With the way the economy is going, is being a corporate attorney the way to go now?
The title says it all. Although I'm sure corporate lawyers are affected somewhat by the stuff that's going on, they aren't as likely to be laid off because of it (right?), which is why I'm wondering if perhaps becoming one is a more stable path, not just now, but in general to pursue.
EDIT: Btw, I realized this sounds like such a troll-like question, but that's seriously not my intention lol. I'm just trying to get some discussion going.
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...not really
corporate lawyers (M&A lawyers that assist in drafting legal docs, etc.) may be let go if there is no need for them.
But they should be able to find work probably not at uber high salaries but enough so they can continue practicing law until the market rebounds.
I have yet to hear about law firms letting people go. I'm sure restructuring lawyers or bankruptcy lawyers are in good shape. If corporate lawyers don't solely focus on one area (M&A law) but can focus on other areas, job security should be fine.
I'm making this assumption since Deloitte let about 900 employees go (both junior and senior). Majority of the cuts were in the Financial Services Arms and some bloodletting on the corporate practice.
Since firms are cutting back on their resources and some players like Bear went down, there was not much of a need for as many people. I do know that the accounting firms have shrunk their securitization teams which makes sense since not many people are making CDOs or CMBS nowadays.
i guess it depends on how flexible the lawyers are.
Do you guys live under a
Do you guys live under a rock...Big Law lawyers suffer just as much in financial turmoil as wall street...there have been reports everywhere of associates being laid off or start dates being pushed back at Sidley, Paul Weiss, etc.
i actually..
i actually live in a box under a bridge (not going to telling you which one since i prefer to remain anonymous).
..thats why i only heard about the accountants
I think moving abroad would
I think moving abroad would be the only way to go. This subprime mortgage thing-it's only the tip of the iceberg. There's bad car loan debt, bad credit card debt, bad student loans, there are still tons of toxic waste debt papers rolling around waiting to implode. I don't think the economy's going to recover for at least a good 5-10 years.
Hopefully it won't affect our neighbors up north.
"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-