Dear Recent Law School Graduate:

I am sorry it has been such a long time since I last wrote, but the life of a lawyer is not easy. It’s been almost two years since I last wrote and a lot of things have changed and a lot of things are the same.

I made partner this year, which has required more (non-billable) work. The kids are getting older: Braden is almost five and Kyan is a rambunctious two-year-old. Some days, Michelle and I battle to a draw with the kids, but for the most part, they are winning the war at home. I’ve even been able to squeeze in a few marathons since I last wrote, most recently one in New Jersey on Sunday.

But enough about me (and the potential discussion on partnership, family planning and work-life balance). Let’s talk about you.

The legal job market is still fairly tough, especially for new lawyers. Firms are looking for attorneys with some experience, but new attorneys can’t get experience without getting a job. It’s our own legal Catch-22.  There have been reports of a comeback, but that is probably of little solace if you are still looking for a job. My advice on the job search remains the same:

When it comes to the economy and available legal employment opportunities, I do not envy you. We all know that it is a tough market out there. Legal jobs are scarce and the competition is brutal, but keep your head up. The toughest legal job to find will be your first one. All you need is one offer.  I remember the stack of rejection letters that sat on my coffee table years ago. I also remember when I got my first offer (thanks Judge Murdock) and the excitement I felt to start my career. It would do a lot of attorneys good if they remembered how hard it was at the beginning. We forget sometimes, as if we never struggled in court or with a client or to find a job.

Read the rest of this entry »

Powered by Bookmarkify™

Just over a week ago, my second son, Kyan W. Siri was born.  A New Year’s Eve baby, he arrived eight days later than scheduled, but just in time to celebrate the New Year and the new decade (and he also arrived to qualify for the ever important 2009 tax deduction).

Now that the fog of labor and delivery is starting to lift (more for my wife than me) and my body is getting used to the sleep deprivation associated with a new born baby, I finally have had a chance to reflect on 2009 and anticipate the things to come in 2010 (it also helps that my wonderful employer, Bowie & Jensen, provides two weeks of paternity leave so I can spend time with and help out my family).

If New Year’s Day was any indication, Year 2010 for Michael Siri will involve lots of family time, diapers, physical exhaustion, and some financial worries. From daycare and diapers to mortgage lenders and student loans, young lawyers have a lot of expenses and, in most cases, owe a lot of money to various financial institutions.

Coupled with my expanding family and the desire to have the occasional night out, a young lawyer’s paycheck is usually spent before it even gets electronically deposited into their checking accounts. And in thinking beyond 2010, there are concerns such as sending two boys to college, saving for retirement, and (after convincing their spouses) to fulfill dreams, such as traveling around the United States in a rented Winnebago for an extended period of time.

So what is a young lawyer to do?

Apparently the answer is to start saving now. Apparently, the magic of compounding interest will allow me to take this vehicle and just drive west. Apparently, compounding interest will eventually permit me to, one day, be handed the keys to a vehicle in which I will be able to perform the following: sleep, bath, entertain, drive, and cook. How does this magic work? Well, according to Wikipedia, “compound interest arises when interest is added to the principal, so that from that moment on, the interest that has been added also itself earns interest.”

By way of example, let’s take the 25 year old first year associate with no money saved. If she invests $200 per month and gets an annual return of 10% (the average return of the stock market since forever), she will be a millionaire by the time she retires. If she invests the $200 per month through her 401(k), the actual hit to her paycheck is less. So start saving.  It’s not easy, but, in the long run, it is the best move for us because we have time on our side.

Additionally, there are a variety of tools on the internet to help out the young professional with their financial needs. Personally, I really like using Kiplinger’s website. It provides a number of important tips to secure one’s financial future, such as paying off high interest debt, saving 10% of your take home income, having 3 to 6 months’ expenses saved for a rainy day fund, and having a budget.

Save now, play later.

Powered by Bookmarkify™