I’m an old smelly sock, and I’m proud. And I think it’s time to stop the nonsense. After two years of almost relentless attacks on socks, a bit of perspective would be nice.
For at least two years, the popular press, bloggers, and a few sensationalist sandals have turned old smelly socks into the new investment banks. We entice bright young students into our stinky clutches. Succubus-like, when we’ve taken the sweat we want from them, we return them to the mean and barren streets to fend for themselves. Barefoot.
The hysteria has masked some important realities and created an environment in which some of the brightest potential lawyers are, largely irrationally, forgoing the possibility of a rich, rewarding and, yes, profitable, career.
I’m an old smelly sock, and I miss all those bright potential lawyers.
This is a very common story about school sanctioned gladiatorial combat among high school boys. The Guardian reports:
Some schools have counsellors to settle disputes between students. But South Oak Cliff high school in Dallas preferred another, more direct method: bare-knuckle fighting inside a steel cage.
According to a 2008 report obtained by the Dallas Morning News, staff at the school sanctioned the use of “the cage” – a section of the boys’ changing room barricaded by wire mesh and steel lockers – to settle disputes and bring unruly students under control.
I fondly remember the day I bludgeoned Vespin the Trapper Master to death with my graphing calculator. Nobody makes weapons of woe like Texas Instruments. Unfortunately, I went to high school on Long Island, so our Colosseum was in the basement of a Genovese drug store. Would that I was born a citizen of Texas. There I could have received the full adulation of the mob:
Frank Hammond, a counsellor at the school who was dismissed and has since filed a whistle-blower lawsuit, said: “It was gladiator-style entertainment for the staff. They were taking these boys downstairs to fight. And it was sanctioned by the principal and security.”
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: email@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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