While I do think Josh’s earlier article makes a good argument for the fact that we, as a group, tend to overreact to market trends, times are clearly bad (albeit, perhaps improving). Many of our readers have asked us to address what avenues of employment are safe in this economy. The easy—albeit disappointing—answer may well be that there are none. But we did some rudimentary research, and were prepared to write a segment featuring secondary markets as the route for wistful 1Ls gearing up for fall OCI.
There are, after all, good reasons to believe secondary market firms would be safer in a volatile economy. Featuring lower billable rates, clients looking to cut back on expenses could actively seek out such firms. Interestingly, though, other outlets have reported mass layoffs at secondary market firms. And, perhaps more onerously, we have heard that at least one Midwestern firm has recently cut associate salaries by $15,000 per year.
So, frankly, we just don't know what to think anymore. Were we wrong to assume that there may be safer "regions" as opposed to "practice areas?" Are our profession's woes extended across America? Across all types of firms? We turn to our readers to weigh in on these questions.
UPDATE (3:54 PM): We've received some e-mails noting, quite correctly, that our statement regarding 2Ls being "fearful of failing to obtain a full-time job offer" suggests that all 2Ls have summer jobs lined up in the first instance. Implying as much was not our intention, and we apologize if this somehow sounded insensitive. We realize there are many 2Ls still looking for jobs in this tough economy, and are cognizant of how lucky those of us who have secured summer employment truly are.