Presentation on theme: "What is LawCrossing? LawCrossing offers the largest collection of active legal jobs in the world: From every employer: AmLaw 100/200 Law Firms In-House."— Presentation transcript:
What is LawCrossing? LawCrossing offers the largest collection of active legal jobs in the world: From every employer: AmLaw 100/200 Law Firms In-House Judges Public Interest Organizations For every legal professional: Attorneys Partners Law Students Paralegals Legal Staff
Why LawCrossing? LawCrossing has more than 140,000 legal jobs, 25 times more than any other job board. LawCrossing lists even hidden jobs that you will not find elsewhere. LawCrossing collects jobs from more than 250,000 websites and posts them on its site. LawCrossing does not charge employers to post their jobs. LawCrossing is private, and therefore far fewer people are applying for the jobs on its site than are applying for those on public job boards. The legal industry is a burgeoning sector. Read on to better understand the legal job market and the wide range of opportunities that your future holds.
Lawyers per capita are on the rise The number of lawyers in the United States has increased steadily over the past half-century and is currently estimated at more than 1,143,358. Source: http://usinfo.state.gov/products/pubs/legalotln/lawyers.htm Source: ABA Market Research Department, 6/2007 https://www.cia.gov/library/publications/the-world-factbook/print/us.html Today 1970 Lawyers Per Capita 1 Per 263 1 Per 700
Attorney growth Lawyers in the U.S. Graphics dramatically illustrate the growth in lawyer population. 1,000,000 1980 1990 1992 552K 720K 973K 1,143K 2007 Source: ABA Market Research Department, 6/2007
Todays Active Attorneys 1,143,358 Expect 10% to 20% growth by 2012 This market will continue to grow Source: American Bar Association 2007
The percentage of lawyers in the AmLaw 100, the biggest firms, is growing Source: Growing Pains, Alison Frankel, The American Lawyer, May 1, 2006 http://www.law.com/jsp/tal/PubArticleTAL.jsp?id=1145964622373http://www.law.com/jsp/tal/PubArticleTAL.jsp?id=1145964622373; www.law.com/jsp/article.jsp?id=1209459933263&rss=newswire 1985: 3.8% of 655,191 lawyers 1995: 4.4% of 857,931 lawyers 2000: 5.2% of 1,066,328 lawyers 2004: 6.3% of 1,084,504 lawyers 2007: 6.8% of 1,143,358 lawyers
Attorney growth in the top 250 firms from 1985 to 2007 Source: http://www.law.com/jsp/article.jsp?id=1194602651764 The increase in the number of attorneys at the top 250 firms indicates that firms continue to boost their ranks to meet the demands created by a strong business economy.
Average top law firm partner compensation is growing The average profits per partner of AmLaw 100 firms range widely from $375,000 to $1,500,000 Sources: The AmLaw 100 2005, The American Lawyer, July 2005; Competitive Intelligence for Law Firms Altman Weil Pensa surveys
Serious money AmLaw 100 average profit per partner: $1,065,000 AmLaw 200 average profit per partner: $590,000 Source: (The American Lawyer, June 2006)
Salaries for new attorneys are at an all- time high on the coasts In 2007, midsize L.A. firm Irell & Manella and L.A. litigation firm Quinn Emanuel Urquhart Oliver & Hedges boosted pay to $160,000. Gibson Dunn became the first large firm to follow suit in December, and several major firms on the East Coast then fell into line. In 2007, New York firms such as Skadden, Arps; Sullivan & Cromwell; Kirkland & Ellis; Weil, Gotschal & Manges; and others began starting new associates at $160,000. Sources: Associate salary war moves to mid-U.S., National Law Journal, Leigh Jones/Staff reporter, June 8, 2006 December, 2006, BCG Research Top Recruiter Survey, www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1069170401903
Mid-America law firm starting salaries are not far behind The nation's middle regions are matching the $160,000-plus salaries of beginning attorneys. Farella Braun & Martel and Perkins Coie increased compensation to $160,000 for the first-year associates they will hire in 2008. Source: www.nalpdirectory.com/dledir_search_results.asp?fscid=f055904&yr=2008&orgtypeid=F
Median lawyer income within 2-3 years after law school Source: After the JD: First Results of a National Study of Legal Careers, NALP Foundation, 2004, http://www.nalpfoundation.org/webmodules/articles/articlefiles/87-After_JD_2004_web.pdf
Revenue by industry Source: U.S. Census Bureau, http://www.census.gov/econ/census02/ Revenue by thousands Actual revenue And how much revenue is generated by the legal industry?
Comparisons to the legal industry Revenue by thousands Actual revenue Source: U.S. Census Bureau, http://www.census.gov/econ/census02/
Legal industry revenue is growing Over the past ten years, the average gross revenue of the top 250 firms nationwide increased by 56% to $265.5 million. During the same time period, average annual profits per partner at these firms rose by 34% to $755,000. Source: http://www.judicialaccountability.org/baraccountability6.htm 56% increase in 10 years! $265.5 million
Financial growth of one firm Skadden, Arps, Slate, Meagher & Flom declared that the firm was the first to gross 2.2 billion dollars a year. In 1978, the firm had 160 lawyers and grossed $30 million. In 2007, the 421 equity partners of the firm earned a stunning average profit of $2.28 million for the year. Source: http://www.judicialaccountability.org/baraccountability6.htm, http://www.law.com/jsp/nylj/PubArticleNY.jsp?id=1209459934571, http://www.nylawyer.com/adgifs/decisions/043008chart.pdf 1978: $30 million Today: $2.2 billion
Hourly billing rates on the rise In another survey, about 75% of the 250 largest law firms said they raised their billing rates in 2006. In big cities, some partners are billing out at $1,000 per hour or even more. Here are some sample attorney hourly billing rates: ** Sources: *NLJ, http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1165582055184 **http://www.law.com/special/professionals/nlj/2002/firm_by_firm_sampling_of_billing_rates_nationwide.shtml Locke Liddell & Sapp (Houston, TX) Partners $300-$595 Associates $150-$350 Kramer Levin Naftalis & Frankel (New York, NY) Partners $440-$625 Associates $210-$440 Cooley Godward (Palo Alto, CA) Partners $330-$600 Associates $190-$425 Akin, Gump, Strauss, Hauer & Feld (Washington, DC) Partners $350-$600 Associates $170-$330
Even average lawyers are affluent consumers Source: American Bar Association Average household income: $199,000 Attorney average household income by firm size: 1-9 lawyers: $176,000 10-99 lawyers: $204,000 100-499 lawyers: $241,000 500+ lawyers: $363,000
Top lawyers make even more Average employment income: $689,800 Average household income: $846,000 Total market value of investments: $3.289 million Average household net worth: $4.0 million Sources: Survey, The American Lawyer, Survey American Bar Association Income
Legal market breakdown The Cream Of The Crop Top 200 Firms The top 200 firms have revenues from $940,000 to $1,610,000. The smallest firm among the top 200 law firms by revenue has 129 attorneys. There are approximately 69,000 attorneys in the top 100 firms. Sources: http://www.law.com/jsp/tal/PubArticleTAL.jsp?hubtype=Cover+Story&id=1148634338793http://www.law.com/jsp/tal/PubArticleTAL.jsp?hubtype=Cover+Story&id=1148634338793 http://www.law.com/jsp/tal/PubArticleTAL.jsp?hubtype=Cover+Story&id=1145803851957http://www.law.com/jsp/tal/PubArticleTAL.jsp?hubtype=Cover+Story&id=1145803851957, American Lawyer
A breakdown of the legal profession: 74% are in private practice Source: American Bar Association survey 25.3% 15.7% 14.7% 11.5% 10.3% 10.1% 5.4% 3% 2.5% 2% 1.3%
Law firm hierarchy Basic structure for law office Managing partner Executive committee Senior partner of specialty Librarian MISAcquisition Directors Paralegal Attorney Paralegal You must play one firm off the next.
LawCrossing vs. other job boards Number of Jobs on Each Job Board in U.S. Approximate figures – subject to change