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Law employment trends impacts financial planning for lawyers

June 30, 2012

Harvard Business Review’s newsletter called The Daily Stat published this summary of an issue that I’ve been following:

“Only 66% of the jobs landed by 2011 U.S. law-school graduates required a law license, the lowest rate since the National Association for Law Placement began tracking that metric in the 1980s, according to the Wall Street Journal. With the job market for lawyers showing increasing weakness, more than a dozen lawsuits have been filed in the U.S. in recent months accusing law schools of misleading prospective students by advertising that a high percentage of their graduates were employed, without specifying whether the jobs required a law degree, the Journal says.”

This summary is based on a series of articles published by The Wall Street Journal by Joe Palazzolo. It is clear to me that the overall industry trends indicate a change is warranted in financial planning for young lawyers. The best career paths, it seems, combine a legal education with expertise in another field. The stereotypical lawyer of the past is an endangered species on the decline both in relative numbers and relative financial stability. My practice (www.tonynovak.com) encourages attorneys to seek diversity in private business ventures and to increase job security through specialization.

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