
Once again we are witnessing a sort of bidding war between large firms in New York to see who will give incoming new associates the largest salaries. Simpson Tacher & Bartlett recently raised the starting salary of their newly hired associates to $160,000. As soon as this was announced several other firms followed suit. This brings me to a reader submitted question I've been meaning to get to:
- Law School is a big investment. What's the likelihood that I will be able to find a high-paying position after graduation?
When one firm raises its associates' starting pay, like clockwork, several others follow and, again like clockwork, the media picks up on it. So we see many articles like this: here, here, here, here. I think this gives some people thinking about law school an unrealistic idea of starting salaries.
WHO PAYS THESE LARGE SALARIES?
First of all, only the large firms pay salaries in the vicinity of $100k (probably those that employ at least, say 250 attorneys). Medium/small firms jobs, solo practitioners looking for help, public sector/government jobs, or other public interest jobs will not pay close to the large numbers you've seen thrown around recently ($150,000+). You'll find salary information on a lot of those big firms here.
THE PROCESS
A large majority of people who graduate with these high paying jobs
actually got their foot in the door at a firm by participating in on campus
interviewing (OCI) during their second year fall semester. During OCI, firms come to
the school and interview 2l's for what is known as a summer associate
job.
Students who are hired as summer associates work in the summer between 2nd and 3rd year of
law school and get paid at basically the same rate as a full-time
associate. It's virtually a trial run from what I understand. If you
don't screw up the summer associate job, you're probably going to be
kept on as an full-time associate after your third year.
And yes, I know what you're saying...since law firms that pay the big bucks mostly interview and hire during 2l fall semester, how can they consider 2nd year and 3rd year grades? They don't for summer associates. That's why first year grades are crucial. I realize this doesn't make much sense. Welcome to law school.
HOW HARD IS IT TO GET THAT KIND OF SALARY?
Secondly, it's very tough to land a large firm job. Because of the cost of law school, many students are looking to pay off their loans as quickly as possible. So many, many students are shooting for the big firm jobs during OCI or otherwise.
A person generally must have some sort of balance of the following in order to land a job that pays that sort of cash: 1) attend a highly regarded school, 2) have a high class rank, 3) have connections.
As an example, my school is in the top 70 law schols schools according to the US News and World Report. There are some big firms that don't even bother coming to my school. Very few out of town firms.
But of the ones that do interview on my campus, most will not interview students outside of the top 15%, 10%, or even 5% in terms of class rank. Sometimes law review is a requirement. And even if you meet certain criteria, you are not gauranteed to nail an interview and get a high paying job.
So you can imagine that the lower ranked the school, the more restrictive interview requirements firms will have for that school and the less likely certain big firms are to even interview at that school.
Now if you attend, say, a top 20 school, your chances become much better. Big firms from all over are more likely to interview up on your campus and much less likely to rely on strict interview standards.
So this is what it comes down to if you want one of the big paying jobs: Do well (grade wise) at a highly reputable school, do extremely well at somewhat reputable school, or have a parent/relativ/etc. whom you know will be able to get you one of these jobs.
IN CONCLUSION
I wrote this post partly because I read this person's post here. Now, I do not endorse his views and I think they are too negative in many respects (I posted my response in the comments of his post). It seems to me that this person had a good life as it was, but saw these sort of $140,000+ starting salary jobs, left that job in order to pursue law school, attended the best law school that would take him, but couldn't put full effort into law school. And now he, by his own admission, is very bitter about the whole law school process.
He didn't realize just how tough and competitive jobs in law school are. And as someone thinking about entering law school, you can't fall into the same traps he did. With so much uncertainty about where you will end up grade-wise when
matched up against many people who are of basically equal intelligence
as you, it's not very smart to enter into most law schools with the
idea that you will be one of the few who end up with a 100k salary immediately.
If you feel like your future depends on landing a high paying job right after graduation and you don't have a chance of acceptance at an elite law school, you have to know there is a huge risk that you won't get a big firm, high-paying job. It's even riskier when you consider the cost of most law schools.
It's not easy to land such a job straight out of law school. But that doesn't mean that there are not other opportunities after graduation. It also does not mean that you will never have a shot at a high paying job down the road. For those who don't get the big firm job, it's more like the real working world: start out with a lower salary and work your way up.