Posted on 04/21/2013 2:39:58 PM PDT by SeekAndFind
When I applied to law school in 1975, the nation was recovering from a severe and prolonged recession. Even so, I always assumed that Id be able to make a comfortable living with a legal degree, although I didnt think that practicing law would make me rich.
Three and a half years later, I became a new associate at one of the nations largest law firms, Kirkland & Ellis. It had about 150 attorneys in two offices, Chicago and Washington, D.C. My annual salary was $25,000, which is $80,000 in 2012 dollars. There were rumors that some partners in large firms earned as much as ten or fifteen times that amount; by any measure, that was and is a lot of money.
The unlikely prospect of amassing great wealth wasnt what attracted me to the law. Rather, I saw it as a prestigious profession whose practitioners enjoyed personally satisfying careers in which they provided others with counsel, advice, judgment, and a unique set of skills. Mentors at my first and only law firm taught me to focus on a single result: high-quality work for clients. If I accomplished that goal, everything else would take care of itself.
Today, the business of law focuses law school deans and practitioners in big law firms on something else: maximizing immediate profits for their institutions. That has muddied the professions mission and, even worse, set it on a course to become yet another object lesson in the perils of short-term thinking. Like the dot-com, real estate, and financial bubbles that preceded it, the lawyer bubble wont end well, either. But now is the time to consider its causes, stop its growth, and take steps that might soften the impact when it bursts.
(Excerpt) Read more at businessinsider.com ...
Is this man suggesting that he deserves sympathy?
Cool!
Neuter or fix all attorneys so they cannot reproduce
Pretty much everything is imploding.
The FDA has prohibited sales of Viagra to Attorneys...apparently it just makes them taller.
We can only wish. Hopefully, maybe, possibly, please, even pretty please, etc., etc.
One thing I figured, is that a lot of the grunt work that used to be done by new associates is now being offshored on the cheap to India...therefore, firms don’t have to hire newly graduated law students anymore.
The legal system has arguably been imploding since Constitution-ignoring socialist FDR nuked the Supreme Court with activist justices in the late 30s and early 40s.
When I was graduated from the U.Va. School of Law in 1966 it was generally seen -- I saw it that way -- as a profession. Now, it is very difficult to recognize as a profession. After thirty years, I retired in 1996 and am very happy to have done so.
Noteworthy that I have heard of at least one law school is slashing its tuition because of a shortage of fresh meat.
At the time a lawyer commented to the story that at least a law degree still has a slightly higher credibility than does an MBA, a used car salesman, or a politician, though it is still slightly lower than a pawn shop owner or discount liposuctionist.
For some reason that scene in Saving Private Ryan came to mind, the one where the German bunker is lit up by a flame thrower. Germans are jumping out the front, on fire, and a young American soldier yells, “Let ‘em burn!”
Take the expanding number of law graduates and can come up with a date in the future where all citizens are lawyers who make a living suing other lawyers.
Many of these firms have also reduced support staff. The concept of a legal secretary is vanishing. Once laptops and all the mobile devices came out, law firms decided they didn't need too many secretaries. The younger, computer-savvy lawyers could do much of the work themselves.
And like every other business, once Obamacare really takes hold, there will be fewer and fewer jobs at all levels. What jobs remain may actually become part time.
This is not a good time for any business and that includes law firms.
Cool. What do I have to do to help push it over the edge?
Do you remember the general cost of law school back in 1966?
Lets see...The U.S with some 8% of the world’s population suffers the presence of 95% of the world’s lawyers. Blessed be we. Hence my nearly original tagline:
Unfortunately, they reproduce by mitosis:
Lawyer being created in anaphase stage
I remember the (I assume) liberal girl Public Defender (Mary Kay Place?) in The Big Chill when she lamented on how she got her legal degree to help the poor and downtrodden with their legal problems, but she always ended up representing scumbags who actually deserved to be in prison. The world just didn't fit her pre-dispositioned beliefs and she just didn't understand why. Such is the liberal mindset.
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