Back in July, we brought you some news about the law firms that you should be considering if you’re in search of diversity — the latest Vault rankings for the Best Law Firms for Diversity. In an ideal world, everyone would be able to work at a firm that’s open, inclusive, and welcoming to all.
Unfortunately, that isn’t the world that we’re living in. Now that you’ve seen which Biglaw firms are the biggest on diversity, let’s head down south to the Lone Star state, where it’s anything but a small world after all.
Eighteen of the 20 largest firms in Dallas, Texas, just received failing scores for diversity in a report issued by the Dallas Diversity Task Force. The other two firms received grades of C+. Let’s see which firms made the grade….
Investing in rims is a safer bet than investing in law school.
Occasionally, people will tell me that the calculus for attending law school is different for African-Americans than it is for any other kind of American. The proponents of this theory (and people who believe this come from all races) start with the objective fact that African-Americans are underrepresented as members of the bar. They view that as a social injustice that contributes to the fact that African-American clients are underserved by the legal community.
From those two appropriate concerns, these guys then see that the obvious solution is that more black people should apply to law school. And so they then make up reasons for why applying to law schools is somehow an especially good idea for black people. As if the fact that there’s a laudable social end magically changes the math of the law school decision.
But the social ends do not justify the economic means. Poor black people need lawyers, they don’t need more poor black people who became poor by going to law school.
Now, I’m all for racial diversity, but I fail to see the social good of encouraging black people to make ruinous financial decisions just because they are underrepresented in the group of people making this particular stupid purchase. I wouldn’t say to a bunch of white people, “You know, you really need to buy expensive rims for your car on credit. No money down!”
Sorry, that might be an inapposite analogy: rims are at least shiny and accomplish their stated goal of providing bling for your ride. A J.D. can’t even be used to adorn a car.
As I said, I’ve heard this terrible argument before, but rarely as boldly as from the associate dean for academic affairs at Penn State Law. Her version of the argument seems more like an attempt to cause active harm to the black community by taking advantage of those who don’t have enough information.
This falsehood that law school is somehow a “better” bet for African-Americans must be stopped, right here, right now….
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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