If you think as a student I am cocooned from the recession you couldn’t be further from the truth.  The recession has cost me my first job as a lawyer. 

In law school those who want to go into large law firm private practice follow the time honored playbook (1)  take out all sorts of loans to pay for law school at a decent school, (2) bust your butt to get in the top of your class, (3) get an offer from a big law firm for a summer job after your 2nd year.  The offer for a summer job basically guarantees you a job and a starting first year salary of $160K.

I skipped the first step by refusing to take out loans.  But, I did bust my butt so I could do well academically.  Step 2: Check.  I did get an offer to work as a summer associate at a large prestigious law firm with offices all over the US and internationally after my first year and after my second year.    Step 3: Check. 

These jobs paid the kind of salary that I would be making if I were working for a first year attorney.  There were also some really nice lunches at some of the best restaurants in the city (more so in my first summer job than my second summer job).  Additionally, there were other perks not to mention the opportunity to do timely and sophisticated legal work.  

I accepted an offer from the Washington, DC office of a well respected firm eventhough I was aware they had layoffs.  It was hard to find a law firm that didn’t do official or stealth layoffs by that time.  I got positive feedback on my work from the assigning attorneys as well as in my mid-summer review.  Everything was looking good.   My plan was to work the inhumane hours at a law firm for 3-5  years to accumulate a nice nest egg and then work for the government or do whatever I wanted to do at that time.   

When I got a phone call in August from the firm I was shocked to learn that I will not be getting an offer for full time employment after graduation.  I was on auto-pilot for the next three weeks as I retreated into myself and tried to figure out what went wrong.  I knew the signs were there.  The layoffs, all the empty offices on my floor, the frozen slaries etc… The starting salary of $160K disappeared quickly replaced with the fear that I am graduating in the worst economic climate of my life without a job.   

While I have always been careful with my money, I realized I need to be even more diligent since my starting salary instead of $160K will most likely be $50k or even less.  I have turned this setback into a challenge to pursue what I want to do for the long term.   I have also started this blog to become more educated about my financial decisions and be more purposeful about wealth building.

The glass half-full view is that I am in many ways in an ideal situation.  I have no debts and I have enough money saved to easily see me through the next 2-3 years.  I can take my bar exam and board a plane to anywhere.  Do anything.  And the most important and difficult question to answer is: what do I want to do?