Debt

As we mentioned in Morning Docket, one New York law school just decided to cut its yearly tuition by a whole lot — 15 percent, actually. That’s right: a top 100 law school is reducing its tuition, across the board, in a move that will take it from being the second-most expensive private law school in New York City to being the cheapest of its kind.

Of course, by “cheapest,” what we really mean is “still prohibitively expensive,” but at least it’s a step in the right direction. Perhaps this is a trend in the making for the rest of New York City’s law schools.

So, which law school is helping its students take on a little less debt?

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Jordan Graham and Cody Johnson

* Scared of an audit, were we? With the unsealing of the case against Dewey’s former finance director comes greater insight into what was really going on behind the scenes at the failed firm. [DealBook / New York Times]

* The American Bar Association is willing pay up to $15,000 to organizations that match unemployed law grads with jobs to serve the legal needs of the poor. So, how much do the poor law grads get paid? [National Law Journal]

* Tenure may be “under fire,” but law professors are fighting back — and hard — because law school deans seem unwilling to speak up on their behalf. Let’s face facts though, tenure isn’t going anywhere. [Forbes]

* It figures one of the faces of America’s $1 trillion of outstanding student loan debt is a lawyer. Hey, heavily indebted lawyers make great headlines and even better first paragraphs. [Big Story / Associated Press]

* Jordan Graham, the newlywed who pushed her husband of eight days off a cliff, was sentenced to serve 30 years in prison. Protip: an annulment would’ve been a better option than second-degree murder. [CNN]

Yesterday, we brought our readers some “startling” statistics about law student debt levels. It seems that average indebtedness for law graduates increased by more than $50,000 between 2004 and 2012, with a typical law student saddled by about $140,000 in loans.

In fairness, those statistics probably weren’t all that startling to our readers — many of them are heavily indebted themselves. In fact, we know that many of them are carrying debt loads that surpass even that six-figure number.

Which law school graduates have the most debt of all? U.S. News has a ranking for that…

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Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Sunny Choi of Ms. JD suggests five New Year’s Resolutions for every associate’s wallet.

Being financially conscious requires a disciplined mind and willpower similar to what you would need to succeed at losing weight. You’re not going to lose those 10 pounds by carving out an exception, for say, your daily caramel latte from Starbucks. No ifs, ands. or buts when it comes to meeting financial goals. If you’re ready for the challenge, here are some ideas for New Year’s resolutions that you can tailor to your personal financial needs.

1. Aim for quarterly progress in paying down your law school loans.

Continue reading at the ATL Career Center…

Despite calls for change from the highest of authorities, law school tuition is still too damn high. In fact, for most recent law school graduates (myself included), it’s financially crippling.

Sure, class sizes have gotten smaller — whether due to law schools’ attempts to rightsize or due to lack of interest from prospective students — but tuition hasn’t. Some schools have managed to keep it flat (albeit at too high of a level), but others have had the nerve to dramatically increase tuition in these trying times for legal education.

Given how resistant the old and gray occupants of the ivory tower are to change, perhaps some frightening predictions about the future of law school tuition will help them open their eyes. If you think you’re hurting for students to fill the seats now, just wait until it costs $78,000 a year to attend…

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Earlier this week, we asked readers to submit possible captions for this photo:

On Thursday, you voted on the finalists, and now it’s time to announce the winner of our caption contest…

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Earlier this week, we asked readers to submit possible captions for this photo:

Let’s have a look at what our readers came up with, and vote on the finalists…

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You’ve graduated from law school. Congratulations! There’s just one small problem: you’ve now got six figures of debt attached to your name, and you have absolutely no idea how to pay it all off. You’re determined to do it, though, come hell or high water.

Having a modest income, you signed yourself up for income-based repayment. You thought (perhaps mistakenly) that it would be the best option for you. You want to get all of your financial ducks in a row so that you’ll be able to make the most of your future.

Alas, your Mint account just told you that you’re doomed…

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I’ve liked working in law and am taking the LSAT next month despite law school being mostly a really poor decision (especially for someone like me who doesn’t like debt).

– Meghan, a young American woman working at a boutique law firm in Istanbul, Turkey, discussing her plans for the future in an interview with Mike Dang of The Billfold. Meghan claims that if she doesn’t perform well on the LSAT, she won’t apply to law school.

These days, when we speak about new lawyers, we tend to focus less on the mere accomplishment of graduating from law school, mainly because the only admissions requirement at some institutions is a pulse, and more on sobering topics like incredibly high student debt loads and rampant joblessness. This is the “new normal” for law school graduates, and it isn’t as appealing as deans would have you believe.

Given the fact that the market for legal employment dropped out from underneath those who graduated between 2009 and 2011 (and continues to falter to this day), servicing high amounts of law school debt is more difficult than ever before. Declaring bankruptcy isn’t a real option for many, and enrolling in income-based repayment is a temporary solution that has been called a ticking time bomb. You just can’t win.

Unwelcome debt situations usually go hand in hand with law degrees, and they can happen to the best of us — even those who were once lauded as geniuses, like Andrew Carmichael Post. In America, even if you graduate from college at 17, enroll in law school at 18, and pass one of the most difficult bar exams in the nation at 22, you’ll still be saddled with unmanageable debt — in this case, to the tune of $215,000.

How in the world will Post be able to shoulder such a heavy debt burden?

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