MBA hiring looking up; is this a good sign for JD hiring?

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Idiocrat
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Joined: Thu Apr 01, 2010 2:46 am

MBA hiring looking up; is this a good sign for JD hiring?

Postby Idiocrat » Tue Jun 15, 2010 11:52 pm

http://online.wsj.com/article_email/SB1 ... DEyWj.html

Some may argue that there is little correlation, but - to me, at least - larger MBA classes at banks and consulting firms means a greater volume of business development and new deals, which in turn creates more work for the legal industry. The last major paragraph even claims that "internships are at or close to pre-recession levels"; so there must be at least some rub-off on the state of the legal job market, right?

...Or, perhaps I'm just grasping for straws as I struggle to rationalize my decision to take on $150,000 in debt at a T6.

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thesealocust
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Joined: Mon Oct 20, 2008 8:50 pm

Re: MBA hiring looking up; is this a good sign for JD hiring?

Postby thesealocust » Wed Jun 16, 2010 12:30 am

edit: n/m
Last edited by thesealocust on Mon Dec 20, 2010 6:43 pm, edited 1 time in total.

ChewbaccaDefense
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Re: MBA hiring looking up; is this a good sign for JD hiring?

Postby ChewbaccaDefense » Wed Jun 16, 2010 8:58 am

I'd rather not post too much about my background, but let's just say that I work in an area of the consulting industry that has a good bird's eye view of the hiring trends, so I'll offer my take:

Yes, the industry seems to be hiring even at pre-pre-ITE levels (for my company, I can't find hiring trends like this in this century). Even with the lessons learned from the excessive cuts of the 2001 recession, it seems that either the industry cut too much or the client demand for the recovery is way more than anticipated. Hard to say at this point.

Is it a good sign? Hell yes, any activity out of these sectors show that businesses have enough cash on hand to spend it on our services. It will certainly take more time for the legal field to follow suit in hiring; the banking and consulting industries just aren't anywhere near as risk-averse as the legal field. Looking at the big picture, though, it seems like there are a lot of companies sitting on loads of cash. Assuming Europe shows some real bolstering of debt (a BIG if), I would think M&A activity would be the next step, which should result in the next bump in firm hiring.

All of this said, the banking/consulting markets aren't exactly parallel to the legal profession. Those industries draw from a MUCH wider pool than law firms. When the layoffs hit those industries, the low and mid level employees had plenty of exit options. With the cut SA classes and associate layoffs in the legal sector, there was VERY little absorption of those folks, so our industry still has to deal with them in some manner. Lots of firms are going to look at them and say, "I can get some fantastic talent on the cheap (especially if they did something to add skills to their resume)." Others (probably V50) will say "Screw it, these people want to put our heads on stakes. We'll start fresh with the new classes."

Disclaimer: I'm not speaking from a position of expertise on legal hiring, but rather on general hiring practices. If somebody out there thinks I botched this, or has something to add, I'd like to hear more.

motiontodismiss
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Re: MBA hiring looking up; is this a good sign for JD hiring?

Postby motiontodismiss » Wed Jun 16, 2010 2:03 pm

It can't be a bad sign lol




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