Lowell Milken: Would you accept $10 million from this man?
Ah, California. Your weather is amazing, but I don’t think I could deal with your earthquakes. The tremor we just experienced here on the East Coast has turned me into a nervous wreck.
Over at UCLA Law School, they’re experiencing some earth-shaking controversy of their own. An ultra-wealthy alumnus made it rain, with a $10 million gift to the school — but now some professors want to rain on his parade, and their objections have hit the national news media. (Apologies for the mixed precipitation metaphors.)
As we mentioned last week, UCLA law alumnus Lowell Milken made a $10 million gift to his alma mater — the largest single donation in the law school’s history. The money will be used to establish the Lowell Milken Institute for Business and Law.
One of the lasting effects of the recession has been clients wising up on the value of first-year associates (or the lack thereof). Many at large law firms knew that junior associates contributed little more than manpower during their first couple of years at a firm. But only in the crucible of the recession did clients start asking why they were paying money to finish the training of junior Biglaw associates.
Of course, being able to bill out your new labor at high billing rates is a key part of the law firm business model. Firms are already in a bind: since American law schools insist on graduating students with little to no practical skills, the kids must be trained. Training them on the client’s dime (while the law firm partners pocket a profit) is just one of the ways it has always been done.
But those who do not innovate die. Today brings news that two major law firms are going to try something different with their first-years.
The first-years will get paid their usual $160K salary. But at least at the start, they’ll have to go through more training…
As we mentioned yesterday, on-campus interview season has started at law schools all across the land. We’re happy to serve as your one-stop shopping center for all things OCI. Just send us an email (subject: “OCI”) about the things going on at your school that deserve more attention.
Today’s news is on the funny side. It appears that the wild and crazy kids from BYU Law are taking the stress of OCI in stride….
We know how much our readers love rankings, so as we mentioned in Morning Docket, the National Jurist has released the fifth annual list of the 60 Best Value law schools in its preLaw magazine. As it stands, the list remains unranked, but the final grades for the honor roll are expected in October.
The Best Value ranking typically takes into account the following criteria: in-state tuition, average student debt, the percentage of graduates employed nine months after graduation, and bar passage rates.
But this year, the National Jurist made some adjustments to its rankings methodology to account for “fairness.” It now takes into account averages for bar passage rates and post-graduation employment over the past two years. And even if a law school didn’t meet one of these important standards, the school wasn’t automatically excluded from consideration. Everyone gets a trophy in this year’s Best Value rankings.
You may be surprised at some of the law schools that made this year’s Best Value honor roll. Check and see if your school made the list, after the jump….
It has been a few weeks since we last wrote at length about the investigation into the murder of Lauren Giddings. As you may recall, Giddings was a recent graduate of Mercer Law School whose decapitated torso was found on June 30 in Macon, Georgia.
A former neighbor and classmate of Giddings, Stephen M. McDaniel, 25, has been charged with her murder. McDaniel is being held at the Bibb County jail, where he has been for several weeks.
There have been a few recent developments in the case — nothing major, but still worth noting….
It’s time for on-campus interviewing. All across the country, law students are stuffing themselves into business suits and prostrating themselves on the floors of some of the nation’s finest campus hotels.
It’s a stressful time. New law students might show up at law school having done no research into the legal job market, but after one short year the kids start to wise up. They realize, some for the first time, that 90% of them will not be in the top ten percent of the class. They realize that if they don’t get one of the handful of high-paying jobs, they’ll be relegated to gladiatorial combat for the low-paying leftovers. They realize, as rising 2Ls, that maybe they should have listened to everybody who warned them about law school in the first place.
But they know they can make it all go away if they are successful during OCI. If only they can wow the law-firm interviewers who show up on campus.
The problem is that for many law students, especially those at schools ranked outside the top national institutions, their OCI fate was decided long before they shook the hand of any interviewer.
One tipster is just now realizing that, and he is understandably pissed….
The 'scamblogging' law professor has revealed himself.
Earlier this month, we wrote about an anonymous law professor — a tenured professor, at a top-tier school — essentially joining the ranks of the law school scambloggers. Writing over at a site entitled Inside the Law School Scam, under the pseudonym LawProf, the author offered a harsh indictment of legal education, purportedly from within the ivory tower.
I believed that the author was who he said he was, but others did not. Professor Ann Althouse, for example, opined that the blogger was a student, “uncharitably projecting thoughts onto [a] professor” (who talked about how little he, and his colleagues, prepared for teaching). Professor Althouse explained that she thought was student-written, “because it had some bad writing and simplistic thinking.”
Well, as it turns out, LawProf is an actual tenured law professor, at a top 50 law school. Who is he, and where does he teach?
* I’m very glad that everybody is now here at the “there’s a huge problem with the market for legal education” party. Can I interest anybody in the “prospective law students are incapable of making a rational choice” punch? It’s spiked with Absolut Special Snowflake and it gives everybody the same deranged sense of self worth as new law student. [Truth on the Market]
* Of course, if you absolutely must go to law school, think outside the box and be ready to take advantage of any opportunity. You are responsible for your own career from day one. [An Associate's Mind]
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
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: