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Legal Careers Lose Their Allure, Drop to Dentistry Status | ABA Journal - Law News Now
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Legal Careers Lose Their Allure, Drop to Dentistry Status
Posted Jan 7, 2008, 05:52 am CST
By Debra Cassens Weiss
College grads who want wealth and social status are passing up law and medicine for careers in investment banking.
A career at a hedge fund or private equity firm can offer financial rewards that outpace earnings at even the biggest law firms. Partners at the nation’s largest 100 firms made an average of $1.2 million in 2006, but many senior investment bankers will take home an average of $2.25 million to $2.75 million in bonuses and salaries, the New York Times reports.
But even more important than money are the glamour, control and quick path to financial rewards in investment banking, according to the article.
Lawyers no longer enjoy the prestige they once held, and the quest for billable hours has taken away the notion of law as a noble profession. Doctors and lawyers “have slipped a notch in social status, drifting toward the safe-and-staid realm of dentists and accountants,” the story reports.
The change is reflected in the number of students applying to law schools. The number of applicants dropped 5.2 percent in 2005 from the year before, and another 6.7 percent in 2006, when 83,500 applied to law schools.
dissatisfied associates
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Edward Poll, J.D., M.B.A., CMC, is a coach to lawyers and certified management consultant who shows attorneys and law firms how to be more profitable. Ed's latest book is Collecting Your Fee: Getting Paid From Intake to Invoice (ABA 2003); he is the author of Attorney & Law Firm Guide to The Business of Law, 2d ed. (ABA 2002); Secrets of the Business of Law: Successful Practices for Increasing Your Profits. To make suggestions or comments about this article, call (800) 837-5880 or send an e-mail to edpoll@lawbiz.com. You can also order a free e-zine or visit Ed on the web at www.lawbiz.com.
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