Law firms' woes likely to last

Lawyers losing their jobs? Law firms not making a profit? Ha ha ha ha ha ha ha ha! I love it. Karma has finally come around.

Somehow I knew the first post would be an "attorney losing his job" joke.

Most attorneys do no make the $160k a year that large firms hand out, or the millions that the partner makes. The average salary for an attorney in Illinois is under $60k. Except for the top tier law firms, income growth for attorneys over the last 25 years has been less than 1%. So, in real terms (factoring in inflation), the average lawyer has been making less every year. You also need to factor in the cost of law school (can now run you $200k for a 3 year degree) that takes 30 years to pay off. So, if you take student loan payments out of your income, a $60k a year attorney is really only making about $40k before taxes.

Hey Hmm,
No one is going to give you guys any sympathy. Your income stats are bogus, all lawyers are rich. All non-lawyers loved this article.

One lawyer with a suitcase can steal more than 100 men with guns.

Overpriced lawyers can screw off. They are outsourcing most of the review work that is the most time consuming for peanuts and then still charge $500/hour. I would think twice about dropping a nickel into the beggars cup of a laid off lawyer trying to clean my windshield on an exit off the Kennedy. Yea there are some good ones that are not as ridiculous but anyone from one of these firms mentioned can screw off.

everybody hates lawyers except for their lawyer

Everyone hates lawyers until they need one.

This is a good wakeup call for those contemplating the field - probably not prudent at this juncture!

Also, it's a weird thing, that the non equity partners who truly do most of the heavy lifting seem more expendable than bringing in first year's at 160?
Why - the prestige of being linked to Harvard or what!

Hmmm, you are right. A am a lawyer, but I now do advising in the field of law. Except for students coming out of the top tier, this whole high salary thing is almost a myth. Unfortunately, people outside of the profession, who think that all lawyers are rich, often lead others to join in, looking for the big money, and not understanding the true economics of the profession...which leads to more people in 200K debt. The only thing you failed to mention is that although large law firms pay a lot of money, most people don't make it past 5 years at a firm - the lifestyle is just too tough. So it isn't really a "sustainable" 160K for most people.

People who are considering the legal profession should LISTEN to what lawyers tell them. Talk to a lot of lawyers, and talk to different types of lawyers. Make sure you know what it is really like to practice law (not Law & Order) and only do it if you love the actual practice - not the paycheck

Don't forget all the lawyers doing "pro bono" work for politicians. I wonder how long Gensen and Adams will hang on once they realize that their lying client can't pay.

Also, I know that Sydney is correct, except for the old and the new at the big firms, and those in the middle rung of the big firms are now finding out.

Lawyers, we don't need no stinking lawyers.
Congress and Wall Street are filled with lawyers, nough said.

Sydney and Hmmm are absolutely correct. I am a legal assistant at a medium-sized law firm with over 20 years of experience. My husband, a union repair tech for the phone company, makes more money than most of the attorneys with 1-6 years of experience at my firm.

There are way too many kids in law school these days thinking that they are going to hit "pay day" when they graduate. Those days are long over. The reality is that there is there is now high unemployment among lawyers, especially here in the Midwest.

Finally some good news

I can't understand how a firm like Latham would rather cut/freeze associate salaries, making the young attorneys pay for the economic slowdown, while the profits per partner increase/stay the same. The new associates with law school debt and working huge hours are the ones who can least afford it, yet the greedy partners already making ~2m per partner per year push it off on someone else. I am sure they work hard too, but it doesn't look fair to me.
And to the person who said 'overpriced lawyers can screw off,' that is just silly. Everyone knows with a good lawyer on your side you can maximize your profits on a deal that far outstrip the extra costs it takes to retain the top professionals by a ratio of more than 100:1. You dont need a lawyer from Sidley or Kirkland to draft your will, represent you for a DUI, or handle a divorce proceeding. People in this country suffer from the idea that you need to have a specialist to handle everything.

Tom wrote:

Hey Hmm,
No one is going to give you guys any sympathy. Your income stats are bogus, all lawyers are rich. All non-lawyers loved this article.

This isn't true!

Why do people hate lawyers so much? Is it jealousy? I am a lawyer in a smaller firm. I billed 2200 hours last year (and worked close to 3000) and I got paid $100,000. That might be a lot more than most people make but I guarantee that most of you do not work 60 hours a week.

Why don't people hate doctors? Doctors earn much more than lawyers and most of them work less.

Honestly, anytime there is an article about lawyers in the paper, there are hordes of lawyer bashing posts.

Deep down, I do think that "y'all jus jealous". It's really sad. If you are unhappy with your economic situation, then you should have worked harder in school to get to a point where you are happy with yourself.

Sydney -- stfu. Boo friggin' hoo to the top-tier grads that can't hack it past 5 years. Regardless, they're pulling in $160K *PLUS BONUS*, and that's enough to pay off law school quickly if you live modestly (I know, something few attorneys know anything about).

Am I bitter because my support position was "laid off" at one of the big firms, after excellent reviews and hard work? Of course. Everyone who was making 1/4 of what these associates were making should be pissed off. We did the actual important and necessary day to day work and they did long hours of doc review. Cry me a damn river.

The real article here isn't about the lawyers being let go... they'll be fine. What about the other staff that gets let go when no one is hiring?

Interesting. Comments blocks out me telling Sydney to ess tee eff you.

Sad for so many, but I wonder with this downturn has the environment of these large firms become more like the cut throat atmosphere of law school? Living with that kind of constant stress and backbiting is no way to live.

There are saner ways to make a difference, earn a tremendous salary, and not sell ones' soul.

Thank you Lord for all the REAL blessings.

Matt wrote:

Why do people hate lawyers so much? Is it jealousy? I am a lawyer in a smaller firm. I billed 2200 hours last year (and worked close to 3000) and I got paid $100,000. That might be a lot more than most people make but I guarantee that most of you do not work 60 hours a week.
Why don't people hate doctors? Doctors earn much more than lawyers and most of them work less.
Honestly, anytime there is an article about lawyers in the paper, there are hordes of lawyer bashing posts.
Deep down, I do think that "y'all jus jealous". It's really sad. If you are unhappy with your economic situation, then you should have worked harder in school to get to a point where you are happy with yourself.

Many here are just reacting to what they think they know; but I feel for you and perhaps that advice you are trying to give about working harder should be wed with working smarter as well. You are working you as off and only making $100,000? Are you a youngin? Do you have family yet? How long will you have to work like this? At what point do you have to compromise yourself so that you can earn a living and still have time for a life, a REAL life?

Matt wrote:

Why do people hate lawyers so much? Is it jealousy? I am a lawyer in a smaller firm. I billed 2200 hours last year (and worked close to 3000) and I got paid $100,000. That might be a lot more than most people make but I guarantee that most of you do not work 60 hours a week.
Why don't people hate doctors? Doctors earn much more than lawyers and most of them work less.
Honestly, anytime there is an article about lawyers in the paper, there are hordes of lawyer bashing posts.
Deep down, I do think that "y'all jus jealous". It's really sad. If you are unhappy with your economic situation, then you should have worked harder in school to get to a point where you are happy with yourself.

Matt, you do your cause no good. What do we hate about lawyers? Maybe a big part of it is the exact same arrogance you exhibit in your post? Maybe it's the fact that your profession has eviscerated our economy with frivolous lawsuits? Maybe it's the fact that our failed political class is made up primarily of lawyers, and they've destroyed a once prosperous country? Maybe we simply dislike a profession where a successful firm chases ambulances down the street looking for someone, anyone, to sue?

There are plenty of "good" lawyers. Unfortunately, there are far too many bad.

By the way, your salary and hours worked are certainly not unique. Maybe you should have gone into another field? It doesn't sound like you're very happy.

Lawyers.
Politicians.
Journalists.
Union Leaders

They have sold their souls.

As a whole (not individually) they are not honorable professions. They are mis-trusted by most Americans. There is no pity given to them when they fall on hard times. Why? Because what negative affect they have had on our country in the last few decades.