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What happened to the news in the past year or so about the large glut of lawyers in America, having to work for relative peanuts because of supply outpacing dem
by randomdata 13y ago
What happened to the news in the past year or so about the large glut of lawyers in America, having to work for relative peanuts because of supply outpacing demand? Has the valley somehow managed to keep them out?
Or is it that specialized lawyers can make $350+/hr? In which case developers with certain specialities can make that much as well.
- rayiner 13y agoYou can hire a bar-admitted lawyer for $20/hour, yet some firms bill first year associates at almost $400/hour. The corporate service professions (law, finance, accounting, and consulting) have a self-regulating labor supply. A professional without hands on experience is not valuable to corporate clients, and hands on experience can only be acquired in the context of real litigation/deals/audits/etc. If demand grows, firms need to train and hire more people, and supply grows. I demand stops growing, as happened after the 2008 recession, firms cut back training and hiring to replacement levels, and supply stabilizes. That circumstance is unfortunate for the people who want jobs in corporate law/finance/accounting/consulting that can't get them, but limits the degree to which changes in demand affect the price of services.
- acgourley 13y agoWhy don't we see more firms created?
- krakensden 13y agoWe were- right now they're all shrinking and collapsing. Also, the mode compensation for a lawyer is only like 55,000. The low population, insane compensation segment drags the mean way up.