Hark, hark a recovery in the legal sector in the distance. Well, don't bet on it. The signals coming from the fictional world and the experience of recent law school graduates deep-six the notion of a turnaround in the law business.
Last night on the popular series "The Good Wife," the law firm discloses it's in trouble. Its debt is $60 million and David its rainmaker heads for the exits. To try to hang on, it took on Kalinda's ex husband Nick, a dark character, as a client. If the firm folds, the lawyers would be cut loose to try to find work in a downsizing market which hasn't recovered from the Crash of 2007.
On BUSINESS INSIDER, thanks to a botched email transmission, the details came out that 21% or 121 of the graduating class at George Washington Law School are, well, unemployed. They are, reports Eric Fuchs, receiving from the law school $15 per hour to volunteer at nonprofits. The school ranks #20 on the U.S. NEWS rating system and tuition is $45,000 a year.
Clearly, the message the market is delivering is: Enter this field at your own risk. Those for who this could be a rational choice include future politicos, the connected with possible jobs to go to, members of families already practicing law, and niche players in practices such as insolvency which are in demand.