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Though the pursuit of advanced degrees has become much more common in the past few decades, graduating from law school is still a tremendous achievement. Walking across the stage and seeing 3 years of work come to fruition when I was handed my law degree is still one of my proudest moments in academia.
That said, after years of practicing in markets that were booming, steady and stagnant, I learned that just holding a law degree doesn't make you irreplaceable.
So if you ever feel yourself getting complacent, here are some numbers to keep in mind:
- There are nearly 92,000 Legal Associates in the United States, and with the MBE adopted in almost every state, inter-jurisdiction mobility is at an all time high.
- About 17,000 of these Legal Associates currently sit in New York City (with 12,000 practicing at AmLaw 100 firms... So, the cream of the crop).
And this is only the existing Associate talent pool. Per the American Bar Association, in 2023:
- There were a total of 35,221 U.S. law school graduates. 33.456 of these individuals sat for the bar, with a 79% pass rate. This means that 26,491 newly admitted attorneys were thrust into the legal market.
- A total of 116,851 JD students were enrolled in U.S. law schools, with a first year enrolment number of 37,886. That's another roughly 100K competing attorneys you can expect to be added to the market over the next 3-4 years.
My point is that while getting a law degree is no doubt a special thing, holding that JD doesn't necessarily make you special.
Each year you are battling with almost 100,000 peers over a finite number of jobs, promotions, and even billable hours. And that number isn't even taking into account the younger, hungrier, and (most importantly) cheaper crop of new Associates that will enter the workforce every fall.
Yes, you should be proud to be a custodian of the U.S. legal system, but don't fall into the trap of believing that fact alone makes you untouchable, or it's only a matter of time before you find out just how replaceable you are.
How can you avoid that?
Find ways to add a value that is unique enough to not be readily available in that pool of 100,000+ competing attorneys - do things like:
- Begin building a book of business that literally adds monetary value to the firm
- Become an expert in a growing niche space (i.e. energy, health care, life sciences, IP, secondary transactions)
- Make yourself one or more partners' right-hand associate (guarantees work and a powerful advocate)
- Win over important clients with top shelf white-glove service (gives you another even more valuable advocate)
And these are just some of ways you can increase your value and ensure you become irreplaceable to your firm.
For personalized guidance, feel free to connect with me directly on LinkedIn or via email on daniel.sweeney@sonderconsultants.com
