According to this post today on the Wall Street Journal’s Risk and Compliance Blog, law school graduates unable to secure a BigLaw job after law school are applying for positions in the compliance departments of financial institutions:
As the number of jobs open for law-school graduates in big law firms has shrunk, some of these graduates are turning to careers in the growing area of compliance.
Law students and recent graduates thinking outside the box when it comes to employment is always a good thing, but let’s hope this trend doesn’t convince people who really could have a shot at snagging a BigLaw job decide not to even try and go the compliance route instead. For a variety of reasons, failing to do everything you can to break in–before anything else–is a bad idea. For one thing, as the WSJ post points out, the salary cut is substantial:
Freshly minted law grads working in bank compliance should expect a starting salary of between $60,000 and $80,000 a year, said Mr. Focacci, much lower than the average starting salary of $160,000 that the Journal reported junior lawyers can command at major law firms.
The opportunities for BigLaw employment are there, you just need to learn to recognize and seize them. If you are a law student or recent graduate who is wrestling with which way to go, please send us a message now to discuss your particular situation.