EPISODE #13 Adjusting to the Marketplace – How low should you go?

Scott and Oscar talk about the current state of the legal market and various solutions offered by websites and pundits. But all the solutions reflect that this is not the same legal system and marketplace from 10 years ago. Many young lawyers are finding that they are being offered very low salaries and question whether they should take the job – is it the right thing to do?

The hosts recommend biting the bullet and taking the job but also discuss that finding a way to generate your own business is still the best safeguard against a volatile marketplace. While the current law school glut is diminishing due to lower law school attendance, the hosts discuss that the effects of less lawyers entering in the marketplace is still years away. Therefore, it is incumbent on folks to do what they have to do to generate business.

Even if young lawyers have to take an associate salary that is very low, the hosts recommend taking that position and using it as a springboard to developing your own book of business. Taking that job might make you more open to other arrangements – work for space, for example to learn a new area of law.

The focus should not be on the salary at the beginning – it should be on learning an area of law that you can be productive in and develop business. Don’t just take any job, if you are at a low salary that opens you up to many more possibilities so have a plan –

• Think about what kind of law you want to practice
• Try to find a solo or small firm that does that work that can use your assistance
• Think about a financial arrangement that you can strike with that firm to get your start in that field of law
• Develop your own website using what’s best about your authentic self – doing anything else like using stock photos will not lead to business
• Don’t worry about your pride, no one needs to know how much you are earning, and it can be as steppingstone as its better to be in the game at some level than not at all.
• Recognize that you may have to try different ways to develop your practice and they may not work right away – be patient