First Covid,  Now Crushing Law School Debt of Lawyers Causing Mental Health Issues 

Lawyers are delaying marriage and having children because of six figures of debt upon graduation.  This is heavy debt before even entering the workforce. In 2020, among new and young lawyers, The American Bar Association's Young Lawyers Division and the AccessLex Institute published a report. The results are grim and anxiety of these lawyers loaded down with law school debt is mounting.    

Here is a summary of the report:

● More than 75% of respondents had at least $100,000 in student loans at graduation.

● Over half had more than $150,000.

● More than one of every four has $200,000 or more.

● Over 85% of our lawyers had more than $80,000 at graduation.

These lawyers were surveyed and are showing signs of depression.  They are stuck.  One lawyers states "This means I am forever beholden to law firm work and feel like I will never be able to afford a home or having a family of my own. It's too expensive."  https://abovethelaw.com/2020/10/crushing-law-school-debt-is-destroying-lawyers-mental-health/ When caring for sickly parents, this lawyer is feeling the pressure.

For more detailed data, here is the story. https://www.americanbar.org/content/dam/aba/administrative/young_lawyers/2020-student-loan-survey.pdf

The American Bar Association also reports the stress of lawyers graduating with about $165K in debt.   "More than 37% said they chose a job that pays more 'instead of a job I really wanted'".  For goodness sakes,  practicing law is hard enough.   

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Big Law Firms Prosper during Covid - What about Small Law?

 At least for now,  lawyers at large law firms are not worried about job security during the coronavirus pandemic. According to The Wall Street Journal  in an article of October 6, 2020, the elite firms indicated that are on track for a "record year, thanks to hot practice areas like restructuring and public-offerings work, and many are doling out extra money to lawyers this fall".  https://www.wsj.com/articles/big-law-firms-prosper-despite-covid-impaired-economy-11601890200?mod=searchresults&page=1&pos=2  Reduction in travel expenses and working from home have helped the large law firms' bottom line.  

But what about small law? 

Small law is considered those law firms with under ten attorneys and the infamous solo practitioners.  These lawyers account for 50% of practicing licensed attorneys in the United States.   Lawyers in small firms, especially criminal-defense laweyrs  are often dependent on trials, and when the courts were almost entirely clsoed, these law firms are now feeling the crunch.  Plaintiffs' counsel have managed to weather the covid era by a flood of conorvirus-related lawsuits.     

Comments to this Wall Street article prove interesting. 

What is happening in your law firm?  Can small law survive the Covid-impaired economy?  Why or why not?  (After all we don't only care about large elitle law firms). 

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Working at home not cutting it?  Check out this law office for rent in Atlanta near I-75 north, Windy Hill.  Available for annual term. 

Pull into your office with a private parking lot and freestanding building.  Easy for clients to access.   

All safe precautions will be taken.  Share office space with other attorneys in various areas of practice.  Shared receptionist and conference rooms available.  Share your office with other lawyers and work on getting referrals.  

One year term and take a look at the lake view.  Contact Michael McLaughlin for more information at 770.952.5000.

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 Rent LawSpace from Houston Law Firm - 1415 North Loop West, Houston, Texas

Check out the amazing views of Downtown Houston and the Galleria area.  Lease space from and practice law with attorneys engaging in Labor and employment, torts, and personal injury law.  

Offices available for rent include 2-3 attorney offices ( with acces to 2 conference rooms).  Month to month rental adds flexibility for your law practice.  $1500 per month.   Break room and private lot for parking. Phone system included along with wireless internet.

Check out this LawSpace for Rent - contact Bray Wyly  at 713.236.8330