I had a interesting day as I went around meeting lawyers with a "rain maker". This guy is a semi-retired attorney who I met through some family friends. He has taken it upon himself to give me a hand by introducing me to several of his attorney friends.
1st lawyer: runs a small firm with his partner. Very nice office, with conference room, law library and 2 secretaries per attorney. We go in his extremely messy office and I get introduced as a brand new attorney. When asked to give me advice he responds with "I wish I would have met you four years ago, because I would have told you NOT to do it". We discussed his practice and told us how he has small business clients but also takes on PI cases such as catastrophic injury or wrongful death. I told him how I knew the settlement amounts have plunged since the fall of 2008. He said I was correct. I further told him that when Lehman Brothers collapsed causing the financial markets to trainwreck that the insurance companies were in a tight position, not releasing a dime. He looked at me in wonder as I explained to him in just a few sentences why his settlement amounts plunged over 50%.
2nd lawyer: very type A alpha male. Has certificates and awards all over his wall. Very nice office, much neater than lawyer No. 1. Lawyer No. 2 was a BIGLAW associate who then went solo. When my buddy asked him to give me advice lawyer No. 2 responded with "run" and "you shouldn't have gone to law school". Yeah, tell me something I know bud.
So yes you law school applicants, think hard and well as you send in your applications this fall. By the time you graduate in Spring 2014 there will be an additional 200,000 more JD's running around like chickens with their heads cut off looking for work. I told the attorneys today that the tier 4's and some tier 3 law schools would shut down when word gets out on how bad of a investment law school is. They all agreed and also added that these schools "should not have been created in the first place".
Driving back home from south OC I was on Brookhust going north to get on the 22 freeway. I drove through the Vietnamese area and counted at least 10 "law offices" in these strip malls. One strip mall with some 20 odd units had 3 LAW OFFICES!! As I saw these signs I thought to myself that each and every one of those attorneys had super high expectations for themselves in law school. I bet that none of them ever thought that they would have their offices next to a donut shop or cleaners, nail salon, mortgage broker, martial arts academy, etc. But this is the situation for attorneys in America today. Enter the profession at your own folly.