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NALP has released this interesting salary distribution for new law school grads. (via Bill Henderson). Newly minted patent attorneys make more on average, but I do not have hard numbers at this point.
Posted on Sep 05, 2007 at 12:05 PM | Permalink
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At first glance thought this graphed the lower, middle and upper class in some 3rd world economy. Most of the data points are among the poor and the rich, with only a few in the middle.
Sep 05, 2007 at 12:42 PM
Is that first peak primarily those taking public sector jobs - public defender, asst prosecutor, clerkships, etc.? If you go the blog post linked above, it seems to indicate that the data points used to create the graph are at $5,000 increments. For example, 11% of the salaries were $40,000 and 11% were $50,000. Since 10.6% were in government jobs, 9.6% judicial clerks and 5.4% public interest, these three low paying (generally speaking) categories account for 25.6% of the respondents. So I guess the first peak is not that surprising. However, the amplitude of the second peak which obviously represents the "Big Law" jobs is a bit surprising to me. Perhaps some self-selection bias has skewed the second peak a bit (self-selection bias meaning that those with the Big Law jobs were more likely to respond than those with the "medium" or "small law" jobs).
Sep 05, 2007 at 03:24 PM
Odd curve - I would have expected a Bell curve with a peak around $80,000
Mr. Bell |
Sep 05, 2007 at 03:26 PM
The cure is not bell shaped because it reflects the monopolisitc practices in law school graduate pricing as done by law firms. Firms go in lock step with their purported peers, damn the free market!
Sep 05, 2007 at 06:00 PM
And what would the curve look like for Patent Attorneys?
Sep 05, 2007 at 10:25 PM
Obviously, that Freudian peak over $135K represents the patent attorneys. And the wee bump over $160K is PhD/Esq's. :-} (Who in the blue blazes is worth $160k out of law school???)
Sep 06, 2007 at 10:51 AM
Interesting that the 2007 Class's second peak will be at $160k and may be spread a little wider; I doubt that that will eventually "pull" the first peak up because of Mr. Bell's "monopolistic practices in law school graduate pricing as done by [the government]." ;)
Sep 06, 2007 at 09:11 PM
correction: it was "me's" monopoly
Sep 06, 2007 at 09:13 PM
Any idea of the response rate vs. total # of grads? The chart says it is based on 22,665 salaries (with a few salaries above $200K not shown for clarity!).
Sep 07, 2007 at 08:32 AM
typically 80K new JDs minted a year...so about 25% response rate.
Sep 08, 2007 at 01:34 PM
The number of JD graduates is closer to 43,000. With about 90% working full-time, salary coverage is better than half.
Sep 14, 2007 at 01:44 PM
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Jason Rantanen, Associate ProfessorUniversity of IowaCollege of LawSSRN Articles
Occasional guest posts by IP practitioners and academics