Since the Great Recession in 2008, the legal jobs market has suffered an imbalance. According to Law.com’s “Job Market for Law Grads ‘Surprisingly Strong,’ NALP Finds,” National Association of Law Placement (NALP) executive director James Leipold said, “We are closer than at any time since the recession to having the number of law school graduates more closely match the number and kind of jobs available.” He also stated, “the worst of the underemployment problem has now been remedied.” If you’re in the market for a law career, what does this mean for you going into 2019?
Law Careers Are Growing At An Average Rate
According to the US Department of Labor’s Bureau of Labor Statistics (BLS) Legal employment is projected to grow 9% from 2016 to 2026, which is about as fast as average for all occupations. Paralegal and legal assistants are driving growth in the field as law firms are interested in increasing efficiency and reducing costs.
Wages For Legal Jobs Are Higher Than Average
According to the BLS, the median annual wage for legal occupations in May 2017 was $80,080, which is more than double than the median annual wage for all occupations. Lawyers had a median pay of $119,250 annually in 2017, and judge and hearing officers had a median pay of $115,520 annually in 2017. As demand continues, salaries are not expected to decrease in 2019.
Big Law Hiring Is Rising
According to research conducted by the NALP, firms with more than 500 lawyers hired about 370 more new associates than they did last year. They have yet to recover to pre-recession levels, but the trend is promising.
You Don’t Need A Juris Doctor (JD) To Land A Law Career
An associate’s degree can land you a law career. Paralegals and legal assistants are in high demand (with an expected growth rate of 15% from 2016 to 2026) to support lawyers, and these law careers require an associate’s degree. Their median pay was $50,410 annually in 2017 and they work in a variety of organizations, including law firms, corporate legal departments and government agencies. Arbitrators, mediators and conciliators, which require a bachelor’s degree and earned a median annual salary of $60,670 annually in 2017, are also expected to grow (by 10% from 2016 to 2026).
