The Strategic Evolution of Large US Law Firms - Literature review Example

My Career Prospects School Affiliation: Neoliberalism has affected many careers in various ways especially because direct regulation by the government has been limited. In the field of law, the effects of neoliberalism have been felt when it comes to the reputation of firms. Currently, the US has a large number of attorneys, and analysts have described the situation as a bubble. While there is rigorous process followed before one is approved to become an attorney, neoliberalism has made it somewhat complex because there is no limitation as to the exact number of practising lawyers can exist in a particular period. Nevertheless, the situation could be changed if individuals chose their careers based more on the passion than monetary gains (Morriss & Henderson, 2013). Sadly, not many attorneys would state passion as the reason behind their pursuit of the career. In this case, my reason for pursuing this career would be motivated by the desire to see justice served in the society. This paper seeks to give a comprehensive report on the field of law in the US. An overview of the sector According to American bar Association (2013), the US had precisely 1,245,205 qualified and legalized lawyers as of 2012. A year later, the number stood at 1,268, 011; it was further noted that there is a 42,600 increase of lawyers each year. Clearly, the number is big, and one question one may ask is where all these find employment, and if really they do. Out of these, 70% choose private practice, 8% prefer the private industry, another 8% join the judiciary, 3% education and 8% in the government. Interestingly a majority of people prefer doing solo in the law business. In the year 2000, the US had 47,563 law firms but the number has increased significantly recently. Further, 76% of these firms hired between 1 and 5 lawyers, 13% of them employed 6 to 10; it was noted that only 1000 firms had 40 lawyers. Given this number of lawyers being legalized annually, the market seems overcrowded. However, this is not exactly the case with Gardner (2011) reporting that in 2003, nearly 100 million lawsuits were filed in state courts. Of these, 54.7 million had to do with traffic-related cases while 20.8 million were criminal; the rest were litigation. Concerning job security in this field, it is mainly dependent on one’s area of duty because the individuals who prefer going it solo need not worry about lay off. Conversely, those who go for governmental institutions and private sector have to contend with occasional lay off. Even though the lawyers fall under the labour union, there is currently no union specifically for this profession though there have been suggestions that one ought to be created. Therefore, it could be said that this field is somewhat precarious as there are other factors affecting its growth (Hitt, Bierman & Collins, 2007) Details So far this paper has provide some information on the current outlook of lawyers in the US; this part will now focus on the description, the qualifications, wages, demand and competition. As earlier mentioned, it is estimated that over 42,000 lawyers join the field each year meaning the demand is pretty high. However, the disparity between the demand and the supply is somewhat alarming since there are not many firms that tend to be started annually in comparison to the great number of the lawyers (Gardner, 2011). The job of a lawyer entails representing clients in civil cases, litigation and even in some cases, prosecution. Often, there tends to be a misunderstanding of distinguishing between a lawyer and a prosecutor. One thing worth noting is that both are lawyers who have different functions at different times. It is possible for a lawyer to be a prosecutor then later go back to a defence lawyer. Further, lawyers’ duties are not limited to defending clients; often, they are used to offer advice to the government, institutions or individuals. In the US, some states demand that lawyers state their area of specialization while others do not put much emphasis (Hitt et al., 2007). Normally, the reason for this step is protect the public from falling prey to lawyers who may have limited knowledge in some areas. Prior to joining a law school, one ought to maintain a 3.0 GPA score. Then, one has to join a law school where a Juris Doctor (JD) degree is attained. However, upon joining the school, one has to undertake several tests known as Law School Admission Test (LSAT). These are taken at least four times each year and their essence is to assess verbal and reading reasoning skills. In addition to these steps, every applicant’s background check is compulsory as it helps in ascertaining one’s character (Hitt et al., 2007). Many law firms offer between $110,000 and $125,000 as the annual wage with an average of $54.58 hourly (US BLS, 2015). The figures have not included the earnings from the individuals who prefer pursuing the career on their own. As was stated earlier, a significant number of lawyers tend to start their own firms. While these figures seem to imply this is a well-paying profession, the number of supply in comparison to demand has made the industry a bit unpredictable. Effects on law practising While a lot has been said about globalization, when it comes to practising law this could work for the benefit of the industry. This is because other countries could hire American law firms so long as they have the requirements. Consequently, this would have some effects on the US economy, and continue increasing the income. In 2002, there was a whopping $170.8 billion generated from the industry (Gardner, 2011). Notwithstanding these facts, there has been a decline by many firms recently and even lay off some workers. While globalization may offer a boost to the industry, other factors have negatively affected it. For instance, there are not as many civil cases as was the case some years back, with some parties preferring mediation. One of the reasons people avoid filing for suits is the amount of money required to hire lawyers and the time a suit may take before being decided. In short, consumer taste has changed significantly hence dealing the industry a blow. Whereas it was earlier reported that close to 100 million cases were filed in 2003, this is not the same in the recent years. Moreover, most of these even these cases were related to traffic as opposed to any area. Competition could be blamed greatly for a decline in the industry’s flourishing where the over 47000 law firms have to scramble for the limited market. Even though the number of firms starting each year is not as large, the already existing ones seem to be bloated already. This is even made worse when the public resort to reconciliation as a way of resolving disputes. Further, the large number of applicants does not help the situation, as it tends to push firm owners to lower the earnings. Overall assessment Analysing this field it is evident there are still roles to play in the society, and therefore I am convinced that an opportunity still exists for my contribution. A couple of things one of which is the number of people filing the cases catalyses the assertion. Whereas the great number may just about traffic issues, it shows a disconnect between relationships and law-abiding. In short, the fact that more people are seeking the services of a lawyer to handle these cases shows a sense of law apathy. The opportunity that exists here may not necessarily be limited to representing the clients in a court of. Rather, educating the public on the need to be observant of and obedient to laws would be imperative. Many times, the public tend to disregard the laws in the traffic and end up requiring the help of lawyers. Representing the people in a court of law may be rewarding since the clients will still pay the lawyers but going a step further to explain the other risks would help the community. Earlier, assertions were made that a majority of lawyers tend to be money-oriented when pursuing this course. Consequently, this has created a society whereby people with money can disregard some laws because it will take just hiring an attorney to get off the hook. However, one thing every professional ought to appreciate is that every position comes with an opportunity to improve the society. Normally, society can be improved using various approaches one of which is challenging long-held perceptions. Explaining to the public the need to remain law-abiding would go a long way to change the society as opposed to always focusing on the money a lawyer will get at the end of the case. Concerning the personality, this one career calls for various personality traits. For instance, a good lawyer has to be very self-controlled especially when it comes to tempers since an argument with a prosecutor may become too heated. My personality coupled with experience in school has made me become a person who is not easily irritated hence qualified to undertake this career. Secondly, listening is imperative in this career because everything said in a case is vital as it could determine the direction a case takes. In addition, creativity is compulsory because when acting as a prosecutor the accused could construct a way to escape justice. A desire to research has to be exhibited by anyone aspiring to become a lawyer. Normally, a person’s background may be used in determining a case, and any lawyer ought to search information about their clients before taking up the case. Finally, a good lawyer needs to have the confidence and courage to ask all the hard questions in order to equip themselves with all facts. Timidity is a quality every lawyer must avoid as it could compromise a lot in a case. Clearly, all these traits are evident in my life meaning that this career I could comfortably take. In regard to making a living out of this profession, it is possible so long as one maintain high standards of professionalism. It has already been stated that the cases are always filed in courts meaning that the demand, though varying in trends, is still there. Secondly, the average income of lawyers seem to be $30,000 meaning one can live on this income. Thirdly, lawyers are professionals who are allowed to undertake other ventures meaning one can invest this income elsewhere. Therefore it is possible to make a living out this career, if guided the by principles of the industry, and going an extra step of offering free consultation to the clients. The list of other benefits associated with career is simply endless one of which is the friendship one is likely form. It is an open secret that one way to success is to make and influence friends. Secondly, networking is a vital requirement in every industry and career; a career in law offers these. Whenever an attorney represents a client, a professional relationship could be established which could later prove to be beneficial to the business. Therefore, this career offers an opportunity to grow if the person pursuing it is conscious of these same. In terms of power, come packaged this one career with power if one pursues it with tenacity. This is because when it comes to law, the one with the best skills and knowledge is seen to be influential. Further, being a lawyer opens a door to represent some of the most powerful people which could somehow translate to being powerful too if one is retained by their client. Travelling and law are inseparable and this could offer individuals a chance to learn a lot about various cultures. References American Bar Association (2015). Legal Profession Statistics. Retrieved 7 February 2015, from http://www.americanbar.org/resources_for_lawyers/profession_statistics.html U.S Bureau of Labour Statistics (2015). Lawyers : Occupational Outlook Handbook: : U.S. Bureau of Labor Statistics. Retrieved 7 February 2015, from http://www.bls.gov/ooh/legal/lawyers.htm Gardner, R. C. (2011). Lawyers, Swamps, and Money: U.S. Wetland Law, Policy, and Politics. Washington, DC: Royal C. Gardner. Hitt, M., Bierman, L., & Collins, J. (2007). The strategic evolution of large US law firms. Business Horizons, 50(1), 17-28 Morriss, A., & Henderson, W. (2013) Measuring Outcomes: Post-Graduation Measures of Success in the U.S. News & World Report Law School Rankings. SSRN Journal. 23 (2) 144 Read More