holocaust are the ones who're delusional.

[Kompressor]

zOMG I am calling to drop out RIGHT NOW

It is your only choice. Hold my hand and we can do it together!

P.S. Why do I always feel these messages are self-serving?

Actually, I'm from New Jersey, and we don't do self-serve.

Ah a Jerseyer going to school in Boston... I'm heading to BU... any more info on how the BC/BU crowd are doing? OCI down to 50ish? Do you have a job? Is only top 10% ok, or is everyone screwed?

I'm not actualy from Jersey, I just wanted to make a terrible joke. I'm from Maine, which may help me get through OCI with a job.

Well, BU/BC and schools in that area are taking rough hits. It may literally be that only top 10% or so have a shot at BigLaw, unless there are strong regional ties somewhere other than Boston in New England. So, basically, 85-90% of people very well could leave OCI jobless. A few years back, it would probably be closer to 50%.

This whole thing is probably bittersweet for some firms. While they are not hiring as much business, the less prestigious BL firms are going to be taking on associates from better schools. Like I said above, it will probably be like this for 3-5 years. After that, who knows.

Boston is a great place, though

[Bronte]

Merged.

That was really trippy...

[Kompressor]

I understand there's been deferrels, etc., and that there will be some backup, but can you really say the class of 2012 and 2013 are screwed, considering it's now, um, 2009? We know the economy's bad. Do you think it's looking better with a bachelor's degree?

Right, right, which is what I thought last year. The problem, though, is that firms hire after 1L year AND by the time the next couple of classes get to that point, there will be a buttload of qualified people from the above classes without jobs and looking. How exactly firms are going to go about that is really anyone's guess. Will they start taking recent grads in the summer classes, extend to 3Ls? Only take 2Ls? Worse, will all of their positions already be taken by the backlog many of the firms (stupidly) built up? I'm trying to think of a good analogy, but I'm not really smart enough to do that, so I hope you understand what I am saying.

I mean, it's scary bad. However, T-14 I would still say are probably ok, (T-6 was hyperbole, although even some of the T-14 are taking huge hits) especially the ones in bigger cities.

[Kompressor]

Merged.

Fair enough, but I'm not sure anyone reads this thread. Oh well.

[kevinm]

The economy isn't that bad. People are still buying stuff, and the biggest news story in the last week was about two guys with a racial quarrel having a beer with the president. It's just morons like --LinkRemoved-- who think the world is doomed because the shit storm that they have the audacity to call a life is unraveling at their own fingers.

[Kompressor]

The economy isn't that bad. People are still buying stuff, and the biggest news story in the last week was about two guys with a racial quarrel having a beer with the president. It's just morons like --LinkRemoved-- who think the world is doomed because the shit storm that they have the audacity to call a life is unraveling at their own fingers.

I'm not going to disagree with your overall assessment, because I really don't know, but I will tell you that the legal market right now is really, really bad. And it's backlogged, which is going to hurt the next few classes as well. At least according to a couple of hiring partners I've talked with, and judging just from the ridiciulous drop in recruitment at some of the upper level (though not TOP level) schools.

[Helmholtz]

The economy isn't that bad. People are still buying stuff, and the biggest news story in the last week was about two guys with a racial quarrel having a beer with the president. It's just morons like --LinkRemoved-- who think the world is doomed because the shit storm that they have the audacity to call a life is unraveling at their own fingers.

I'm not going to disagree with your overall assessment, because I really don't know, but I will tell you that the legal market right now is really, really bad. And it's backlogged, which is going to hurt the next few classes as well. At least according to a couple of hiring partners I've talked with, and judging just from the ridiciulous drop in recruitment at some of the upper level (though not TOP level) schools.

Where do you go to school?

[Kompressor]

The economy isn't that bad. People are still buying stuff, and the biggest news story in the last week was about two guys with a racial quarrel having a beer with the president. It's just morons like --LinkRemoved-- who think the world is doomed because the shit storm that they have the audacity to call a life is unraveling at their own fingers.

I'm not going to disagree with your overall assessment, because I really don't know, but I will tell you that the legal market right now is really, really bad. And it's backlogged, which is going to hurt the next few classes as well. At least according to a couple of hiring partners I've talked with, and judging just from the ridiciulous drop in recruitment at some of the upper level (though not TOP level) schools.

Where do you go to school?

BC.

Dude.. if you think you are saying something we all haven't already heard... I don't know what to tell you.

Well, sorry then. I just thought I'd to my public service for the day.

[Helmholtz]

The economy isn't that bad. People are still buying stuff, and the biggest news story in the last week was about two guys with a racial quarrel having a beer with the president. It's just morons like --LinkRemoved-- who think the world is doomed because the shit storm that they have the audacity to call a life is unraveling at their own fingers.

I'm not going to disagree with your overall assessment, because I really don't know, but I will tell you that the legal market right now is really, really bad. And it's backlogged, which is going to hurt the next few classes as well. At least according to a couple of hiring partners I've talked with, and judging just from the ridiciulous drop in recruitment at some of the upper level (though not TOP level) schools.

Where do you go to school?

BC.

Do you know people who are going to T3/6/10/14? How do their employment prospects look compared to a lower ranked school like BC?

[Mr. T6]

We have ~400 firms (not unique) at our OCI, and dropping fast.

[Yimbeezy]

I'm not really smart enough

I think I found your problem.

[Mr. T6]

I'm not really smart enough

I think I found your problem.

what makes you think you're smarter? everyone in law school is very, very smart.

[Kompressor]

Do you know people who are going to T3/6/10/14? How do their employment prospects look compared to a lower ranked school like BC?

Well, there are still jobs out there to be had, it's just that the number has severely shrunk. I THINK that there are enough out there for the folks in the T-14 to get by, but my best advice would be to talk with people at the schools, and by "people" I mean the students.

I'm not trying to scare people for the hell of it nor am I being "self-serving." I'm not interested in a firm job. I just think people should be informed, because it's very difficult to understand how bad it is without being in the middle of it.

I think I found your problem.

Hey, if that makes you feel better then good for you. Do you really think the market isn't as I describe it?

[Mr. T6]

I think there are enough for top half at the T6s, and top quarter types at the rest of the T14. But the days of below median Michigan students snagging offers at Skadden are long gone.

In short, we're all Fordham students now. You have to literally do well at a top school to get a job.

[kevinm]

The economy isn't that bad. People are still buying stuff, and the biggest news story in the last week was about two guys with a racial quarrel having a beer with the president. It's just morons like --LinkRemoved-- who think the world is doomed because the shit storm that they have the audacity to call a life is unraveling at their own fingers.

I'm not going to disagree with your overall assessment, because I really don't know, but I will tell you that the legal market right now is really, really bad. And it's backlogged, which is going to hurt the next few classes as well. At least according to a couple of hiring partners I've talked with, and judging just from the ridiciulous drop in recruitment at some of the upper level (though not TOP level) schools.

Which is exactly why I'm not settling for just a law degree. Joint degrees are becoming more ubiquitous now that any asshole with too much time on his hands can sue anyone.

I think what's really happening is people are starting to be called out on their bs degrees (not the 'bachelor of science' kind). For the most part, a college education isn't really worth it...I think that hiring managers at retail stores and whatnot realize that a degree in english, for example, makes you no different than someone with a high school diploma, except that the holder of the degree may espouse the belief that their job is just a "stepping stone" to a better job. In that case, what incentive would a hiring manager have to hire someone with a degree instead of someone without one?

Regarding law degrees, yeah, that kind of sucks. But for the people just attending law school to make use of their bs degree, I just can't find it in me to give a damn. The lawyers with a bona fide interest in practicing law probably don't have too much trouble finding a job. Maybe it won't enable them to buy a dollar sign necklace festooned with diamonds, but they'll nevertheless be employed.

[Yimbeezy]

I'm not really smart enough

I think I found your problem.

what makes you think you're smarter? everyone in law school is very, very smart.

Why the real questions? I'm practicing for my future career as a sound byte journalist. It's the wave of the future dude.