WSJ FAIL: Salaries Falling for Recent Grads!

What about the rest of us?  I'm sure you've heard that the Wall Street Journal has decided to write an incomplete and half-ass story about salaries falling for recent grads.  By writing a story such as this, you're feeding the lemmings with hope that this condition will somehow change once you're not a recent grad.  Read on:

Even for the lucky members of the law school class of 2010 who found jobs, their average salaries were 10 percent lower than those of their predecessors, a new report reveals.

The numbers, to be released later today as part of the National Association for Law Placement’s report on legal employment and salaries, indicate that more graduates found jobs at smaller law firms with typically lower starting salaries than large ones. In fact, the median starting salaries for those working in private practice declined 20 percent, given that more than half of the jobs taken up by last year’s law school class were at firms with at most 50 attorneys.

Even so, the national median salary for newbie lawyers – at least for those with full-time work – still stands at $63,000, according to the report. That doesn’t sound so bad, except for the fact that only about 64% of law school graduates found full-time employment in a job requiring bar passage. The rest found non-legal or part-time work, and more than a quarter reported biding their time in temporary jobs.

Is it any wonder why the public hates us?  Oh, pansy lawyers are complaining that their salaries have gone down by 10%.  Poor them.  At least 100% of lawyers are employed--even if it's non-legal or part-time work!  Right?
Wrong, WSJ!

Here's some comments to illustrate my point:

Adolf Cheney wrote:

Undergrad degree $100,000. Law school degree 200,000. total cost about 300k. Return on investment will be 300k/60 after about 5 years. Considering most people work for 30 years, law school will be profitable after the 5th year of working. 60k still is alot higher than what these people would earn without a law degree working at a restaurant or taxi driver. (My PV calculation is utter garbage)

Okay, that was slightly tongue in cheek.  But still, I imagine many others read this article and believe that this is true.

The real story is that many of these newbie lawyers are waiting tables, stripping and working at coffee shops.  The REAL story is that lawyers who are 10 years out are doing the same.  Way to go, WSJ!  Why do they even bother with this weak ass stories that deal with the tip of the iceberg.  It's like writing a story about the people that died on the plane in 9/11--but not mentioning the people who died in the WTC.  There's so much more to this.  Here's another comment to illustrate my point:

Do not go to law school. wrote:

I have been a practicing attorney for 21 years and currently underemployed/unemployed. I have networked and sent out hundreds of resumes. My US Senator told me that for each federal attorney job, they receive over 4,000 applications. i was told that on average, that local open attorney positions receive between 400-1200 applicants for each local position. Even when you do network, guys refuse to help because they don’t want the competition. I know guys who a much more skilled and attended top ten schools will barely make $40K this year.

Don't get me wrong. I'm very happy for any attention whatsoever.  But stories like this wreak of hope and optimism.  I find it offensive.  I wouldn't be surprised to find out that the media is paid off to NOT tell the real story.  The truth must be bad for business.