Back in August, we reported that Kurzon Strauss had filed class action lawsuits against Thomas M. Cooley Law School and New York Law School for fraud, negligent misrepresentation, and deceptive business practices. And earlier this week, we started to wonder how those cases would be moving forward, because Kurzon Strauss is apparently no more.
That’s right, the law firm that brought us some of the most prolific class action lawsuits of the year has broken up. Breaking up is hard to do, especially when you’ve got major cases like Gomez-Jimenez v. NYLS and MacDonald v. Cooley Law to deal with.
So, what’s a lawyer to do? Apparently the solution is to file fifteen more class action lawsuits against law schools with questionable post-graduate employment data.
Is your law school or alma mater a defendant? Let’s find out….
If you want to go to law school but can’t get into an ABA-accredited one, something is wrong with you. Sorry. Maybe you were raped by a scantron sheet when you were young or a freak boating accident left you unable to read brochures, but something is not right if you can’t get into law school but really want to.
And I really don’t care if you had some kind of culturally difficult upbringing or have some kind of trumped-up attention disorder or if you are a deaf-freaking-mute, because I’m sure that intelligent abused orphaned deaf-mutes suffering from ADHD with Daddy issues can easily get into accredited law schools, given the totally minimum barriers to entry into such programs. You have to fill out some forms and take a multiple choice exam without scoring significantly worse than random chance, and you’re in!
A while ago, The Economist came out with an article that we’re just circling back to now. It talked about a book written by Clifford Winston and Robert Crandall, of the Brookings Institution, and Vikram Maheshri, of the University of Houston, in which they argue that there is actually an undersupply of American attorneys, due to the stiff barriers to entry into the profession.
I’m not sure that these guys understand that the barriers to entry — such as they are — aren’t just there to protect lawyer salaries. Lawyers are trying to protect the consumers of legal services too…
It can be said with certainty that the women’s rights movement in this country has resulted in many positive outcomes. We can vote (and drive, too; sorry, Saudi Arabia). We can go to college and professional schools. We can work just as hard as men and earn almost as much. Heck, we can even run for president. What could possibly be wrong with any of these things?
Supply and demand, that’s what.
As more and more women decided to pursue higher education and become members of learned professions like medicine and the law, professional schools had to figure out what to do with all of their new female applicants. Schools in both of these fields figured out solutions. Take a wild guess as to which profession botched the decision….
The ABA Section of Legal Education and Admission to the Bar has done a huge disservice to prospective law students, law schools and the legal profession.
The legal employment rate is a basic yet crucial part of informing prospective law students. The failure to require law schools to disclose this rate legitimizes questions about whether the section is a body captured by special interests.
Back in June, when we spoke about the latest job data from NALP, it became clear that the class of 2010 — my graduating class — had some of the worst employment outcomes of the last 20 years. We knew this because of the way NALP categorized its data, differentiating between jobs that require and don’t require bar passage, and between full-time and part-time jobs.
But apparently the American Bar Association isn’t interested in helping people understand these outcomes on a school-by-school basis. The ABA doesn’t want you to know how schools fared in finding full-time legal employment for graduates of the class of 2010.
That’s right, the same folks who claimed just two short months ago that “no one could be more focused on the future of our next generation of lawyers than the ABA,” will now be removing those helpful job characteristics from the 2011 Annual Questionnaire….
Two petitions of possible interest showed up in our inbox today:
1. In favor of student loan forgiveness: This petition, reminiscent of Elie Mystal’s call for a student loan bailout, “strongly encourage[s] Congress and the President to support H. Res. 365, introduced by Rep. Hansen Clarke (D-MI), seeking student loan forgiveness as a means of economic stimulus.” (We mentioned H.R. 365 in Morning Docket.)
Just last month, Villanova Law was busy receiving a light slap on the wrist from the American Bar Association for the crime of falsifying admissions data to the ABA. Obviously, law schools misreport information to the ABA so that they can make the same false statements to U.S. News for the benefit of the law school rankings.
Since the U.S. News rankings help law schools pay the bills, and U.S. News does not have a data point for “censured by the ABA,” the ABA’s censure penalty seemed particularly ineffective.
But the news of today makes the way the ABA handled the Villanova situation look like even more of a joke. That’s because another law school has been busted for reporting inaccurate admissions information….
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
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: