* Pay up or shut up: Dewey former partners need to worry about getting our kneecaps busted by the banks that loaned us money to fulfill our capital contributions? [Am Law Daily (sub. req.)]
* Senate leaders reached a tentative deal to keep student-loan interest rates at 3.4%. Too bad this only applies to undergrads — law students are still left holding the bag. [Wall Street Journal]
* Your mom probably told you not to be a tattletale, but evidently that kind of behavior really pays off in court. Adam Smith, formerly of Galleon, was sentenced to only two years’ probation for his “very substantial” aid in Raj Rajaratnam’s insider trading trial. [DealBook / New York Times]
* Forty-six CEOs on the 2012 Fortune 500 list went to law school, but only four hold degrees from schools outside the U.S. News Top 100, and just one went to an RNP school. Yikes. [U.S. News & World Report]
* Was this Nova Law professor “mentally deranged enough to engage in a campus shooting rampage”? That’s apparently what members of the administration thought when they fired him. [National Law Journal]
* Anna Gristina, the accused “Millionaire Madam,” was released last night on $250K bond after spending four months behind bars. Looks like it’s back to the world’s oldest profession for this soccer mom. [Reuters]
Law school deans should bet a dollar on whether or not change the name of a law school makes more people come.
And the band plays on. No matter what happens in the economy. No matter what kind of evidence we get that the market for legal jobs is totallyin the tank. No matter what, law schools continue to expand and continue to find new ways to convince more people to spend a lot of money getting an education that might not lead to employment.
Of course, I’m talking about something new and annoying Cooley did, because you basically can’t have a conversation about what is wrong with law schools anymore without referencing some kind of fresh horror enacted by the people who run the Thomas M. Cooley Law School.
But this impulse towards MOAR LAW STUDENTS obviously isn’t just a Cooley problem. Even though some schools that are already in the law game have thoughtfully looked at reducingclass sizes, there are always going to be schools and universities eager to provide prospective law students with educations they can waste money on.
Time for some stories about law school acquisitions, a plague that has now made it all the way down to Texas…
This kid should buy the Jaguar from Mad Men and call it a day.
You know, at some point you’ve got to stop trying to help people save themselves and instead just sit back and watch the tremendous destruction.
The Washington Post runs an advice column for people trying to save money. This weekend a distressed wife of a soon-to-be 3L had her question answered. It appears that her husband is determined to pursue a destructive and financially ruinous path, and there’s nothing she can do to make him think reasonably.
Every law school is its own island. Every law school is basically an isolated community where vicious infighting (and often inbreeding) allows natural selection to work its magic and produce variations of same genus, but different species.
Like Darwin on the Beagle, sometimes I like to hop onto the HMS Walrus and survey the different kinds of law students evolving all around the country.
Today, my travels bring me to Charleston, South Carolina, and the newly accredited Charleston School of Law. At many law schools, the identity and the culture of the place is set based on years of tradition and a selective admissions process. But at a school like Charleston, we get to see identity development in practice.
Last month, in the inaugural post in our series of Law School Success Stories, we focused on the theme of “the value of thrift.” We outlined a “low risk” approach to law school, profiling happy law school graduates who secured their law degrees without going into excessive debt — under $50K upon graduation, which is the recommendation of Professor Brian Tamanaha, author of a new book (affiliate link) about reforming legal education.
Today we’re going to cover the flip side: the “high risk, high reward” approach to legal education. In some ways this is a dangerous theme. The promise of Biglaw bucks is the siren song that leads many to crash on the rocks of joblessness and crippling debt (as Will Meyerhofer discussed earlier today).
Some law schools clearlyexaggerate the ability of a legal education to increase a person’s career prospects and earning potential. But for some subset of law students, however small, law school does turn out to be a golden ticket. Their numbers might be inflated, but they do exist. Law school has allowed these individuals to increase their incomes dramatically. And — shocker! — many of these J.D. holders actually enjoy their lucrative new jobs.
Read about a young woman who went from being a secretary to having a secretary — along with a six-figure paycheck. Meet a young man with a rather unmarketable undergraduate degree who now, thanks to law school, makes bank in New York City.
Here’s another way of describing today’s success stories: “Fairy tales can come true, it can happen to you….”
I participated recently in a panel discussion at a conference, speaking with other lawyer/blogger types in front of an audience consisting largely of people from law firms and law schools. After we finished, I did the decent thing and sat and listened to the panel that followed mine. I happened to choose an empty seat next to a woman who introduced herself to me later as a dean at a law school, in charge of career placement, or whatever the euphemism is for trying to find students non-existent jobs. The law school was a small one — yes, one of those dreaded “third tier” places.
She confronted me afterwards. “I guess I’m the bad guy, huh?”
I was startled by her candor, but I knew what she meant. This was one of those people from a third tier law school — the greedy cynical fraudsters signing kids up for worthless degrees, then leaving them high and dry, unemployed and deeply in debt.
Despite her participation in crimes against humanity, I had to admit she didn’t seem so bad, in person.
Then I snapped back to my senses — and went on the attack, assuming my sacred role as The People’s burning spear of vengeance….
The average debt of law graduates tops $100,000, and most new lawyers do not earn salaries sufficient to make the monthly payments on this debt. More than one-third of law graduates in recent years have failed to obtain lawyer jobs. Thousands of new law graduates will enter a government-sponsored debt relief program, and many will never fully pay off their law school debt.
Last month, we solicited law school success stories from you, our readers. We’re often quitecritical of law schools around these parts. So, to even out the scales a bit, we’re going to be running a series of happy stories, focused on graduates who are glad they went to law school.
We’ve tried to organize the success stories under a few broad themes, to lend some structure to the discussion. Some of the themes exist in tension with each other, and not all themes will apply to all readers. By the time the series is done, however, we hope that the stories will collectively shed some light on the question of whether one should go to law school.
Let’s launch into our first collection of law school success stories. They could be grouped under the theme of “go cheap, or go home”….
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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