If you take a quick glance at the landscape for law school today the numbers undoubtedly paint a bleak picture. Applications for the 2013 school year fell 13.4 percent from 2012, while first year attendance had fallen 7 percent from 2010-2011 (last year of updated data). Not to mention, the number of LSAT's being taken has fallen for three years in a row and is down over 34 percent from the 2009-2010 peak. All of these stats seem to indicate an increasingly ominous landscape for potential law school applicants and graduates, especially considering the enormous financial burden that usually comes with three years of law school. However, if you are able to read between the lines there are glimmers of hope and one can find a silver lining. As someone who is taking the LSAT in December these headlines are concerning, so I decided to interview someone who is on the front lines in the field of law. My current supervisor does a lot of work with different law firms across the country and I decided to pose a few questions to Craig Killen, Partner of Nelson Mullins Riley & Scarborough LLP. I wanted to frame my questions to address specifically the changing landscape in the field of law and new law school graduates. As you might assume, Mr. Killen is extremely busy so I kept my interview to a formal email. Here were his responses to a few of my questions.
Q1: I wanted to start out by asking about the overall changing landscape in the field of law. What general changes have you noticed in the past few years and what has been the effect?
A1: Well you know, the whole landscape was really jolted in 2008. Many law firms were insulated and didn't feel the full effect of the recession until 2010 or later, that's when major clients began drying up as people began cutting personal expenses across the board. But it wasn't just a decrease in clients. When the major lenders restricted credit you saw the ripple effect across multiple legal specialties. The attorneys with a focus on real estate, financing and acquisition, loan underwriting, wealth management, etc. all felt the impact from the 2008 recession. The result has been widespread and you saw some major firms shut their doors as a result. The reality is, the market was saturated with a large number of people holding law degrees and when firms have to tighten their belts, everyone is affected.
Q2: What effect has the recent downturn had on hiring new law school graduates?
A2: The most immediate impact from the recession and past few years is that individuals who have just graduated are finding themselves in a market where the demand for young attorney's just is not there. A degree that used to be a one way ticket for a six figure salary right after taking the bar, is not enough on its own. We get applications for top notch graduates who have been working as paralegals or clerks simply because that is all there is available right now. The reverse is also true. I see on a daily basis attorneys who maybe haven't been practicing or have been doing other legal advising unable to get back to where they were pre-2008. Guys who have been working in their industry for 20 plus years, are suddenly finding themselves in a situation where they are just trying to beat out the new graduate. Overall I would say that hiring has slowed, but since 2012 there has been a general trend toward the positive.
Q3: In your opinion, is a law degree worth it in 2013? And if so, what advice would you give to succeed in this tougher job market?
A3: A law degree is still worth it, absolutely. It's all about finding your niche. I can't stress that enough. Many envision themselves in the courtroom as the bigshot attorney, but you have to be flexible now. I fully understand the debate of whether $100,000 in student loans is worth it, especially if your only prospect is a court clerk right after graduation, but law school is an investment in yourself and one you should be willing to take. Understanding that there are certain legal focuses that are growing and have potential for enormous growth in the future is key to being a successful attorney today. The areas of intellectual property, health care, real estate (only recent) and international business are all specific areas that are experiencing exponential growth. If you can find a focus that you enjoy, and which is growing in the future, you will be positioning yourself nicely. Find your niche!
Q4: What is law school like in 2013, and what differences are there now compared to when you were getting your J.D.?
A4: Ha! Now I graduated from law school a while back and it's a little scary to think about it. But I have a nephew who just graduated from Harvard Law and he's given me some recent insight. For the most part, much of law school hasn't changed (which is part of the problem with dwindling enrollment, etc.), but one of the key things is to approach law school as a job. One of the main purposes of your first year is to weed out the students who can't keep up. You really have to approach your semester classes collectively as your full-time employment. But like anything else, you will get out of it what you put into it. I remember putting in a solid 40 or 50 hours a week in reading alone, and when it was closer to the end of the semester there were some in my class who would be putting in almost 80 hours a week, not myself, but it happened! But from what I gather from my nephew, much is the same. If you are willing to put in the time the results should speak for themselves. Also, don't forget that your professors are an asset, and while many may seem too busy, a vast majority are extremely experienced in their respective fields and will be more than happy to help you outside of class. Finally, I can't stress enough the importance of internship and work experience. If you're a recent graduate with top notch grades, that's great, you made yourself competitive. However, if you're a recent graduate with top notch grades and has internship and work experience, you have set yourself above the pool of graduates you are competing against.
My interview was extremely interesting and revealing about the actual state of things in the legal field. While many headlines spell out doom and gloom for law school applicants and graduates, Mr. Killen provides great advice on how to succeed. I found his point about "you get out of it what you put into it" simple but very significant. Like one's undergraduate studies, a job or any relationship, expect to get out of it what you put into it. If you walk into law school your freshman year with the attitude of "coasting", the likely result is a quick exit by the end of the fall semester. Also his point about finding your niche is really telling, because that seems to be a theme I've heard since working at my current firm and among current law school students I have spoken to. Overall, I really enjoyed getting to ask the personal and important questions, and I cannot thank Mr. Killen enough!
Great interview. I like the way your email made nice and easy to Q & A.
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