Mar
26

Bleak Economy Affecting Lawyers

By | Sports Law

6 Comments

I wear a lot of hats (figuratively).  Among many other ventures, pursuits, and daily tasks, I run a successful, growing sports agency (Dynasty Athlete Representation), a prominent sports agent blog (SportsAgentBlog.com), and I also happen to be a 2nd year law student at the University of Florida.  About that third part…being a full-time law student…many people question how I am able to commit to law school full-time while working on so many other things at the same time.  Many of the people who ask me this question are fellow classmates of mine who are busting their asses in school with the hope of showing off those grades to a future employer.  Many of those friends are at the top of our class, belong to the prestigious law review, etc. and are having a hard time finding jobs this summer.

The job market sucks, whether you want to become a sports agent, a financial analyst, or even a lawyer.  Summer associateships are on the decline, and jobs out of law school are hard to find.  The firms that are hiring seem to be looking more at who you know than what you know.  Yes, we are living in the world where LinkedIn may mean more for your future employment than your GPA.

So when I read this article in the Wall Street Journal, about the rise of law school applicants while the amount of lawyer positions at law firms is falling, I was not all that surprised.  Some of my best friends are living that situation out right now.  We talk about how competitive it is to break into the world of sports agency.  The legal profession, in general, is starting to become tough to break into on its own.  If firms are firing associates left and right, what makes you think that they will entertain your novel invitation to start up a sports law division with you at the head of it all?  Not in this economy!

One important point I took from the article: In a struggling economy, people start becoming pickier with the decisions that they make.  I believe that our profession will encounter this as athletes start to choose lawyers as their agents more often than those who try to represent athletes without a J.D.

Related posts:

  1. The Effect of the Economy on Sports
  2. Sports and the Economy
  3. The Economy, the NHL, and Contract Negotiations
  4. The Sports Lawyers Association
  5. The Struggling Economy and its Effect on Free-Agent Signings
  • http://jonesonthenba.com Nate Jones

    There are no sure things anymore. People in law school have looked down at me for not following the traditional path. But I feel like I am making the right choice by pursuing sports agency and spending so much time on networking and hustling outside of school.

    follow @JonesOnTheNBA on twitter

  • http://www.johnwpeterson.com John W Peterson

    I can tell you as a recently laid-off transactional attorney from a Vault top 40 law firm in New York, the job market for lawyers is a mess. Just today a bunch of firms made the tough decision to lay-off associates including 1st year associates (they only just started in September). I would love to get into the entertainment and sports industry but breaking in is tough. I can say that the skills learned while in law school would assist anyone wanting to become an agent because they assist me every day in dealing with people. I also think that education is very important and just having an M.B.A has opened doors for me too. Which ever path you decide to follow is up to you but understanding the legal concepts and ramifications that go along with entering into a contract can save you and your client a lot of headaches.

    follow @JohnWPeterson on twitter

  • Pingback: Law news and blawg stroll 3.26.2009 « LawBound

  • http://www.ami-world.com Gene

    I am a 4th year qualified lawyer who has worked in some of the leading law firms in Sydney, Australia, as well as for a hedge fund financier in Mayfair, London. Throughout my 5 years of working in law (in tax, finance, hedge funds) I was never happy, despite the big salaries I was being paid. I studied law for the prestige and money. I practised in the areas I did because these were supposedly, the ‘best’ areas, according to my peers.

    The economic crisis was great for me because it forced me to reassess my priorities and take a risk. I was fortunate enough to get into one of Australia’s leading sports agencies and I love it! I get to use my law alot but I’m not trapped in an office, surrounded by alot of, let’s say, ‘interesting’ people.

    I don’t know one friend in law who likes their job … the majority of corporate lawyers are pretty miserable and now alot are losing their jobs. They tend to be pretty risk averse, so they don’t know what to do.

    If I had my time again I would definitely do a law degree because it is such a versatile, interesting and practical degree. However, don’t feel you have to practise in the ‘best’ firm, in the ‘best’ practise area. Do what you enjoy and don’t listen to anyone else. Then you will be the most-fulfilled in your job.

    It’s worth noting too that while law firm salaries are high, they are capped (unless you make partner which hardly anybody wants these days). If you are an agent or in another entrepreneurial field, your salary can be lower but also much higher than a lawyer and there is no cap.

    To those lawyers losing their jobs – take a chance and do something you have always wanted to do. If you have practised law you can succeed in any field.

  • http://www.tnprimitiveproperties.com Max

    Gene: I am a 4th year qualified lawyer who has worked in some of the leading law firms in Sydney, Australia, as well as for a hedge fund financier in Mayfair, London. Throughout my 5 years of working in law (in tax, finance, hedge funds) I was never happy, despite the big salaries I was being paid. I studied law for the prestige and money. I practised in the areas I did because these were supposedly, the ‘best’ areas, according to my peers.The economic crisis was great for me because it forced me to reassess my priorities and take a risk. I was fortunate enough to get into one of Australia’s leading sports agencies and I love it! I get to use my law alot but I’m not trapped in an office, surrounded by alot of, let’s say, ‘interesting’ people.I don’t know one friend in law who likes their job … the majority of corporate lawyers are pretty miserable and now alot are losing their jobs. They tend to be pretty risk averse, so they don’t know what to do. If I had my time again I would definitely do a law degree because it is such a versatile, interesting and practical degree. However, don’t feel you have to practise in the ‘best’ firm, in the ‘best’ practise area. Do what you enjoy and don’t listen to anyone else. Then you will be the most-fulfilled in your job.It’s worth noting too that while law firm salaries are high, they are capped (unless you make partner which hardly anybody wants these days). If you are an agent or in another entrepreneurial field, your salary can be lower but also much higher than a lawyer and there is no cap. To those lawyers losing their jobs – take a chance and do something you have always wanted to do. If you have practised law you can succeed in any field.

    CommentI I have 18 years of trial experience, criminal, civil, and appellate. The costs have risen in court and the attorney fees are less than what I made in the mid 1990′s. Criminals cannot make their probation fees, divorcing parents stay married as opposed to paying the cost of divorce. The last people paid now are the attorneys. I sell raw land too to help pay the bills. When I see the high salaries of sports figures and the perception that a lot of folks in the agent business are unethical and dishonest, I have pondered a jump into the sports agent business. I live in a rural area—what would be your advice to get started?

  • Mook

    The state of the legal industry is not bleak across all practice areas. Labor / employment, bankruptcy, wills / trust, and construction law are all practice areas that are doing just fine.

    Last year I convinced my firm to back my sports & entertainment initiative, but now I am opening my own practice, as inevitably THAT is the way to go if you really want security, freedom, and more money. Risky at first? You bet – but even in this economy, the margin on legal work, when done right for competent clients, is very high and blows the doors off most other lines of work. Keep plugging every one!

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