At the risk of inviting flames, I am a partner at a major national law firm. Depending on one’s perspective, lawyers cause numerous societal “problems.” It is easy to forget that we play a significant role in oiling the gears of the corporate economy since we help incorporate new businesses; assist companies in raising money; structure various mergers and acquisitions; help companies go public; acquire and protect the intellectual property of our clients; assist our clients in navigating the maze of federal and state regulations, etc.
Like the economy in general, the legal profession is highly cyclical. It boomed in the late 90’s with the dot-com bubble, collapsed after that bubble burst, was doing well in the mid 2000’s, and has been hit hard by the burst of the housing bubble.
Basically, in boom times a sizable fraction of law school graduates from decent law schools will be able to find good jobs. That fraction shrinks appreciably during the busts. Even so, someone graduating in the top 20% of their class from one of the top 25 schools should be able to land a job at a mid-size to large law firm. Law firms can’t just stop hiring new associates for very long. Law firms use a pyramidal economic model and simply must have new lawyers constantly joining the ranks. As with everything else in life there are still good jobs available for those who are smart and work hard.
As an attorney who is self employed and finally starting to get to the point of being able to pay off my debts, I believe the real solution to the problem talked about in this article (and it is a very real problem) is to cut off all federal student loans for law schools.
A couple of shady lawyers in an acquired Chicago office brought down the whole firm.
In most cities there is a Christian Lawyers association that does much good.
In every city there are sleazy types who only think of their next million dollar case and their mistress.
At this point, there are too many John Edwards and not enough good guys.