Day by day, law school applications continue to tumble. As of May 31, applicants were down 13.2 percent and applications were down 18.6 percent from last year. As we’ve mentioned previously, this is the third year in a row that there’s been a double-digit percentage drop like this. Welcome to the reckoning.
Law schools are understandably scared by the precipitous drops in applications. While some are handing out admissions offers like candy, others are exploding scholarship offers to entice prospective students to join their ranks. Still others have been forced to think outside the box to come up with innovative ways to fill their incoming classes.
Have you heard of the “Just Diapers to Juris Doctors” program yet? We’ve got to hand it to this school, because it’ll be at least two decades before this new admissions program turns into “Just Debt”….
For some people, passing the bar exam is really easy. Some people (ahem) can spend three years of law school with a BAC level approaching “flammable,” sober up for six weeks of BAR/BRI, pass the test, and move on with their lives. People who pass the bar aren’t necessarily “smart.” But they do well on standardized tests.
Other people have a real problem with the bar. Those people aren’t necessarily stupid or lazy. For the most part, bar failure happens to people who don’t standardize-test well and are pointlessly trying to memorize “all” the information instead of being taught how to prioritize the information they have.
Of course, people who don’t standardize-test well and have problems prioritizing information don’t suddenly start doing poorly on the bar exam. They probably lost points on the SAT, but maybe their raw intellectual capacity powered them through to a decent enough score. Maybe they did well at an average college, and then BOMBED the LSAT (which exists to punish people who don’t prioritize information correctly). So they end up going to a low-ranked law school, but they haven’t addressed their testing problems because they think the LSAT was just “one bad day.”
These kind of people spend three years making excuses for their LSAT scores, developing huge chips on their shoulders about how they’re just as smart as people who scored ten points higher (as if standardized tests give a damn about how smart you are), and figure they’ll rock out on the bar because, “Derp, I got an A in evidence, so I’ll ace that section, derp.” And then wham, the bar hits them upside the head, they fail, and they blame their law school, their professors, and the exam itself.
Since drops in bar passage rates make law schools look bad, one law school has an innovative approach to reach kids before they run into a bar exam buzzsaw. And it starts with giving them cash….
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: asia@kinneyrecruiting.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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Day by day, law school applications continue to tumble. As of May 31, applicants were down 13.2 percent and applications were down 18.6 percent from last year. As we’ve mentioned previously, this is the third year in a row that there’s been a double-digit percentage drop like this. Welcome to the reckoning.
