Law school graduates both young and old are living under the heavy weight of student loan debt, but we don’t need to tell our readers that law school costs a pretty penny — they already know. The people who do need to know are those who are thinking of applying to law school. Those people need all of the information that they can get their hands on so that they’re able to make an intelligent decision when choosing a law school.
Unfortunately, there doesn’t seem to be a way to discern the actual debt loads that recent law school graduates are carrying, if only because law schools have been misreporting the average indebtedness of graduating students to both the American Bar Association and U.S. News and World Report.
Which law schools are guilty of this committing practice? The ABA claims that administrators from “a number” of schools have contacted the organization in order to correct their information about loan debt….
Of the many things we’ve spoken about when it comes to student loan debt, romance and dating generally hasn’t been one of them. You probably never thought that your student loans would be both financially and romantically ruinous, but as it turns out, young adults aren’t keen on getting into bed with six-figures of debt every night.
Sure, you may never be able to buy a house, but you already knew that — after all, you’ve already got a mortgage on your education. That being said, it might take a while to find that special someone to rent with for the foreseeable future. Or hell, let’s be a little more realistic: you might be living with your parents. Do you really feel comfortable bringing home dates to a room filled with stuffed animals or high school football trophies?
If you feel like your love life is becoming a parodic version of that Carly Rae Jepsen song (Hey, I just met you / And this is crazy / But you’ve got loan debt / Lose my number, maybe?), fear not, because you’re not alone….
* Speaking on the condition of anonymity, one Supreme Court justice thinks that things will be back to normal at One First Street come the start of the next term, despite his colleagues’ loose lips. [National Law Journal]
* Hourly billing rates for associate are on the rise nationwide, while partner and counsel billing rates only saw modest bumps. Is Biglaw back in business, or is this just another “retention strategy”? [New York Law Journal]
* This is a really hard to believe newspaper headline: “Law firm recognizes employees have life outside of work.” Carlton Fields, what kind of gypsy voodoo magic spells are you casting? [South Florida Sun-Sentinel]
* Another day, another editorial about the “irretrievably broken” state of legal education in our country. But the ABA admins needn’t worry their oblivious little heads, because people will keep applying. [New York Times]
* And in today’s disturbing law school debtor news, Jason Bohn’s charge was upgraded to first-degree murder after a DA announced via indictment that Bohn allegedly intended to torture his victim. [New York Post]
* “Quite frankly, these are the actions of a dirty old man.” You can look, but never lick: it’s not really a good thing when a judge uses a sentence like this to describe an attorney’s alleged client relations skills. [CBS News]
* For it’s one, two, three strikes you’re out at the old ball fraud game. Lenny Dykstra pleaded guilty to bankruptcy fraud among a potpourri of other felony counts, and he’ll now face up to 20 years in prison. [CNN]
Honestly, 'convert or be eaten' wouldn't have been a hard choice for me.
There are some debtors who go to such lengths to escape their obligations that you have to wonder what kind of person lent them money in the first place.
Today we’ve got an expedited motion to vacate. It’s filed by an attorney, representing the debtor, who seems mad — both mad as in “angry,” and “mad” as in “bats**t crazy pants.” She’s mad at the lender, and she’s mad at the judge.
But mostly, she’s mad at Catholics. Dirty, dirty Catholics….
As part of a nationwide tour, Above the Law is coming to the great city of Chicago.
Join preeminent law firm management consultant Bruce MacEwen, Katten Muchin Chicago managing partner Gil Sofer, and JPMorgan Chase & Co. assistant general counsel Jason Shaffer for a panel discussion (sponsored by Pangea3) on the evolutionary and market forces bearing down on the law firm business model. Come on by Thursday, November 20, at 6 p.m., for thought-provoking discussion, food, drink, and networking.
Space is limited and there will be no on-site registration, so please RSVP
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.