Do you hear that sound? It’s the sound of the music stopping. It’s the sound of a tap running dry. Law schools are living in an F. Scott Fitzgerald novel, and the party is wrapping up.
Professor Paul Campos estimates that 80 to 85 percent of law school are operating at a loss right now. Cratering law school applications put a stop on federally backed loan money that has been used to prop up outrageous law school tuition for years. In most industries, such realities would spur creative and substantive reform. Smart people would try to do something to fix the industry. Instead, people running law schools don’t think like that even when they have an opportunity for clarity.
As Fitzgerald writes: “arid for a moment people set down their glasses in country clubs and speak-easies and thought of their old best dreams. Maybe there was a way out by flying, maybe our restless blood could find frontiers in the illimitable air. But by that time we were all pretty well committed; and the Jazz Age continued; we would all have one more.”
Maybe all deans can do now is to play it out to the bitter end….
I’m using the term “balls” as a synonym for gall. I’m invoking the connotation of “stubbornness.” A law professor who can look at the current legal job market and the financial ruin suffered by so many law graduates, and fix his mouth to suggest that law school should take longer (and thereby cost more), really has balls. It’d be like Orson Scott Card thanking the producers of Ender’s Game for not casting “a little gay kid” in the title role.
I’m reluctant to even write this post and give this professor a wider circulation for his crackpot views, but I want the internet record to be complete, lest some person who hasn’t been paying attention happens upon the professor’s article and stupidly thinks, “This makes sense to me….”
When law deans and other law school defenders talk about the high cost of legal education, they try to justify the price in economic terms. They cite ridiculous and largely unsupported figures about the value of a law degree. They point out the cost of the faculty. Explicitly or not, they don’t see a problem with charging the absolute maximum that the market will bear. They feel no shame for enticing young people to invest in law school by any means necessary, fair or unfair.
But the unreasonable cost of law school doesn’t just play out in purely economic terms. Students who graduate with a mountain of debt pay the human costs of hopelessness, deferred dreams, and often the burden of having to rely on parents long past the point when they had hoped to be self-sufficient.
We tend to focus on the plight of unemployed law graduates, but it’s always important to remember that “winning” and landing one of the few Biglaw jobs out there that even gives you a shot to pay off your debts can be pretty awful too. The high debt makes many law graduates feel like indentured servants, forced to work jobs they don’t want, in order to service their loans.
I think there are a lot of people who will empathize with this law graduate from a top school with a Biglaw job who feels like even death isn’t a suitable way around his law school loans…
All of these topics combine to form the rich tapestry of sadness that is scraping and struggling as an out-of-work attorney in a market that hates you. However, you have to read a number of ATL stories to see all sides of the unemployment problem. There just isn’t “one stop shopping” for how much it sucks.
But then this came along and summed up the whole experience of unemployed lawyers perfectly….
Would that law school was affordable so that all one had to do was sell off childhood memories. Alas, stories like this one are not about students piecing together law school tuition in creative and interesting ways. Instead, this is another story about a law school graduate who learned, too late, that getting a law degree doesn’t have anything to do with getting a job that allows you to afford the degree.
It’s funny, collecting toy cars is a harmless hobby. Collecting post-graduate degrees is the dangerous perversion…
Despite calls for change from the highest of authorities, law school tuition is still too damn high. In fact, for most recent law school graduates (myself included), it’s financially crippling.
Sure, class sizes have gotten smaller — whether due to law schools’ attempts to rightsize or due to lack of interest from prospective students — but tuition hasn’t. Some schools have managed to keep it flat (albeit at too high of a level), but others have had the nerve to dramatically increase tuition in these trying times for legal education.
Given how resistant the old and gray occupants of the ivory tower are to change, perhaps some frightening predictions about the future of law school tuition will help them open their eyes. If you think you’re hurting for students to fill the seats now, just wait until it costs $78,000 a year to attend…
Law school tuition goes up. That’s just what it does. It goes up during boom times, it went up during the recession. It goes up when lots of people apply to law school, it goes up when applications are at historic lows. If they could distill law school tuition into a pill, it would replace Viagra.
Law schools seem very good at estimating how much law school should cost. But are they as good at telling you how much you’ll need to spend while you’re in school besides tuition? Room and board, living expenses and transportation costs, these things go up too. But some students argue that when it comes time to estimating these costs — costs that are the basis for the federal loans that students take out in order to shelter themselves and eat while they’re in school — law schools set the bar unreasonably low. From the law school’s perspective, student expenses are relatively flat… it’s only the tuition that needs to go up.
Tipsters pointed out one school for a case study of this phenomenon….
You’ve graduated from law school. Congratulations! There’s just one small problem: you’ve now got six figures of debt attached to your name, and you have absolutely no idea how to pay it all off. You’re determined to do it, though, come hell or high water.
Having a modest income, you signed yourself up for income-based repayment. You thought (perhaps mistakenly) that it would be the best option for you. You want to get all of your financial ducks in a row so that you’ll be able to make the most of your future.
Alas, your Mint account just told you that you’re doomed…
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
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 protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.