We’ve done a surprising number of stories about law school career service officers who push babysitting gigs on their unemployed students. I say “surprising” because after our first story, you’d think law schools would figure out that law students don’t like being put up for jobs that they could have secured in high school.
Since that first one, most CSO personnel and other law school staffers have figured out that babysitting jobs are best when the employer is a professor or somebody else connected with the law school. Then it’s less of a “career of last resort” and more of “helping out a member of your community” (who happens to be well-connected).
But it looks like one school has regressed to the point of just insulting its students with a babysitting ad that kind of rubs salt in the unemployment wound….
Law students are coming back to campus now, mainly for on-campus interviewing. How is 3L recruiting going for you, class of 2013?
Ha ha, just kidding. Hopefully when these kids decided to go to law school back in 2010 — despite overwhelming evidence that it was a risky proposition — these kids had some kind of back-up plan for just this situation.
Speaking of “overwhelming evidence,” there’s been a fun little infographic making the rounds around the blogosphere. It’s about the “new” trends in the legal market.
I’m not sure these trends are particularly new. In fact, I think these are trends that people should have been aware of for years. But since so many people show up to campus without critically thinking about their post-graduate job prospects, I’m going to guess this infographic is breaking news to a lot of returning law students…
The law firm of Fulbright & Jaworski is a leader in many fields — at least 31 of them, according to the latest Chambers rankings. In addition to recognizing Fulbright as a leading firm in 31 categories, the influential Chambers guide also named 99 Fulbright lawyers as leading individuals in their practice areas.
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….
On Friday, the American Bar Association released the employment data for the class of 2011 that they collected from their member law schools. By dumping the information on a summer Friday, perhaps the ABA was hoping that nobody would notice the statistics?
Well, we noticed. The numbers are too bad not to notice. Earlier this month we reported on the NALP employment data, and the ABA data here doesn’t look any better. Only 55% of people in the class of 2011 are known to have found employment in full-time legal jobs.
I participated recently in a panel discussion at a conference, speaking with other lawyer/blogger types in front of an audience consisting largely of people from law firms and law schools. After we finished, I did the decent thing and sat and listened to the panel that followed mine. I happened to choose an empty seat next to a woman who introduced herself to me later as a dean at a law school, in charge of career placement, or whatever the euphemism is for trying to find students non-existent jobs. The law school was a small one — yes, one of those dreaded “third tier” places.
She confronted me afterwards. “I guess I’m the bad guy, huh?”
I was startled by her candor, but I knew what she meant. This was one of those people from a third tier law school — the greedy cynical fraudsters signing kids up for worthless degrees, then leaving them high and dry, unemployed and deeply in debt.
Despite her participation in crimes against humanity, I had to admit she didn’t seem so bad, in person.
Then I snapped back to my senses — and went on the attack, assuming my sacred role as The People’s burning spear of vengeance….
Earlier this week, we brought you some news about an “excellent position” that a tipster found on Boston College Law School’s Symplicity site. As a quick refresher, BC Law touts a median starting salary of $160,000 for graduates in the class of 2010 who entered into private practice. This job… doesn’t come anywhere close to that number.
The position in question promised benefits such as malpractice insurance, health insurance, a clothing allowance, and an MBTA pass, but the starting salary was only $10,000. The MBTA pass must’ve been thrown in as a housing benefit, because the firm had to have known that on a salary that’s below minimum wage, their new associate would be forced to live in the Boston subway system.
As we noted in Morning Docket, one of the firm’s hiring partners has now spoken out about the job, and a spokesman from Boston College Law has come to the school’s defense, too. Let’s take a look at some of their bullsh*t explanations rationales for posting this “excellent position”….
The law firm of Dewey & LeBoeuf now finds itself in Chapter 11, but the story of Dewey has not yet reached its end. We’ll now turn the pages in the Bankruptcy Reporter.
Yesterday Judge Martin Glenn of the U.S. Bankruptcy Court allowed Dewey to use cash collateral to fund its wind-down operations, even though this collateral should really be seen as belonging to the firm’s secured creditors. Judge Glenn initially denied this request, at least when it was coupled with giving the secured creditors a lien on recoveries from future litigation. In deciding to let Dewey tap into the cash, Judge Glenn did not decide what the lenders might get in exchange for letting the firm use their money. That will be decided later, at a June 13 hearing.
With things quieting down on the Dewey news front, let’s turn to analysis. Here are some insights into what brought Dewey down and what other firms can learn from its fall, from a former managing partner who now works as a consultant to the legal industry….
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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