First Covid, now crushing law school debt from loans of new lawyers

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.   

 

Glenwood LawSpace for rent

Lease A Law Office in Downs Law Firm- Near the Beltline on Glenwood Ave, Atlanta, Georgia

Newly renovated furnished LawSpace for rent.  $1500.00 per month with conference and break rooms available. No headache open parking lot. Move your law office and practice law with lawyers practicing general litigation and real property.  Utilities included, along with wireless internet and use of office equipment.  Contact William Downs at 404.842.6500.

Brasfield Overlook building.  934 Glenwood Ave, Suite 110. Atlanta, Georgia.  For more details see https://www.lawspacematch.com/listings/1021

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

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). 

LawSpaceMatch and 2020 Run For Justice benefitting Atlanta Legal Aid

Join the Race!  Atlanta Legal Aid's 2020 Run for Justice

LawSpaceMatch.com continues to be a sponsor of the Atlanta Legal Aid’s Annual Run For Justice.  This year, due to COVID-19 and social distancing guidelines, this will be a virtual 5K that you can complete in your neighborhood, a park, or even your treadmill!  Purchase your ticket, then anytime between November 8th and November 14th, complete a 5K walk or run. Proceeds from this event benefit the general operating fund for the Atlanta Legal Aid Society. https://www.classy.org/event/run-for-justice/e294278

Atlanta Legal Aid https://atlantalegalaid.org/ was established in 1924 by a single lawyer with a focus on family law and consumer issues.  Since that time, Atlanta Legal Aid has amassed 75 attorneys and 1,200 volunteers who all work to ensure low income individuals have access to free civil legal aid.  LawSpaceMatch has been a proud sponsor for over seven years because at LawSpaceMatch.com, we believe in justice for all!

Miami LawSpace for Rent Month to Month

6701Sunset Drive Miami Furnished LawSpace for Rent

Interior and window offices available for rent to a lawyer who desires to practice with lawyers engaging in general litigation, medical malpractice areas. The LawSpace is furnished and is a great location with conference room, break room and private parking lot.

Get out of your home office.   It is time to leave your home and lease a law office within a shared office space with other lawyers.  Check out this Sunset Drive LawSpace and lease it today. 

Contact Elena Escoto at 305-662-2272

 

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