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SVTPerformance's Chain of Restaurants
Road Side Pub
Career Advice - Accounting vs. Law
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<blockquote data-quote="WolfBlitzer" data-source="post: 14718974" data-attributes="member: 140650"><p>I agree with hb712 - the legal market is difficult right now. In 2008-2009 when the economy went negative a lot of businesses pulled back on legal expenses and that made law firms lay people off. At that time, there was a large increase in labor supply (lots of laid off lawyers with 2-3 years of experience <u>plus</u> all the new lawyers coming out of law school) while demand decreased. This meant that salaries went down for those that could find jobs, and there are stories of other working at Starbucks (coming out of law school, you can have $50-150,000 in school debt). In addition, clients want lawyers with experience (they do not want to be billed for training a first-year lawyer making $125,000 per year). The good news is that we are now getting back to where the legal employment market was before the recession.</p><p></p><p>If you work in accounting and enjoy law, one thought is to look into developing a practice where you are an "expert" for litigation cases. Litigators use accountants as expert witnesses to tell juries and judges about what a business is worth, how much something (like the defendant's conduct) affected the plaintiff's revenues, explain complicated information about revenues/expenses/profits, or how much return suitable investments should have made (as opposed to what the money was actually invested in). Some accountants are known to be plaintiff friendly and others are defense friendly. I know from experience that these experts are paid pretty well ($200-$500 per hour).</p><p></p><p>Wolf!</p></blockquote><p></p>
[QUOTE="WolfBlitzer, post: 14718974, member: 140650"] I agree with hb712 - the legal market is difficult right now. In 2008-2009 when the economy went negative a lot of businesses pulled back on legal expenses and that made law firms lay people off. At that time, there was a large increase in labor supply (lots of laid off lawyers with 2-3 years of experience [U]plus[/U] all the new lawyers coming out of law school) while demand decreased. This meant that salaries went down for those that could find jobs, and there are stories of other working at Starbucks (coming out of law school, you can have $50-150,000 in school debt). In addition, clients want lawyers with experience (they do not want to be billed for training a first-year lawyer making $125,000 per year). The good news is that we are now getting back to where the legal employment market was before the recession. If you work in accounting and enjoy law, one thought is to look into developing a practice where you are an "expert" for litigation cases. Litigators use accountants as expert witnesses to tell juries and judges about what a business is worth, how much something (like the defendant's conduct) affected the plaintiff's revenues, explain complicated information about revenues/expenses/profits, or how much return suitable investments should have made (as opposed to what the money was actually invested in). Some accountants are known to be plaintiff friendly and others are defense friendly. I know from experience that these experts are paid pretty well ($200-$500 per hour). Wolf! [/QUOTE]
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Career Advice - Accounting vs. Law
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