Cursed - JD Class of 2024, Many Others Who Graduate with Advanced Degrees When Demand Slows

 Was it the need to take on the fight against the far-right's threats to the US Constitution? The numbers put out there about the Kirkland & Ellis equity partners pulling down $12 million? Or did it seem a solid investment in a career path? 

Probably it was a confluence of all of those and more which drove youth to attend law school. The result is not pretty for the JD Class of 2024.

As Reuters Legal reports, those law-school graduates who will look for entry-level jobs number 12%  more than what made up the JD Class of 2022. Meanwhile, the slowed-down law-firm sector has cut its summer offers 2%. Law firms also are toughing its performance reviews, making it harder, once in, to stay in. The terminated are creating a glut of very junior lawyers. Of course, it usually has been difficult for new law graduates to get their first “real” job practicing law.

In 3 years the JD graduating class, which swells with 12% more students than earlier, will likely face a similar bear market.

This development plays out what is too typical for those going for advanced academic degrees (or even undergraduate ones) which require years of study. The market for that knowledge base and skills might be great at the start. By the finish demand might have declined or even collapsed.

That tragedy had been standard for young lawyers in 2008 - 2009 and until the recovery from The Great Recession gained traction. When I coached some of them, there was despair about ever being able to find a way into practicing law. That turned out to be realistic. In a sense they are perceived and treated like damaged goods.

To keep up with their loans (about $700 per month at the time), they took survival jobs. Eventually some did a career change out of law. Here is my article on career change, published in O'Dwyer's Public Relations.

Those with new BAs and BSs, which still are done on a 4-year schedule, have been finding out recently this: Their sure-thing majors such as in computer science don't necessarily land a job or bring any kind of employment security. As for CS, the current demand is for specialization, which most new graduates lack experience in.

Higher education represents a hefty investment of money, time, and hope. If a recession takes hold, the usual pattern is to seek a supposed safe harbor in degree-getting. That could worsen not only immediate financial prospects. It could constitute a setback that keeps youth stuck.

High sunk costs usually create the illusion that the investment should be and can be made to pay off. Therefore, there isn't willingness to experiment boldly with other ways to make a good living.

Intuitive career coaching about your present and your next. Shut down the noise from that committee in your head and open to possibility.  In addition, Jane Genova is an award-winning writer on Human Resources issues.

Whether you need guidance or that your organization’s story be told, please make an appointment for a complimentary consultation at janegenova374@gmail.com or text 203-468-8579.