# Recent Law Graduates Achieve Historic Job and Salary Results – but Future Law Graduates Could Face Problems# Recent Law Graduates Achieve Historic Job and Salary Results – but Future Law Graduates Could Face Problems Quote of the Day > “Graduate salary figures reached new heights. For the fifth year in a row, the national median salary rose, to $90,000, with the median law firm salary reaching $165,000, a 10% increase over the previous year and the ninth consecutive year that this figure has increased. The class of 2023 did indeed perform well. But even with these incredible results, the data suggests that the market is beginning to shrink and that future classes may not fare as well. In short, the graduates of the class of 2023 will likely be the last beneficiaries of the talent wars.” – NALP Executive Director Nikia Gray Analysis The legal job market for the Class of 2023 was the best in recent history. Law graduates achieved record-setting salaries and employment rates. However, there are signs that the market may be starting to slow down. NALP’s data shows that the overall employment rate for the Class of 2023 was 92.6%, the highest ever recorded. The Class of 2023 also saw the lowest unemployment rate since the Class of 2007, at just 5.8%. Median salaries for law graduates also reached new highs. The national median salary rose to $90,000, while the median law firm salary reached $165,000. This marks a 10% increase over the previous year and the ninth consecutive year that this figure has increased. However, there are some signs that the legal job market may be starting to cool down. Gray cautioned that the Class of 2024 is larger than its predecessor and that hiring activity among Biglaw firms recently hit an 11-year low. This could lead to increased competition for jobs and lower salaries for future law graduates. Conclusion The legal job market for the Class of 2023 was the best in recent history. However, there are signs that the market may be starting to slow down. Future law graduates may not be as fortunate as their predecessors.
Editorial noteWelcome to our daily column, Quote of the Day.
Graduate salary figures reached new heights. For the fifth year in a row, the national median salary rose, to $90,000, with the median law firm salary reaching $165,000, a 10% increase over the previous year and the ninth consecutive year that this figure has increased. The class of 2023 did indeed perform well. But even with these incredible results, the data suggests that the market is beginning to shrink and that future classes may not fare as well. In short, the graduates of the class of 2023 will likely be the last beneficiaries of the talent wars.
— NALP Executive Director Nikia Gray, in remarks about the organization’s Class of 2023 Employment and Outcomes Report. The overall employment rate for the Class of 2023 was 92.6%, the highest ever recorded by NALP. The Class of 2023 also saw the lowest unemployment rate since the Class of 2007, at just 5.8%. But the good times may not last for subsequent graduating classes, Gray cautioned, likely due to the fact that the Class of 2024 is larger than its predecessor and hiring activity among Biglaw firms recently hit an 11-year low.
Staci Zaretsky is a senior editor at Above the Law, where she has worked since 2011. She would love to hear from you, so feel free to email her with any tips, questions, comments, or criticisms. You can follow her on X/Twitter and Threads or connect with her on LinkedIn.
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