The employment rate for this cohort reached 92.6 percent, the highest since 1982
The National Association for Law Placement (NALP) has reported record employment rates for the Class of 2023, highlighting a peak in job market success amid the ongoing talent wars in the legal profession.
NALP executive director Nikia Gray noted that while the Class of 2023 benefited significantly, future graduates might not experience the same favourable conditions.
NALP's data, collected as of March 15, revealed key insights into employment and salary outcomes for the class of 2023, approximately ten months after graduation. The employment rate for this cohort reached 92.6 percent, the highest since NALP began tracking employment rates in 1982. The unemployment rate, which includes graduates not actively seeking employment, was 5.8 percent, the lowest since the class of 2007. Additionally, 82.1 percent of graduates secured jobs requiring bar passage or anticipating it, marking an all-time high since 2001.
The report indicated that 58.2 percent of employed graduates entered private practice, a slight increase from the previous year and the highest percentage since 1992. The national median salary for the class of 2023 rose to a record US$90,000, a 5.9 percent increase from the previous year. For graduates working in private practice, the median salary jumped by 10 percent to US$165,000, with salaries ranging from US$75,000 in small firms to US$215,000 in large firms. Despite many large firms announcing first-year associate salaries of US$225,000, fewer than 16 percent of all reported law firm salaries reached this amount.
Jobs in the largest law firms, those with over 500 lawyers, accounted for 34.3 percent of all law firm positions, an all-time high. In contrast, the percentage of jobs in small firms (1-10 lawyers) dropped to 27 percent, the lowest since 1989. Public service roles, including military, government, judicial clerkships, and public interest positions, rose to 32.2 percent of all jobs, with public interest positions reaching new highs at 9.7 percent.
The report also revealed that only 7.3 percent of employed graduates were seeking different employment, the lowest percentage on record, indicating high job satisfaction. Furthermore, 65.3 percent of employed graduates found jobs in the same state where they attended law school, reflecting regional employment trends.
Despite these positive outcomes, Gray warned that future classes might not see similar benefits due to changing market dynamics.
