Debt

Gradenfreude: The Plight Of A Law School Graduate In 2012

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Ed. note: Gradenfreude is a new series chronicling a recent law school graduate’s life after attending an unranked school. Feel free to email the author at TristanTaylorThomas@gmail.com, and he’ll respond ASAP. After all, it’s not like he has anything better to do.

When you are unhappy with your job, you have to take joy in the simpler things in life. For me, sometimes that’s just kicking back and enjoying a relaxing evening of good television. Yes, I have a television, but I also live in my parents’ house, so technically, it’s their television. Whatever.

I planned on watching TV on Sunday night, but unfortunately, something that was said at work stuck with me. During one of my breaks this week, where I sat in a windowless back room with less natural light than a prison, I met a new employee who recently graduated from college, and we were exchanging job-search horror stories. A fellow coworker walked in and overheard me talking to about how much my current job sucked, and he retorted, “Oh, the plight of a law school graduate in 2012.”

That completely ruined my night — so much so that, when at the end of the latest episode of “The Simpsons” the characters asked viewers to submit their own ideas for the opening “couch gag,” my mind instantly went to Lisa reenacting the quest of going to law school, and the life that it can lead to in today’s economy.

This is what I submitted….

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ATL Debate: Should This Graduate Of A Top Law School Solicit Donations To Pay Off His Student Loan Debt?

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Chris Danzig here. If you read Above the Law, well, ever, you know that we are deeply concerned about the burden of law school loan debt facing many young lawyers. The general consensus at ATL — vocalized most frequently by Elie and Staci, who each have firsthand experience with six-figure loan debt — is to avoid law school entirely, or at least know what you’re getting yourself into (and STFU when bill collectors come calling).

Occasionally, we hear about unusual approaches to dealing with debt that are undertaken by entrepreneurial — or outrageously bold, depending on your perspective — lawyers or law students. Crowdsourcing seems to be one of the new strategies.

Today, we heard from a 30-year-old graduate of an elite law school who is still living with his parents. He has turned to the internet for help paying off his loans.

I think he may be onto something, but my colleague Staci doesn’t exactly agree….

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Law School Loan Debt: A New Way to Walk Yourself Into Your Own Grave

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Should you go to law school? Is it worth the debt? These are reader questions that we encounter (and answer) all the time, but now that mainstream media sources have caught on to the fact that law schools are facing an existential crisis of sorts, they’re all beating the same drum we’ve been beating for years here at ATL.

You may remember David Segal’s popular series on law schools that ran in the New York Times. The Wall Street Journal has also churned out many articles detailing much of the same subject matter. Now, another reputable news source is running a series called Remake America, which covers the gamut of “issues and challenges affecting millions of Americans.” Apparently one of those issues is whether going to law school is worth the debt associated with the degree.

And let me tell you we were shocked, just shocked, to find out the recent college graduate asking for assistance had absolutely no idea how much loan debt she might incur if she enrolled in law school….

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Gradenfreude: The Beginning of the End

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Ed. note: Gradenfreude is a new series chronicling a recent law school graduate’s life after attending an unranked school. Feel free to email the author at TristanTaylorThomas@gmail.com, and he’ll respond ASAP. After all, it’s not like he has anything better to do.

If you’re a frequent reader of Above the Law, then you’ve seen plenty of stories about the horrors of attending law school. But even so, the editors have expressed a few opinions: Elie doesn’t want you to go to law school at all; Lat thinks you should give law school a try, as long as it’s free; Staci’s ambivalent, but thinks it’s cool if you sue after you graduate; and Danzig stalks people who went to law school, so… yeah.

It’s a little confusing, isn’t it?

Perhaps you’re still unsure about what you should do. That’s why I’m here to tell you about the darker side of being a law school graduate who just so happens to be a member of the Lost Generation. I’m here to tell you about the biggest mistake I’ve ever made in my life. I’m here to tell you about going to an unranked law school….

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The Practice: Opening Mail From A Potential Law Student

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From the time of my first column here, I’ve received emails from readers. Thoughtful people, both lawyers and non-lawyers, critical and yes, thankful, have offered (even using their real names) their suggestions, comments, lists of typos and grammar issues, and questions.

Questions like these:

1. Is it worth going into the field of law right now, or has the oversaturation of the market made building a solo practice or finding a decent firm position an almost impossible goal? Many of the writers on legal blogs (names of legal blogs deleted as not to upset my boss Lat) make it sound as though one would be foolish to enter the profession in any capacity.

and

2. If you had to make a decision between a tier three school with a full tuition scholarship, or $100k of debt to attend a “top 14″ law school, which would you choose?

Happy to answer….

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Dewey Know Who’s Next? (Reprise)

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The Dewey & LeBoeuf drama continues to unfold. As we mentioned in Morning Docket, there have been a few notable recent developments. Citibank just filed a vigorous response to allegations by Steven Otillar, a former Dewey partner, that Citi colluded with Dewey to take advantage of individual partners. Meanwhile, three former leaders of the firm — former chairman Steven Davis, former executive director Stephen DiCarmine, and former CFO Joel Sanders — have filed objections to the global settlement with former partners.

It’s not a pretty picture. And here’s what we’re wondering: Could it happen to another major law firm, sometime in the next twelve months?

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Non-Sequiturs: 09.11.12

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* Obama has made more women federal judges than any other president in history. But he still has a long way to go to match Bill Clinton’s record for being judged by women. [Wall Street Journal]

* Let’s agree that neither of the people running for president should be a tax lawyer. [Going Concern]

* This story about law firms involved in a class action suit allows me to quote one of the great Abraham Lincoln lines, as retold by the late Shelby Foote: “There’s too many pigs for the tits.” [Forbes]

* Proof that bankers have a better life. [Dealbreaker]

* Did you know that there is a typo on the Liberty Bell? [Josh Blackman's Blog]

* Louisiana has a problem with deadbeat corporations that owe money to the state. Apparently, businesses run from their debts just as well as students. [Lexis Tax Community]

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Comment of the Week: Loan Debt Redemption

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After going through this week’s entries for Comment of the Week, it seems that many of our commenters really want an Above the Law T-shirt. There was some stiff competition (what up, Richard Brosner?), but in the end, we decided to address a topic that’s germane to anyone who has taken out a loan to attend law school.

Over Labor Day weekend, the New York Times had an interesting article about the apparent “ease” with which one can get student loan debt discharged through bankruptcy. And by “ease,” we mean that there’s a whopping 39% chance that you’ll receive a full or partial discharge, but only if you can show that you’re a lost cause to society without any semblance of dignity or hope for the future. Easy, right?

Well, actually, yeah. Because when you’ve got six figures of law school loan debt hanging over your head for a degree that you thought was going to be marketable and you’ve resigned yourself to a job as a sandwich artist at Subway just to make a buck, you’re going to lose hope pretty quickly.

And that’s exactly why our Comment of the Week was just so damn appropriate….

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The View from 0L

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‘Which one of you is special?’

Today, the ATL Career Center launches its latest feature: a Pre-Law section, featuring ratings, inside info, and expert advice on law schools, LSAT prep, and the application process. Check it out here.

While law school applications continue to decline and legal jobs are scarce, the business of discouraging people from going to law school is positively booming. There is a mountain of data which would seemingly dissuade anyone from taking on massive debt only to then leap into the clogged toilet of this job market. (And yet, see this compelling analysis that now is actually a great time to apply to law school, especially for lower scoring applicants.)

But what about future law students — are the 0Ls getting these gloomy memos? And how is it shaping their choices?

Recently, in collaboration with our friends at Blueprint Test Prep, we conducted a survey of BluePrint’s summer students studying for the October 2012 LSAT. We had nearly 600 respondents. Our goal was to get a snapshot of these 0Ls’ perception of the legal landscape, including the realities of financing a law school education and the current state of the legal job market.

After the jump, see some of what we could glean from the 0L mind, including a striking disconnect between the “job market” and a “career path”….

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Dewey Collude With Citi To Screw Individual Partners?

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As we mentioned in the Labor Day edition of Morning Docket, there’s some interesting news on the Dewey & LeBoeuf front. The one former Dewey partner being sued by Citibank for allegedly defaulting on a capital loan — energy lawyer Steven Otillar, now a partner in the Houston office of Akin Gump — is opposing Citi’s attempt to collect on the debt, by arguing that he was “fraudulently induced” to borrow the money in question.

How much are we talking about? How does the debt compare to Otillar’s compensation while at Dewey? And what are Otillar’s specific allegations about “fraudulent inducement”?

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