20 years of life wasted.
That’s what I thought when I saw this article talking about big law firms culling partners.
Working as an investment banker you get to see the “worst” of what it’s like to be a lawyer, at least a securities lawyer, and boy, you’d have to really love the law to do that job.
Now, of course many of them do, but others who I’ve met over the years are in the legal profession for the same reason many people are in “top” jobs:
At some point in time, they thought being a lawyer was a top job.
They’re right, it was.
So too was being an investment banker, private equity partner, hedge fund manager, consultant, etc. but today nearly every profession is under significant threat.
As the article states, “Being made partner at a big law firm used to be seen as a brass ring of prestige, wealth and security. But it turns out that it is not so secure after all.”
Just like many “good jobs” of the past, being a lawyer isn’t so good anymore. And with more supply than demand for legal services, the prediction is that all law firms are going to be slimming down.
When the jobs of auto workers and grocery store checkout clerks go away, we’re not surprised, but when top jobs become less attractive, it creates far bigger problems for one main reason.Continue