If you’ve been a loyal reader of Above the Law, you know that law school graduates have done some pretty crazy things to pay off their educational debt, up to and including the attempted sale of their law degrees on websites like Craigslist and eBay. Back in 2008, a graduate of DePaul Law tried to sell his degree on eBay for $100,000, the approximate value of his law school loans. Similarly, in 2010, a graduate of Georgetown Law attempted to sell his degree on Craigslist for his remaining student loan balance.
Some of these stunts failed miserably, but others (sort of) worked — the disgruntled Georgetown graduate managed to sell his diploma for 10 percent of the original asking price. But what about the current deluge of downtrodden law students? What can they do to offset their student loan debt?
Well, they can sell their names on eBay, for starters….
One of the worst parts of attending an institute of higher learning, whether for undergraduate studies or law school, is being forced to purchase overpriced textbooks that in all likelihood you will never need or open.
A cottage industry has sprouted up for people trying to find ways to let students pay less for the costly laptop stands. These days, students can take advantage of local used bookstores, Amazon or eBay, and in some cases, their iPads.
Earlier today, the Supreme Court agreed to hear a case regarding the legality of one unexpectedly common way to make a little cash, and still sell affordable-ish books: buy that s**t abroad for cheap, bring the books back to the U.S., and sell them online for normal American prices.
Unsurprisingly, publishers are not excited about this emerging “gray market.” That’s where SCOTUS comes in….
Here at Above the Law, we know that thanks to the powers of the internet, you can buy and sell just about anything on eBay, including stuff that may be relevant to your life in the law. We’re talking about things like:
Alas, one student at Temple Law School didn’t get the “no begging” memo. She sent out a Facebook invitation to almost 800 people, requesting their attendance at an event entitled “HELP [REDACTED] RAISE MONEY FOR THE BAR EXAM IN JULY!!!!”
Yes, she’s asking her law school classmates — some of whom are probably just as cash-strapped and debt-burdened as she is — to just give her money.
Or pay her for one of her magic spells. Because she’s a witch, you see….
We talk a lot about how expensive legal education is and how prospective law students need to think rationally about their debt exposure before they try to finance a legal education.
I’m not sure if this law student did any of that thinking. But I am sure that her solution to the high cost of legal education is pretty ridiculous. After selling off most of her “excess” possessions on eBay, she decided to use the site to solicit direction donations for her legal education. She’s not taking on more debt, she’s not going out and getting a job — she’s asking for charity.
* Here’s a list of America’s Worst Bosses for 2010. Shocker: some of them are lawyers. [eBossWatch]
* Is this a legal and/or fair way to get a flaking eBay auction winner to pay up? Maybe all is fair in love and war e-commerce — although that approach didn’t work out well for Vitaly Borker. [Reddit via Consumerist]
* Filing a lawsuit against McDonald’s over Happy Meals makes me sad — and Walter Olson mad. (Disclosure: I once worked at McDonald’s.) [New York Daily News]
* Speaking of delicious things — and readers, please note my use of “delicious” to refer to food — how do you overcome the “cupcake challenge”? A panel of experts, including my law school classmate, Georgia state legislator Stacey Abrams, tackled this question in a panel discussion at the U.S. Chamber of Commerce. [The ChamberPost]
* Single D.C. lawyers, there’s still time to entrust your love life to Kashmir Hill. We have many responses, but there’s gender imbalance right now. Kash needs men — please help! [Above the Law]
Earlier this week, we brought you the story of Nelson v. Jones Day — a discrimination lawsuit filed against Jones Day by Jaki Nelson, an African-American woman who worked at JD for almost 18 years. Some of the allegations in Nelson’s complaint — use of racial slurs by firm partners and administrators, sex scandals, and rampant bullying — were salacious and incendiary. If you haven’t already done so, read more about them in our earlier post.
As litigators well know, however, there are two (or more) sides to every story. And this lawsuit is no exception.
(We’re reminded of Aaron Charney’s lawsuit against Sullivan & Cromwell, alleging anti-gay discrimination. Based on the same reporting, some viewed that lawsuit as Philadelphia: The Sequel, while others saw it as an oversensitive and entitled associate suing a firm with no anti-gay bias — and numerous gay partners and associates.)
After we published our post, sources came forward to defend Jones Day and the lawyers mentioned in the complaint — and to dish dirt on the plaintiff, Jaki Nelson….
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: email@example.com.
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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