In Professor Paul Campos’s new book, Don’t Go To Law School (Unless) (affiliate link) — a book I’d recommend to anyone thinking seriously about law school — he shares an email from an individual who, after much research and thought, decides to enroll in law school. The email sheds some light on why people continue to sign up for law school despite all the warnings (from folks like Professor Campos, my colleague Elie Mystal, and many others). The law student writes:
[Prospective law students] think: debt doesn’t matter. There is no penalty for defaulting on the debt, except the relinquishment of the privileges of an advanced financial life. . . Students evaluating the horrible deal in question believe they have no access anyway to those privileges (e.g. a retirement account, a home purchase, a start-up business). For the student in question, all law school has to do is provide some potential benefit, and it becomes a rational choice.
After acknowledging that “[t]here’s a lot of force in this line of argument,” Professor Campos tries to refute it, basically arguing that many who go to law school based on such reasoning are “making a difficult situation worse.” But maybe the argument is not so easily refuted.
After all, what else are you going to do with yourself? Before you criticize law schools and those who matriculate at them, please familiarize yourself with the grim economic realities of twenty-first century America….
It’s a little bit early for tuition hike season, but in a few weeks, we’ll start getting stories about law schools raising tuition on students just because they can. We say it every year, and we’ll say it again this year, but it appears that law school tuition is one of the only things that is recession-proof.
Law salaries remain flat. Law applications are even down, but that doesn’t necessarily mean tuition will follow. Here’s how committed law schools are to raising tuition: they’ll raise tuition and then give high-achieving students scholarships to offset the increase. It’s as if low-achieving law students are subsidizing tuition for high-achieving law students at schools across the country.
Law schools are willing to do whatever it takes to keep making the tuition number go up. At Miami, they raised tuition and then (after we asked about it) gave 2Ls a “waiver” from the hike.
It goes up at Duke. Last year, tuition went up at Duke Law School by 4 percent. Why? Why was the money needed during a time of extreme challenge in the legal job market? Who knows? It’s not like Duke is required to explain itself to students.
But this year, some Duke Law students are trying to make the administration understand that the “standard” tuition hike doesn’t make any sense for the students at the school….
* Eric Holder has agreed to serve once more as attorney general during President Barack Obama’s second term, but he still plans to leave at some point — after all, he’s no “Janet Reno of the Justice Department.” [Blog of Legal Times]
* AIG will not join the lawsuit against America. To put that in terms that should be just as outrageous, former AIG CEO Hank Greenberg is still suing America. [Washington Post]
* For those who care about Biglaw firms and the landlords who love them, fear not, because there’s a whole lot of moving and shaking in terms of commercial real estate deals for Arnold & Porter, Goodwin Procter, and Sidley Austin. [Am Law Daily]
* Jacoby & Meyers scored at the Second Circuit: its attack on New York’s ban on non-lawyer firm ownership was reinstated. Soon Walmart will own a firm with “Low Prices. Every day. On everything.” [Bloomberg]
* Who’ll step in to fill Evan Caminker’s $400,000+ shoes as the next dean of Michigan Law? None other than Mark West, who’d like to improve financial aid and loan repayment programs. [National Law Journal]
* Gun nuts, commence your rioting… now. If passed, Governor Andrew Cuomo’s sweeping gun-control proposal would make New York the state with the strictest gun laws in the country. [WSJ Law Blog (sub. req.)]
* Speaking of needless gun violence, by Friday, we’ll know whether there’s enough evidence to move forward with a trial for James Holmes, the accused shooter in the Aurora movie theater massacre. [New York Times]
With the Notre Dame Fighting Irish’s attempt to win their first national championship in a quarter of a century, and at the same time, their attempt to end the Southeastern Conference’s years of dominance of the BCS, I am hoping that this return to glory by a once storied franchise will be accompanied by a return to glory for the storied legal profession.
When I was growing up, most thought of lawyers as highly educated, intelligent, and self-motivated (even to a fault) professionals. Many considered lawyers to be part of the upper echelon of society, and most people also believed that simply being a lawyer would result in a huge, guaranteed payday. And for most of college football history, the Fighting Irish received similarly high praise.
In recent years, however, both the legal profession and the Irish have been held up to strong criticism, and were unable to enjoy the same success people became accustomed to. Even while I was still in law school at my TTT, respected attorneys told me not to worry about the school I was attending, because by the time that I got to my second or third job, no one would care anymore. The little detail that everyone left out was just how much it would matter for that first job — because it’s rough to get to the second or third job when you can’t even find your first, no matter how hard you try.
Going along with the Fighting Irish’s return to the top, here’s a look at a few other things that were once closely associated with the legal profession that are no longer true, but would be welcomed back with open arms….
If you’ve been a loyal reader of Above the Law, you know that law school graduates have done some pretty crazy things to pay off their educational debt, up to and including the attempted sale of their law degrees on websites like Craigslist and eBay. Back in 2008, a graduate of DePaul Law tried to sell his degree on eBay for $100,000, the approximate value of his law school loans. Similarly, in 2010, a graduate of Georgetown Law attempted to sell his degree on Craigslist for his remaining student loan balance.
Some of these stunts failed miserably, but others (sort of) worked — the disgruntled Georgetown graduate managed to sell his diploma for 10 percent of the original asking price. But what about the current deluge of downtrodden law students? What can they do to offset their student loan debt?
Well, they can sell their names on eBay, for starters….
* While Chief Justice of the United States John Roberts made a plea to keep funding for the federal judiciary intact, we learned that student loan default cases have fallen since 2011. You really gotta love that income-based repayment. [WSJ Law Blog (sub. req.)]
* Introducing the Asia 50, a list of the largest firms in the Asia-Pacific region. When it comes to the firms with the biggest footprints, only one American Biglaw shop made the cut. Go ahead and take a wild guess on which one it was. [Asian Lawyer]
* Congratulations are in order, because after almost a year of stalling, Arnold & Porter partner William Baer was finally confirmed by the Senate as the chief of the Department of Justice’s Antitrust Division. [Bloomberg]
* Our elected officials might not have allowed the country to fall off the fiscal cliff, but the American Invents Act was put on hold, so if you’re a patent nerd, you can still be mad about something. [National Law Journal]
* In the latest NYC subway shoving death, a woman was charged with second-degree murder as a hate crime, and allegedly bragged about other hate crimes she’s committed to police. Lovely. [New York Times]
* Next time you’re trapped on a plane that’s literally filled with other people’s crap for 11 hours, don’t bother suing over your hellish experience — you’re going to be preempted by federal law. [New York Law Journal]
One guy went to a professional school that takes the responsibility for training the next generation seriously. The other guy went to law school.
If you talk to legal educators for long enough, you might start to think that they are trying their best. You might start to think that there is no other way they can approach the training of lawyers. You might even start to think that they are more concerned with education then with bilking law students for all they’re worth.
Don’t believe it. Law schools are involved in a straight cash grab, and it turns out the we only need to look towards our nation’s medical schools to see how things look when schools are more concerned with the profession than profits.
It turns out that a very prestigious medical school is looking to trim a year off of the education — because doing so will reduce student debt and encourage young doctors to go into underserved fields….
It’s already tomorrow somewhere, and things seem okay.
* I’m happy to have spent this last day on Earth with you. And with professors Paul Campos and Brian Tamanaha telling you how law school is a raw deal. [HuffPost Live]
* Meanwhile, Seton Hall will be offering a tuition “discount” to students based on merit. Which is really just what a lot of law schools have been doing to try to fill seats as people become more aware of the problems with legal education. [National Law Journal]
* I didn’t know there were freaking idiots out there who thought that Israel had more lax gun laws than we do. But they don’t. Because Israelis like being safe. [Huffington Post]
* And if you think more lax gun laws in Russia would make the murder rate there go down, you are probably the kind of dumbass who thinks you can look into Putin’s eyes and see his soul. [Atlantic]
* So when former U.S. Olympian Suzy Favor Hamilton admits to it, it’s called “prostitution,” but when we’re doing essentially the same story about Ryan Lochte in 10 years, we’re going to call it “sex addiction” or something. [Chicago Tribune]
You may recall that back in 2011, before all of the law school litigation came into being, the California Culinary Academy (CCA) was hit with a multi-million dollar class action lawsuit filed by its graduates. The allegations contained therein — misleading job data, high tuition, and difficulty finding jobs after graduation — were very, very similar to those found in the law school lawsuits we revel in covering. Unlike the law schools that are currently under fire, the CCA offered to settle the case for $40 million, and that settlement was approved and entered as a final judgment this summer.
While the only law school lawsuit that’s come anywhere close to CCA’s status has been Alaburda v. Thomas Jefferson School of Law — currently in discovery, where all sorts of interesting stuff has been unearthed — law school plaintiffs may have another avenue to explore, thanks to yet another lawsuit that’s been filed by CCA graduates. This time, the bitter would-be cooks are out for blood against the very company that funded their failed culinary education.
That’s right, Sallie Mae is being sued for handing out private loans with “credit-card interest rates” like candy — really expensive, life-ruining candy. When will law school graduates do the same thing?
* Change may be coming soon in light of the Newtown shooting, but any talk about new federal restrictions on guns will hinge on the Supreme Court’s interpretation of the Second Amendment through the lens of the Heller case. [National Law Journal]
* Joel Sanders and the Steves are facing yet another “frivolous” lawsuit over their alleged misconduct while at the helm of the sinking S.S. Dewey, but this time in a multi-million dollar case filed by Aviva Life and Annuity over a 2010 bond offering. [Am Law Daily]
* Income-based repayment is a bastion of hope for law school graduates drowning in student loan debt, but when the tax man commeth, and he will, you’ll quickly find out that the IRS doesn’t have IBR. [New York Times]
* Is the premise of graduating with “zero debt” from a law school that hasn’t been accredited by the ABA something that you should actually consider? Sure, if you don’t mind zero jobs. [U.S. News and World Report]
* Daniel Inouye, Hawaii’s Senate representative for five decades and a GW Law School graduate, RIP. [CNN]
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: firstname.lastname@example.org.
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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