Ann Israel is the legal profession's Dear Abby. A New York legal recruiter since 1979, Ann is a past president of the National Association of Legal Search Consultants. Advice for the Lawlorn is updated every Tuesday.

Q: I just finished my 2L year at a top 15 law school and will be spending the summer at a top law firm. I have substantial law school debt and am married with a child. I am considering applying for a federal judicial clerkship, but the economy has me worried. Should I get into Biglaw and start paying off my loans ASAP, or should I pursue the clerkship? My biggest fear is not being able to get a Biglaw job after clerking for a year if the economy tanks.

Nashville

Dear Nashville: I have only good news for you!

It seems to me that no matter what you decide to do here, you are in a win-win situation. Your choices are such winners that I don't see how you can lose, even with a sinking economy.

You are finishing up your second year at a top 15 law school and will now be doing your 2L summer at one of the top law firms. Unless you really do something off the wall, or the firm decides to close it doors (I'm kidding -- this is not going to happen!), you are probably going to receive a lovely offer of permanent employment to commence after you graduate from law school next year. So, there is goal one accomplished -- you have a Biglaw firm job almost guaranteed with the commensurate Biglaw salary that will help you to start paying off those loans.

But let's say that you do decide to apply for that federal judicial clerkship, and lucky you, it comes through! Here's the good news: You can have your cake and eat it too in this particular case!! My guess is that your Biglaw firm that has offered you a job upon law school graduation will be more than happy to defer your start date to after you finish that federal judicial clerkship.

You might wonder why a firm would be so happy to hold your employment and defer your start date, but the answer is simple. Law firms are delighted to have federal clerks listed on their roles -- how prestigious!

Even if you decide not to return to the firm where you have spent your 2L summer, you will still be a viable candidate to many top Biglaw firms if you have a federal clerkship on your resume.

So, work hard during your 2L summer and be the best summer associate that you can possibly be so that you can be certain to get your offer of permanent employment from the Biglaw firm. Keep your grades up during your third year of law school, and then, when the time comes, if you do receive an offer for a federal clerkship, you will be able to accept this wonderful opportunity if you so choose, knowing full well that you are in a win-win situation.

Best wishes!

Sincerely,
Ann Israel
President, Ann Israel & Associates