Student loans are a real bitch, and declaring bankruptcy won’t even save you from them — unless you can prove you’ve got undue hardship and a “certainty of hopelessness” about you, which most people have too much pride to admit. Without government payment plans like Income-Based Repayment, Pay As You Earn, and Public Service Forgiveness, a much larger portion of our population would be living in a van down by the river, still drowning in educational debts, but too far off the grid for the bill collectors to come a-knocking.
This is why people absolutely lost their minds when the Daily Currant, a satirical online newspaper, published a story about President Barack Obama’s supposed bid to forgive all student loans. Given the responses, it looks like the youth of America is still in need of some change they can believe in…
Former constitutional law professor and current President of the United States, Barack Obama, has decided to wade into the great law school debate by offering his “thoughts” on the length of law programs. On Friday, Obama said that he thought law school should just be two years instead of three.
Great. It’s nice to know what the President thinks. Too bad those thoughts aren’t backed up with the very simple actions necessary to make his dreams come true.
Obama’s thoughts touched off a weekend debate about the value of the third year of law school. I think I’m clearly on record saying the third year of law school is completely useless. There is no educational value to the thing, but law schools certainly make a lot of money off of it. David Lat and I will be discussing this in more depth on CNBC’s Power Lunch this afternoon around 1:00 p.m. EDT. Check it out.
Regardless of what you think about the value of the 3L year, the timing of Obama’s announcement is certainly curious. In June, Obama’s own Department of Education rubber-stamped ABA oversight over law school regulation and accreditation for another three years. Since the ABA is the organization most responsible for keeping law school at three years and preventing schools from experimenting with shorter programs, I can only assume that Obama’s statement was timed to be as useless as humanly possible…
* President Obama joins the chorus calling for an end to the 3L year. But when will students take all those Law and “Running a Massive Domestic Spying Operation” seminars? [Buzzfeed]
* At the end of this HuffPost Live clip, Elie suggests anti-gay clergy should unsubscribe from the Bravo network. Seems unfair to those who enjoy watching “Real Housewives of the Provo Tabernacle.” [HuffPo Live]
* Scottie Pippen and Horace Grant formed a dominant NBA Jam team. But without Grant, Pippen got dismantled by the duo of Easterbrook and Posner (and Williams). [FindLaw]
* Jim Beam has resuscitated Seinfeld attorney Jackie Chiles in a new ad campaign about suing bears for stealing honey. It mkaes slightly more sense when you see the whole ad. Slightly. [Hollywood Reporter]
* Judge E. Curtissa Colfield seems to have gotten a little drunker than she thought the other night and started berating cops. Maybe drinking is why she had that problem getting those decisions issued on time. [Legal Juice]
* Is rapping about crime probative to charges of committing a crime? Both the majority and dissenting opinion are worth a read. [Las Vegas Law Blog]
* Speaking of…. Taking the Notorious R.B.G. label seriously, here’s some SCOTUS-themed lyrics to Biggie’s Juicy. Embed after the jump….
* President Obama says he’s not changing his mind on the legality of marijuana “at this time.” I guess we need Biden to go on Face the Nation this time around to get some movement on the drug war. [Volokh Conspiracy]
* California lawmakers are looking to retool its “revenge porn” — the act of posting embarrassing sex pics/videos of a significant other who screwed you over — bill. Now California won’t be able to post all those amateur vids of the organizers behind Prop 13. [WSJ Law Blog (sub. req.)]
* New York just boasted the largest seizure of illegal guns in NYC history because a rapper used Instagram to show the world a whole mess of illegal guns. Sometimes you have to avoid that “pics or it didn’t happen” tweet. [ABA Journal]
* Michael Jackson’s estate is battling the IRS. The article coyly suggests that the estate has told the IRS to “Beat It.” What they don’t understand is the IRS, as a general rule “Don’t Stop ‘Til [They] Get Enough.” [TaxProf Blog]
If you can’t beat ‘em, join ‘em. We’ve talked extensively about the outsized power the U.S. New rankings have on higher education. Normally we talk about it in the context of law schools, but they’re just as important in college admissions.
Now, there’s a going to be a new challenger to U.S. News: The President of the United States. And yes, in a battle between USN and POTUS, I think POTUS is the clear underdog.
Today, Obama will unveil various proposals he hopes will drive down the cost of college tuition, a problem that his administration has been shockingly silent on. The centerpiece of his proposal is a new college rankings system that will rate schools on “tuition, graduation rates, debt and earnings of graduates, and the percentage of lower-income students who attend,” according to the New York Times.
Eventually, Obama hopes to tie these Obama Rankings to federal financial aid: schools that perform well will have a larger pool of federal money to dole out to students, while schools that perform poorly will have less money to play with.
Does this sound like a good idea? Would you like to see Obama apply it to law schools?
How are you fixed for Skittles and Arizona watermelon fruitcocktail (and maybe a bottle of Robitussin, too) in your neighborhood? I am fresh out of ‘purple drank.’ So, I may come by for a visit. In a rainstorm. In the middle of the night. In a hoodie. Don’t get upset or anything if you see me looking in your window… kay?
* USDA requiring a magician to develop a disaster plan for his rabbit. I don’t think this is such a bad idea — have you ever seen Bullwinkle? [Lowering the Bar]
* The Middle Class is disappearing in the country. Why can’t we get a disaster plan for them like we have for that rabbit? [Lawyers, Guns & Money]
* Patton Boggs is rebooting. Just like when a TV show adds a long-lost cousin in season 8, this isn’t a sign of weakness at all. [Politico]
* President Obama, speaking of the Trayvon Martin case, notes: “There are very few African-American men in this country who haven’t had the experience of being followed when they are shopping at a department store. And that includes me.” See, he was uniquely prepared for the job of being followed by security guys EVERYWHERE. The difference, of course, is he knows these guys aren’t going to shoot him. [NBC Politics]
* A Miami firm is suing LexisNexis for “deceptive” fees. If they’re going to litigate this case, they’d better hope their Westlaw bill is paid in full. [Miami New Times]
* The reporter’s privilege had a bad day. After all that’s been revealed in the last couple months, let’s all agree it’s only newsworthy when the reporter’s privilege has a good day. [PrawfsBlawg]
Another week has come and gone. We’re post Independence Day, so strap in for the long grind to Labor Day before you get any rest. If you need a break, I suppose you can take some summers for a 3-hour lunch, assuming anyone still does that.
But the real importance of the week’s end is that it’s time again to compile my look at some notable stories from the week in legal news. Bring on “5 Thing Friday” or “Working for the Weekend” or something like that.
This week, we had Justice Ginsburg’s declaration that she’s not retiring, the Zimmerman trial continued on its tragically absurd course, Vault released its annual law firm rankings, the NFL got burned in court — twice — and Harry Reid figured out that there’s this thing called a filibuster and the Republicans are really good at it…
* Ed O’Bannon asks the NCAA to agree in writing not to retaliate against any current athlete that joins his lawsuit against the organization. How sad is it that a non-profit organization committed to helping students needs to be reminded not to retaliate against students? In other news, NCAA Football 14 (affiliate link) came out today. [USA Today]
* More SCOTUS Term analysis. Tom Goldstein, Adam Liptak, and Jess Bravin have been invited to explain to the Heritage Foundation what an awesome term it had. [Heritage]
* The Shelby County decision completely lacks any foundation for the argument that the Voting Rights Act violates the Constitution. Yeah, but besides that… [Lawyers, Guns & Money]
* What is wrong with soccer fans? Referee stabs player and then ends up like Ned Stark. [Legal Juice]
* No, silly, Ruth Bader Ginsburg isn’t “too old” to be a Supreme Court justice. So what if she uses the SOTU address as her personal naptime? She’s brilliant, and everyone loves her. [Los Angeles Times]
* “Justice delayed due to overworked judges can … mean justice denied,” and Obama’s got a lot of work ahead of him due to a “uniquely high” amount of judicial vacancies on his watch. [National Law Journal]
* After the SCOTUS ruling on the Voting Rights Act, Southern states have rushed to push out voter ID laws. But isn’t that discriminatory? “Not true, not true,” as Justice Alito would say. [New York Times]
* It turns out the Foreign Intelligence Surveillance Court’s redefinition of the word “relevant” is what has allowed the NSA to collect anything and everything. Say au revoir to privacy! [Wall Street Journal (sub. req.)]
* Layoffs: they aren’t just for Biglaw firms anymore! McGeorge Law School is downsizing its staff and student ranks due to an “unprecedented drop” in applications. Another one bites the dust; which law school will be next? [Sacramento Bee]
* Client 9, aka Eliot Spitzer, announced his candidacy for NYC comptroller. He’ll run against Kristen Davis, the woman who once set him up with escorts. That’ll be an awkward debate. [New York Times]
* As the prosecution rests its case and the defense’s acquittal motion is denied, a nation is left wondering whose voice it was on that 911 recording — Trayvon Martin’s or George Zimmerman’s? [CNN]
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: