somewhatwayward wrote:Anonymous User wrote:The problem that law firms face and this whole industry is that it is impossible to hire according to economic realities when you hire more than two years in advance. How did it get this way in the first place? I know of no other industry working like that. Law schools should just curve the second year too, and then firms can respond better to the market. This might also allow them to drop wages in bad years...
Um, no. Even if you curved second year, which is still done anyway (people just work around it by avoiding curved classes), you can't standardize it like 1L bc people get to pick their classes, so people can still game the system. The problem is that there are too many law students for too few positions. When I post advice for people who have not gotten an offer yet, I always have pause because I know it means that if that person gets an offer, several others won't because there simply are not enough jobs. At the same time, I have much less sympathy than I used to because at this point, everyone should be aware of what they are getting into, period. Going to a TTT ITE without a full ride with no stips is financial suicide. These schools should be shuttering their doors simply because no one is willing to go there. Yet every year masses of students enroll. I'm not one of those people obsessed with personal responsibility but come on. /rant
My point is that it does not make sense in today's economy to hire two years in advance. Hiring two years in advance makes sense only in a bubble economy. If one of the reasons why law firm are so heavy on hiring post 1L is because that is the only time to compare students, then maybe curving (making it harder to game) 2L, will lead to these firms hiring at a later time in the process. This way they can better respond to economic realities.
There will probably be less no offers and deferment via that method, though probably the same amount of people will struck out. However, I think less profitable firms might have an easier time lowering salary without worrying that after 2L summer students will just jump boat to higher ranked/paying firm if economy turns around. This fear is what keeps wages at 160k even though everyone knows that Goodwin is not as profitable as Cravath. My basic idea is that there will also be more jobs if lower ranked firms could comfortably start people at 130, 145 etc. Depending on how they are doing.