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….
No wonder a “no guests” policy has been instituted at the SCOTUS clerk happy hours. The pressure to keep the Obamacare secret — but also to spill it! — must be mind-blowing.
Some of the current clerks are married; do you think they’ve been able to resist telling their spouses? If a clerk goes out for drinks with friends and gets a little tipsy, might he spill the beans? If a clerk has brunch with her parents on Sunday for Father’s Day, and Dad speculates about how the case will come out, could the clerk’s telling facial expression reveal the ruling? [FN1]
If I were one of the Elect this Term, I’d never leave my apartment except to go to work, and I’d set my email auto-reply and voicemail greetings to say the following: “Please be advised that I will be completely unavailable — for in-person meetings, telephone conversations, or any other type of contact — until June 25, 2012. Thank you for your understanding.”
This brings us to today’s topic: the latest news in Supreme Court clerk hiring. Which lucky (and brilliant) young lawyers will find themselves at One First Street for October Term 2012?
Law schools — as Elie likes to remind readers on a frequent basis — are businesses. Like any good CEO should, Duke Law School dean David Levi has written an editorial defending his product: young lawyers.
In the National Law Journal, he starts off by acknowledging that the legal market for young lawyers is in worse shape than Duke’s reputation after the lacrosse scandal, and that this is “understandable” given the laws of supply and demand. (A subtle acknowledgment of there being too many law schools?) He then writes:
What is not understandable is the surprising amount of criticism heaped upon younger lawyers, offered as if to justify placing a disproportionate share of the economic downturn on their shoulders.
The criticism comes from law firm managers, in-house counsel and former lawyers who now comment on the legal profession…
Ahem. *Uncomfortable pause.*
They most likely represent a minority view, but they are vocal. They say that clients are no longer willing to pay for the work of young associates because their work is “worthless.” We might expect clients to make any argument that could lead to a lower bill, particularly during an economic downturn. But it is wrong and surprising for experienced lawyers inside and outside of firms to acquiesce in, even reinforce, this line of argument.
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: