- Legal Industry
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According to the National Association for Law Placement (NALP), the salaries of those who have just graduated from law school has decreased. Based on 2010 law school graduates, their median starting salaries fell by 13%. Their mean salary also fell by 10%, both rates creating a big impact on the total monetary compensation that these graduates receive.
According to the NALP, only 50.9% got jobs from law firms. Comparing statistical data from those who graduated from law schools form the 90s up to the present, the most recent class of 2010 suffered the most in terms of employment. Their number is worse than that of class 2009, where 55.9% got employed in law firms. For fresh law graduates, private practice is not the biggest option.
Most large firms with 50 lawyers or more hired fewer graduates than law firms that have less than 50 attorneys. In fact, around 53% of the total jobs taken by the most recent graduates were in much smaller firms, amounting to more than 50% of the jobs taken. This is a 7% increase compared to the number of jobs taken by the graduates of 2009 in smaller firms, which only comprised 46%. In terms of median salary, the Class of 2010 has $63,000, while the Class of 2009 has $72,000.
At law firms, the national median salary for the Class of 2009 was at $130,000 per year, but only $104,000 for the Class of 2010.
From these data, it could be seen clearly that salaries of recent law graduates have fallen by several percent compared to those that graduated a year before them.