42% of Lawyers Surveyed Fear Career Fallout from Lehman Woes

An increasing number of lawyers are worried that problems on Wall Street will hurt their careers.

Forty-two percent of practicing lawyers responding to a survey through the blog Above the Law said the recent bankruptcy of Lehman Brothers and the sale of Merrill Lynch would harm their careers. Only 27 percent felt that way when the government bailed out Bear Stearns.

The survey, sponsored by legal recruitment firm Lateral Link, got 830 responses. Most of those who answered were associates, the National Law Journal (sub. req.) reports.

Law students are particularly concerned about the impact on their careers, with 50 percent of 3Ls, 68 percent of 2Ls and 63 percent of 1Ls feeling fearful, Lateral Link spokesman Aven James told ABAJournal.com in an e-mail. The fear factor is also strong in New York, where 55 percent of the respondents were fearful.