After graduating from college, I had a job interview with Mars. The interviewer asked me, “If you could be a candy bar, which one would you be and why?” I was not prepared for such a difficult question. First, I had to try to recall which candy bars were manufactured by Mars. Second, deciding which candy bar was my favorite was like choosing a favorite child. After a little thought, I responded, “I would be a Twix bar because there are two of them.” In addition to making no sense, my answer revealed a personality flaw that is best not disclosed up front: I am indecisive. And I guess I have a split personality? Unsurprisingly, I did not get the job.
There are a few other issues, beyond choosing my favorite candy bar, that I have difficulty resolving. The issue du jour is whether or not it is worth getting more education to get a (better) job. And I am not just talking about a J.D., I am talking about the Small Business LLM from Concord Law School.
Concord Law School launched its Small Business LLM program in the fall of 2010. Designed to be completed part-time online in two years, the program offers hands-on practical education to equip practitioners or recent law grads with the skills needed to serve small business clients. Tuition is $600 per credit hour, or $14,400 for the program. While Concord does not offer scholarships, there are opportunities for students to obtain outside financial aid and private loans.
Welcome to Lawyers & Economics, a new video series on financial topics by Professor William Birdthistle of Chicago-Kent College of Law. Professor Birdthistle, who teaches corporate law, has been preparing well-received videos for his students on a variety of subjects related to economics and finance. We’ve previously linked to some of his work, which received positive reader feedback, so we thought we’d give you a bit more.
After the jump, here’s a short primer on the Greek debt crisis, which remains ongoing. Watch it, so you can sound enlightened the next time this topic comes up at a cocktail party.
It features not just Professor Birdthistle but also a television actor you might recognize, who left Hollywood to become a law student….
* UC Berkeley: “We never like to hurt our students.” Yeah, apparently that’s what the police are for. Occupy Berkeley protesters are suing the school over police brutality allegations. [Huffington Post]
* You know what, screw the neighborhood. There goes the freakin’ country. Congress’s bipartisan, not-so-super committee has failed to reach an agreement for a deficit reduction deal. [CNN]
* “When the government takes action . . . there are legal limits to what they can do.” And one of those limits is that they can’t screw over any of the AIG shareholders, right, Maurice? [New York Times]
* While NBA players were busy consolidating their antitrust suits in Minnesota, David Boies was being called out by the NBA’s general counsel. Keep it on the in court, Buchanan. [USA Today]
* Remember that time we got arrested at an Occupy Wall Street protest and then sued over it? Probably not the kind of story you want to reminisce about with your future husband. [Bloomberg]
Make a law that for every student graduating from law school, he replaces an existing lawyer. That existing lawyer is then sent to an island to make dog bonnets and leg warmers. In a way, it’s a lottery designed to dissuade people from wanting to be lawyers, and increase the quality of our nation’s dog bonnets and leg warmers.
We write about depressing news for law students and law school graduates all too often these days, which is a very, very sad thing. We know that you don’t want to be reminded about the impending doom you may soon face. We really do wish that we had more positive news to report. But in this economy, it’s just not possible.
Gone are the days when earning a JD meant having automatic employment prospects. Gone are the days when having student loans wasn’t completely debilitating. These days, the JD has taken on a new meaning. It doesn’t just mean Juris Doctor anymore. These two are a little more fitting: Job Dilemma and Jumbo Dumbass.
The Connecticut Law Tribune has come out with an informative piece just in time for new 1Ls to realize that they may have embarked upon a six-figure mistake….
On Thursday night, I tried to explain the ups and downs of living your life under constant threat from debt collectors. Based on the reaction to the post, I have to say that the reading comprehension of my post was poor, even by “internet commenter” standards. Even Megan McArdle in The Atlantic missed some of the key points in my post.
Mostly, I blame myself. When that many people gloss over things in your post, chances are you didn’t make things clear enough. So allow me to correct that problem now. This time, I’ll use capital letters and aggressive fonts to make sure we’re all on the same page: when it comes to negotiating down your educational debts for less than the principal, I AM NOT TALKING ABOUT FEDERAL LOANS. You should never, ever mess around with your federal debt because Uncle Sam ALWAYS GETS HIS MONEY.
Are we clear?
McArdle also claims that she doesn’t know anybody who successfully negotiated down their student debts with their lenders (missing again my point that my debts had already been sold to a collection agency). McArdle’s skepticism sounds to me like a person who goes to a car dealership, pays sticker price, and then wonders why everybody was high-fiving the dealer as she drives off the lot.
But these factual issues are not what interested me about McArdle’s post. What I found interesting was the subtle scorn she (and many commenters) had for those who do not pay back their debts. I should have included that scorn in my list of things that happen when you default on your loans…
As I’ve mentioned before, I graduated from law school over $150,000 in debt. As many of you know, I haven’t exactly paid all of that money back. Not making payments that first year was all my fault. I wanted to get married, didn’t have a credit card, and was using money that should have been going to my loans to finance my wedding.
After that first year, things got a little out of hand. My debt was being sold, the monthly payments were outrageous, and I wasn’t really paying a lot of attention to the situation during the few times when I was both awake and not billing hours. Then I quit my law firm job, hilarity ensued, and I woke up one day with a credit rating below 550.
I’ve been paying the minimum balances to various collection agencies since 2007 or so. Whatever. My hopes for paying it off or owning property pretty much rest on my ability to hit the lotto. Most likely, I’ll die still owing money for law school. And that will be the story of me.
A reader emailed us, asking how bad non-payment of law school debt can really be. As one who has walked this path for eight years, I can honestly say it’s not that bad. Sure, it’s a completely different lifestyle than my friends lead. I can’t do “normal” things like get a Discover card or answer my unlisted telephone. But once you get used to it, it’s really not that bad. Your creditors will take away everything they can, but living a paycheck-to-paycheck, judgment-proof existence isn’t as bad as people make it look when they are trying to get you to sign up for a “free” credit reporting service….
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!