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Thursday, May 6, 2010

To the Law Class of 2010: Be Happy We're In a Recession!!!!

Here, is a WSJ article talking about how bad us law school graduate of 2010 have it.

This misses a few points. Let me give you some perspective.

First, there was an enormous bubble in big corporate law firms the last few years. We're now seeing the popping of that bubble. But the corporate market, is NOT the entire market.

The best time to get into any market is during the burst of a bubble. There's an old expression that goes, "buy low, sell high." That's really all you need to know--brand new lawyers are as low as it gets. Its time to buy.

For the employer/client--they get you at a discount. Its like any market item--you have to come cheap at first if demand is low and supply is high. However, right now, there's just as much work going around, its just not paying as well, and smaller law firms are getting it. Small law firms, especially those that deal in volume, are booming right now.

This is especially true for people who are starting their own law firms, like myself. I am doing an office-share agreement with a small firm in an area with extraordinary growth potential (Delaware, Ohio).

So I'll have a few attorneys, all with less than 5 years experience, to get me on my feet. Meanwhile, I'll take advantage of the poor market. The poor market will drive customers to my firm, because we'll provide cheaper services, since I am just starting out. When the market grows, those customers and myself will benefit the most. I can charge far more then. Of course, I better save and invest smart, because another recession will hit when I reach the top. Then, my services will be the ones taking the hit, while new rookies undercut me, like I'm presently undercutting other veterans. I'll need something of value to survive.

Being a rookie on my own right now, I am very glad the market is so bad, and I hope it gets worse--because I'll have so many clients, who would normally hire a much more expensive attorney. Its the high income earners who are suffering now--remember "sell high". Well, they're being sold, and we're being bought, albeit at a low price. But as my business grows, so will my price.

Although we (the class of 2010) will all start with lower pay, because we're entering when the market is low, we'll benefit the most when the market recovers--IF we know what's going on. Articles like this WSJ one only serve to help us, by reducing future supply of lawyers.

This idiot whose going to sell records--he'll miss out on the growth--probably because does not understand economics. People who understand REAL economics will always benefit from recessions. The economy grows and contracts. Don't be a progressive and start thinking that recessions should never happen. RECESSION ARE SUPPOSED TO HAPPEN! Learn how they work. You just have to know what's going on--you have to know what the shifts and fluctuations are going to be--so that you and your customers can benefit from it.

For those who want to understand more, I recommend reading a book called: "Rich Dad, Poor Dad."


Corie Whalen said...

I hope you're right, Joshua. My boyfriend is graduating in a few weeks, and I'm really worried about job prospects for him.

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