Megan McArdle looks at the woes in the world of lawyers.
Life didn’t used to be so harsh inside the firm. Getting the job used to be the great thing; once you had it, you were set. Oh, maybe you wouldn’t make partner, but by then you’d know enough people to enjoy a soft landing in-house somewhere.
The recession changed all that. There are more law school graduates than ever, and fewer jobs for them to take. Fighting your way into a good firm just buys you the right to fight desperately to stay there. Once unthinkable, mass layoffs happen regularly; and once those graduates are laid off, they have a hell of a time finding work. Did I mention that there are too many law school graduates for the available jobs?
As a former journalist, I say welcome to the club.
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