Big Law or Bust? | LSAT Demon Daily, Ep. 762

Main Ideas

• “Transactional law” covers a broad range of work, but the listener’s interests are specific. Mergers and acquisitions, capital markets, and banking are a relatively narrow subset of transactional practice, and the hosts agree that this work is concentrated largely in Big Law.
• Law is not divided neatly into transactional work and courtroom litigation. Transactional lawyers draft agreements to prevent or structure business dealings; litigators handle disputes after problems arise. Many other practices, such as trusts and estates or family law, also involve substantial non-courtroom work. The hosts note that criminal law and public-sector offices may account for many litigators, but they do not settle the exact proportions of lawyers in each type of practice.
• Not wanting to litigate does not, by itself, rule out law school. One host also entered law school with little interest in litigation. Students should expect required courses they may not care about, including criminal law, civil procedure, and torts, but they need not plan to become trial lawyers.
• Big Law prospects depend on both school and student performance. Yale, Harvard, and Stanford were described as offering the strongest and most reliable Big Law opportunities. Other highly ranked schools also place students in Big Law, but the odds generally decline with school ranking. At many schools, firms recruit only a portion of the class, so strong grades and other ways of standing out can matter considerably.
• A “Big Law or bust” plan involves risk, but the cost of attendance can change the calculation. A scholarship or free tuition reduces the financial downside and may make a student a stronger candidate to perform well relative to classmates. The hosts suggest weighing both the chance of getting a Big Law job and the benefit of attending at little or no cost.
• Law school need not be treated as an all-or-nothing three-year commitment. Students can reassess after a semester or a year. If they dislike law school or are doing poorly, leaving may limit further costs—though scholarships can have conditions and may be lost at some schools.

Practical Takeaways

• Be specific about the work you want: M&A, capital markets, and banking are narrower goals than transactional law generally.
• Research Big Law placement at each school and understand that school-wide placement figures do not guarantee an individual job.
• Consider the net cost carefully; scholarships can reduce financial risk and improve the value of attending a school outside the very top tier.
• If pursuing Big Law, be prepared to excel academically and take required courses seriously, even when they do not match your interests.
• Reassess your fit and finances during law school rather than assuming you must complete all three years.

Speakers and Sources

• Ben Olsen — Co-host and LSAT Demon co-founder.
• Nathan Fox — Co-host and LSAT Demon co-founder.
• Anonymous listener — Wrote the question about transactional law, Big Law, and whether law school is worth the risk.
• Ross Guberman — Mentioned by one host in connection with an impression about the balance of transactional and litigation work; he does not speak in the excerpt.