National Jurist - January 2008 - (Page 40) sures of big firms can appeal to candidates. As for government and public interest positions, loan repayment assistance programs and public interest scholarships and fellowships can play a big part in attracting recent law graduates. Students who are committed to practicing in those sectors should research national and local programs, including recently passed federal legislation that allows for loan repayment assistance. Some schools also have their own programs to assist students in picking a public interest or government career. At Detroit Mercy, for example, students can get a public interest fellowship to help them fund summer work in nonprofit positions that would otherwise be unpaid. “Students want to provide services and get experience, but they can’t just afford to give away their time,” Griffin said, particularly when faced with the choice of a wellpaid clerkship or summer associate position instead. The fellowship helps students balance their interests in working in the public sector with managing their debt, Griffin said. Schools can also help by spreading the word about alternative career options. “Not everyone is going into a large firm,” Griffin said. “We have to be balanced about the information that we provide to students and give people the big picture” on legal careers. What does this all mean for your future? All the talk about salaries isn’t likely to end—and neither are salary increases, many believe. In fact, Leipold said New York is already abuzz about whether there will be another round of increases at the beginning of 2008, and what amount starting salaries will go up to. A slowdown may be evident, though, if predictions about a cooling economy ring true. Law firms are cyclical, Leipold explained: They fare better — and spend more on associates — during periods of economic boom. “Law firms are buyers and sellers of legal services simultaneously,” Cotterman said. “As long as they can sell, they’re going to buy. If we have another recession, deals stop, and they don’t sell as much, they won’t buy as much.” It’s hard to tell whether or how recent economic stresses will affect lawyers’ transactional work — much of what constitutes big law firms’ business — but Thompson recommends that students keep an eye on the client: Industries that fund law firms’ growth. Lynch said merit-based compensation systems will become more popular at big firms, and along with them different hourly billing rates for different associates in the same class. As for career options, Coyne said students will continue to have a diverse offering of opportunities, while the field will continue to experience diverse interests in those opportunities. But no matter where salaries end up, experts agree that graduates shouldn’t base their career decisions entirely on money. “Some graduates are drawn by simple economics when they should be looking for the right fit,” Coyne said. “Students really need to take a serious look at what they want to do professionally and personally and try to match those interests.” ■ $ Fordham Law Belfast | Dublin June 15–July 4, 2008 Facilities QUEEN’S UNIVERSITY OF BELFAST UNIVERSITY COLLEGE DUBLIN Application DEADLINE FOR SUBMISSION: APRIL 11, 2008 MAXIMUM OF FOUR CREDITS AVAILABLE Courses of Study INTERNATIONAL HUMAN RIGHTS INTERNATIONAL CONFLICT RESOLUTION: CONSENSUAL ADR PROCESSES COMPARATIVE CRIMINAL LAW AND CRIMINAL LAW COMPARATIVE TORT LAW Contact Us 212.636.6804 | ireland@law.fordham.edu | http://law.fordham.edu/ireland 40 THE NATIONAL JURIST January 2008 http://law.fordham.edu/ireland
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