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Curious on what the legal market looks like in 2020.

I know biglaw/midlaw is just about the only way to get over 100k right out of law school, but is there any hope for everyone else? BLS data shows that the median income for all lawyers is 122k, so maybe non-t14 folks can celebrate the fact that they’ll make a decent living in their 30s after doing government work or doc review for a few years.

I’m still unclear on legal hiring and salaries. Up till now, I’ve seen some trends in online posts, which may or may not be representative of what attorneys overall are experiencing- jd unemployment at all-time highs, oversaturated markets, paltry salaries, bimodal salary distributions, and ‘do not go to law school’ warning signs by disgruntled law students and graduates. Then, a partner at a solo firm might drop by and say he had a great time at Cooley and is now making 1 million a year. The medical field isn’t nearly as confusing— once you pass medical school/exams/residency, there’s a job waiting for you somewhere in the midwest and it pays well.

Could we talk about this?

ALCA1920 wrote: ↑

Mon Dec 21, 2020 2:15 am

I’m still unclear on legal hiring and salaries. Up till now, I’ve seen some trends in online posts, which may or may not be representative of what attorneys overall are experiencing- jd unemployment at all-time highs, oversaturated markets, paltry salaries, bimodal salary distributions, and ‘do not go to law school’ warning signs by disgruntled law students and graduates. Then, a partner at a solo firm might drop by and say he had a great time at Cooley and is now making 1 million a year. The medical field isn’t nearly as confusing— once you pass medical school/exams/residency, there’s a job waiting for you somewhere in the midwest and it pays well.

Why is this confusing? One highly successful solo doesn’t mean that generally speaking, the legal profession isn’t oversaturated or that entry-level salaries aren’t, generally, bimodal.

Yes, some people find great success as solos. Some people don’t. Going solo straight out of law school is very tough because you don’t know anything, but people do take the knowledge they develop after working a few years and succeed. But not everyone has the temperament to run their own business, which is what being a solo requires (and/or they’re in a market that doesn’t need another solo, and/or they don’t have the experience in the right practice area).

If you’re looking at starting salaries out of school, they do still tend to be bimodal. There’s a clump of salaries at/around $190k for biglaw, but most lawyers will make a lot less. It’s hard to know what this translates to down the line in a legal career - I know that a lot of state PDs and prosecutors and legal aid types aren’t going to make 6-figures in those jobs (some will, depends where you work, but generally not). Biglaw equity partners make millions. The range in possible salaries makes it hard to identify an average trajectory.

Law isn’t like medicine. Medicine strictly regulates entry to medical school so there are only as many med students accepted as there are residencies for med school grads. Getting a job when you’re done is easy, but getting into med school is very hard. Law does it the other way around - pretty much anyone can find a law school that will take them, but the competition is for jobs after graduation.

So I guess I’m not sure what it is you don’t understand?

Can the “average lawyer” make 6 figs? yes. Can the average law graduate make 6 figs? no.If you practice law for 20 years after graduating whatever school, you will probably be making more than 100k at that point (taking out the impact of inflation). That’s not a lot of money though.