Bill Henderson
It’s kind of like the Hunger Games. You’re just trying to survive.
– an anonymous partner quoted by Professor William Henderson in a presentation today at Unlocking the Law: Building on the Work of Larry Ribstein. Professor Henderson noted that today many partners move laterally not for greater prestige or pay but for sheer survival.
(One factor that’s keeping partners up at night, after the jump.)
Continue reading “Quote of the Day: And Then They Came for the Partners”
Steven J. Harper
Every incentive they see encourages them to pump-and-dump: pump up demand for law students and dump debt-ridden graduates on a glutted market. Their unemployed graduates become someone else’s problem.
– Steven Harper, commenting on the typical law school business model that deans and their superiors reportedly employ to maximize their short-term profits.
Dear internet, make me a graphic like this, only for law school prices and with, like, a student crying or something.
So we’re all going to vote tomorrow, and then on Wednesday most of us are going to wake up with the same old problems. I’m going to need to lose some weight. Romney’s going to be an unemployed rich guy nobody likes. And America’s law students are going to wake up in the middle of the night worried about getting jobs.
Last week, the Washington Post wrote an important article on the abysmal state of the legal job market. It sounded notes that are familiar to regular readers of Above the Law, but I feel that whenever the facts about legal education make it into the Post or the New York Times, it’s important because parents see it there. The more parents know, the less likely they are to push their kids into law.
While most of us know the broad picture (it’s a figurative disaster), it is still fun to pick through rubble….
Continue reading “Washington Post Hops On The ‘Do Law Students Know How Stupid They Are’ Bandwagon”
Back in April, we brought you a story about a family who had written to Dear Abby, an advice columnist, about their child’s law school loan debt. Apparently the mere thought of assisting their darling daughter with the repayment of her $100,000+ debt load was just too much to bear. The daughter had already ruined her own life, so why should they ruin theirs too? And yet, tens of thousands of students are still willing to look this student loan debt problem in the face and laugh.
Yes, in a time where the Executive Director of the National Association for Law Placement is forced to write entire columns about the fact that there is no conceivable way he could describe the current entry-level job market as “good,” others are still considering applying to law school.
For example, today we found out that the matriarch of another family sought wisdom from an advice columnist as to whether her husband should go to law school. How did she respond? Let’s just say Dear Prudence is a little more in tune with the realities of today’s legal job market than Dear Abby will ever be….
In the past few months, those involved in legal academia have been going back and forth over whether the cost of law school tuition is “too damn high.” Many would argue that it is, considering the fact that even during the height of the recession, some law schools instituted across the board tuition hikes. Even now, when repeated calls have been made for reduced class sizes, law school tuition continues to rise to make up for the lost revenue those additional students would have provided.
This problem, they say, needs to be remedied immediately — before the law school tuition bubble pops — so that we can avoid additional problems down the line. Because after all, as my colleague Elie Mystal noted in 2010, “Law school tuition might be recession proof, but student debt repayment is not.”
If we continue on this way, we may be looking at some pretty scary numbers in the future….
Continue reading “How Much Will Law School Cost In The Future? It’s Pretty Scary…”
Whatever happened to the Manhattan district attorney’s investigation into the failure of Dewey & LeBoeuf? It seems like we haven’t heard about it for weeks. Today we finally have some news to pass along.
As we mentioned in Morning Docket, this morning the Wall Street Journal ran a piece about the current state of the investigation. There are a few additional details, but on the whole, we don’t know very much at this point.
We know more about how you can get your hands on part of Dewey’s art collection. Keep on reading for details on that subject….
Back in May, we brought you news about a full-time job opportunity that appeared on Boston College Law School’s Symplicity page. Everyone expressed outrage over the position advertised, simply because of its annual salary of $10,000. If you do the math, that works out to about $4.81 per hour, which is well below minimum wage. But apparently our economy is such that at least 32 people applied for the job — a job that didn’t even yield a living wage.
Keeping that tableau in mind, tipsters recently brought our attention to yet another low-paying job. This one is above minimum wage. But even jobs that will get you off of a ramen noodle budget just aren’t good enough these days….
It’s time to take another look at some of the worst jobs being offered to recent law graduates around the country. Most people think that getting a J.D. is a path to high-salaried positions where you work in an office that smells of rich mahogany.
For some people, it all works out. But many recent graduates of law school end up fighting it out on salaries between $30,000 and $60,000 a year. It’s the bi-modal salary distribution curve, folks, and it’s not your friend.
Today, we’re not looking at full-time jobs, though. We’re taking a look at some positions available for people looking to supplement their income. These are part-time positions, but if you are a student or a recent graduate who needs some extra cash, you should check these out.
And, you know, despair…
Continue reading “Terrible Job Potpourri: Your Womb Is More Useful Than Your Law Degree”
What is the future outlook for Biglaw? The Magic 8 Ball is not optimistic.
Last month, we wrote about a less-than-cheery report from Citi Private Bank’s Law Firm Group, the largest lender to U.S. law firms. The bottom line of that report for law firms: “With weak demand growth and the continuation of expense growth, it is likely that expenses will continue to grow at a faster pace than revenue, squeezing margins and making it tricky to achieve even low single-digit profit growth.”
As we mentioned in Morning Docket, there’s a new report out from our friends at Citi, and it also sounds pessimistic notes. It concerns the confidence levels of law firm managing partners.
What are the powers-that-be in Biglaw worried about right now? Let’s find out….
The fable of the ant and the grasshopper may have lessons for the world of large law firms.
As regular readers of Above the Law well know, most major law firms — with a few notable exceptions — did not pay spring or mid-year bonuses in 2012. Our associate readers generally viewed this news with disappointment, while our partner readers had less of a problem with it.
But perhaps even associates should have been supportive of their firms’ decisions not to pay spring bonuses. Storm clouds are gathering over the law firm world. So says a recent report by Biglaw’s biggest bankers, over at Citigroup….
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 asia@kinneyrecruiting.com 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.
Also, we have the two below in-house openings:
Keep reading »
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?
Keep reading »
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