Reason Not to Go to Law School #22

Salaries to be named at a later time.

A bit of a shocking trend has started in Texas, as firms are giving students offers to start work upon graduation, but without specifying what the salary for the position will be.  At least nine of the largest firms in Texas have made such offers, and students are expected to make a decision whether to accept months before they will have any idea how much the job pays.

Many of the more profitable firms across the country have already given their associates 10% pay cuts (or 15-20% if you count cuts in bonuses as well), and it’s unclear how this will translate to large firms in secondary markets.  I suspect it will be in the 10-15% range, but only time will tell.  This is particularly rough on students who are planning to move (either to the city where they’re working, or just out of their law school dorm) and have to create a budget based on an unknown salary.

But, despite having no idea what they’ll be getting paid, acceptance rates at these firms are up.  That’s just how bad the economy is.  Law students are even more eager to accept their job offers now, despite having no idea what they’ll be getting paid.

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