As much as some people glorify being a “Jack of all trades,” the truth is that in order to succeed, most professionals have to specialize. After all, the full idiom is actually “Jack of all trades, master of none.”
At a certain point in a person’s career, if he really wants to go somewhere, he must become an expert at something specific and be able to do that one thing better than anyone else. No one wants to get complacent, but at some point work hopefully becomes comfortable.
And that’s what makes Judge Ann Pfau’s story so intriguing and unique. The 64-year-old was, until recently, the chief administrative judge for the State of New York. But late last year, after massive budget cuts, the lifelong administrator ended up as a trial judge, “in the gray courthouse that hulks next to Brooklyn Borough Hall like some weird tribute to bleak Soviet architecture.”
Our coverage of UMB hasn’t always been kind. See, e.g., discussion of former Dean Karen Rothenberg’s controversial pay packages (here and here).
This time, though, Maryland Law is doing the right thing. In a time of strained state budgets, it has succeeded in holding the line on tuition increases (which, as we’ve discussed, are running rampant throughout the law schools). UMB law students won’t see their tuition go up next year, academic year 2011-12, even though students in other schools at the university will.
How did Maryland manage this feat? Let’s take a look — which might prove instructive for other law schools….
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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