* Could this be the worst judge in the country? [WFPL News]
* “Study Finds College Still More Worthwhile Than Spending 4 Years Chained To Radiator.” Congrats to Michael Simkovic on his new paper. [The Onion]
* The next Hobby Lobby could be Notre Dame, who wants the right to not have to pay for insurance that might possibly allow women to purchase birth control that kind of but aren’t really abortifacients in any scientific sense. It’s represented pro bono by Jones Day. Honestly, I don’t have it in for Jones Day, but it seems like every… single… damn… time I write something about a firm doing awful things I end up typing J-O-N-E-S-D-A-Y at some point in the article. [MSNBC]
* Helpful judge tells criminal to change his ways — not because he’s a criminal, but because he’s a really bad criminal. [Huffington Post]
* J.D.s should consider panhandling as a legitimate career alternative. [Law and More]
I previously wrote about the depressing prospects for graduates of all but the top ten or twenty law schools (“Two Law Grad Markets”). And yes, these were statistical generalizations, and the experience of specific individuals with particular skills and backgrounds will always be different, pro and con. But as an industry, if you care about our supply chain for talent, many law schools are burning platforms.
There are actually some closely connected problems driving this dynamic:
More JDs are being turned out each year than there are (a) full-time, (b) long-term jobs, (c) requiring bar passage, (d) at current salary levels;
perhaps the primary reason for the mismatch between supply of JDs and current demand for them (about two supplied for every one today’s market is demanding) is that clients increasingly resist paying for junior associates, which makes it uneconomic for firms to invest in traditional training;
but/and at the same time, every sentient observer is painfully aware that vast segments of the U.S. population — consumers and businesses alike — remain underserved by lawyers.
This would prompt any economist to ask, almost instinctively, “Why isn’t there a market-clearing price where supply and demand can meet?” Which is another way of asking, “What if there were a way to address both these problems at a single stroke?”
* Things you can sell as a practicing attorney: your soul, your dignity, and your standards. Things you can’t sell as a practicing attorney: babies (but it sure is a great way to abort your career). [Daily Mail]
I recently received an email from an old friend asking for advice on behalf of a relative who is thinking about applying to law school. I was about to respond with a warning about the dangers of taking on massive student loans to get a degree that just might put you on the fast track to unemployment, but then I reread the email and noticed that the young woman in question is thinking about applying to law schools in Canada (she’s Canadian).
O Canada! Their legal education system is different — and, by some accounts, better than ours. At least if you define “better” in terms of “better at getting law school graduates into legal jobs.”
But could things up north be changing — for the worse, eh?
* Above the Law — of animal cruelty? Steven Seagal, Sheriff Joe Arpaio, a dead dog, and a rooster massacre. [TPM Muckraker]
* After a judge shot down the effort by NBA star Gilbert Arenas to stop “Basketball Wives: Los Angeles” from airing, Arenas’s ex-fiancee, Laura Govan, was allowed to strut her stuff on television — and it wasn’t pretty. [Sister2Sister]
* Congratulations to super-mensch Stanley Levy, senior counsel at Manatt, on winning Am Law’s Lifetime Achievement Award for 2011. [American Lawyer]
Today we bring you a new installment in our popular series on celebrity summer associates. The stories in this series have been positive and uplifting — but we should note that we welcome tales of summer associate scandal as well.
With the summer winding down, it’s safe to share salacious tales of SA misbehavior. Please submit them by email, to email@example.com (subject line: “Summer Associate Story”), or by text message. As you know, we keep our tipsters anonymous.
Now, on to today’s celebrity summer associate.
Last week, in a piece for the New York Times’s Room for Debate project, I argued for reforming legal education by bringing back apprentices in law. But I was not optimistic about that change happening anytime soon.
Well, it seems that my call for apprentices has been heard. A former star of Donald Trump’s popular reality television show, The Apprentice, is now “apprenticing” at a major law firm, as a summer associate.
Who is this ex-Apprentice, and where is this person working?
Here at Above the Law, we’ve been discussing problems with the current law school model for quite some time now. My colleague Elie Mystal, for example, has railed against the high cost of law school, the crippling debt taken on by many law students, and the scarcity of jobs waiting for them on the other side.
By now we’re all aware of the problems. What about possible solutions?
A year ago, Howrey announced that it was slashing first-year starting salaries and radically changing its first-year program. Drinker Biddle had adopted a similar “apprenticeship” approach a few weeks before Howrey. Aside from Howrey, Drinker Biddle, and some firm in Kentucky, no other law firm has tried to sell below market salaries and intensive “training” to new recruits.
Despite the paucity of firms attempting to remake the first year experience, the press remains fascinated by the experiment. In April, the Washington Post did a feature on Howrey’s first year experiment. Today, the National Law Journal has a full breakdown of the year-old program:
Proponents hail the programs as a positive step away from the sink-or-swim environment many young attorneys encounter when they show up at large firms, and as a practical response to the growing cost-consciousness of clients. The firms bill at much lower rates or not at all for work performed by the apprentices, who earn lower salaries than the industry standard.
The three firms that have gone in this direction claim that the apprenticeships are working. But since nobody is following their lead, it’s evident that the rest of Biglaw is not at all convinced…
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: