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estate lawyer planning
As in the past, some graduates may have to accept positions in areas outside of their field of interest or for which they feel overqualified. Some recent law school graduates who have been unable to find permanent positions are turning to the growing number of temporary staffing firms that place attorneys in short-term jobs until they are able to secure full-time positions. This service allows companies to hire lawyers on an “as-needed?basis and permits beginning lawyers to develop practical skills while looking for permanent positions.
Because of the keen competition for jobs, a law graduate’s geographic mobility and work experience assume greater importance. The willingness to relocate may be an advantage in getting a job, but to be licensed in another State, a lawyer may have to take an additional State bar examination. In addition, employers are increasingly seeking graduates who have advanced law degrees and experience in a specialty, such as tax, patent, or admiralty law.
Employment growth for lawyers will continue to be concentrated in salaried jobs, as businesses and all levels of government employ a growing number of staff attorneys and as employment in the legal services industry grows. Most salaried positions are in urban areas where government agencies, law firms, and big corporations are concentrated. The number of self-employed lawyers is expected to decrease slowly, reflecting the difficulty of establishing a profitable new practice in the face of competition from larger, established law firms. Moreover, the growing complexity of law, which encourages specialization, along with the cost of maintaining up-to-date legal research materials, favors larger firms.
For lawyers who wish to work independently, establishing a new practice will probably be easiest in small towns and expanding suburban areas. In such communities, competition from larger, established law firms is likely to be less keen than in big cities, and new lawyers may find it easier to become known to potential clients.
Some lawyers are adversely affected by cyclical swings in the economy. During recessions, demand declines for some discretionary legal services, such as planning estates, drafting wills, and handling real estate transactions. Also, corporations are less likely to litigate cases when declining sales and profits result in budgetary restrictions. Some corporations and law firms will not hire new attorneys until business improves, and these establishments may even cut staff to contain costs. Several factors, however, mitigate the overall impact of recessions on lawyers; during recessions, for example, individuals and corporations face other legal problems, such as bankruptcies, foreclosures, and divorces requiring legal action.
Salaries of experienced attorneys vary widely according to the type, size, and location of their employer. Lawyers who own their own practices usually earn less than those who are partners in law firms. Lawyers starting their own practice may need to work part time in other occupations to supplement their income until their practice is well established.
Most salaried lawyers are provided health and life insurance, and contributions are made to retirement plans on their behalf. Lawyers who practice independently are covered only if they arrange and pay for such benefits themselves.
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