Law School Debts

We are going through a revolution in law with a time bomb on our admissions books. Thirty years ago if you were looking to get on the escalator to upward mobility, you went to business or law school. Today, the law school escalator is broken.

William D. Henderson, a professor of law at Indiana University (Maurer), commenting on the rigor mortis that’s quickly spreading now that everyone’s fantasies of fame and fortune in the once storied legal profession have died.

(Enough doom and gloom. What are law schools planning to do about it?)

double red triangle arrows Continue reading “Quote of the Day: The Law School Dream Is Dead”

* The revised transcript from the day Justice Thomas spoke during oral arguments has arrived, and it seems his record for not having asked a single question from the bench is still intact. [WSJ Law Blog (sub. req.)]

* The Seventh Circuit ruled on Indiana’s social media ban for sex offenders, and the internet’s filth will be pleased to know they can tweet about underage girls to their heart’s content. [National Law Journal]

* Propaganda from the dean of a state law school: lawyers from private schools are forcing taxpayers to bear the brunt of their higher debt loads with higher fees associated with their services. [Spokesman-Review]

* Rhode Island is now the only state in New England where same-sex couples can’t get married, but that may change as soon as the state Senate gets its act together, sooo… we may be waiting a while. [New York Times]

* It’ll be hard to document every suit filed against Lance Armstrong, but this one was amusing. Now people want their money back after buying his autobiography because they say it’s a work of fiction. [Bloomberg]

One of these days, there is going to be an awesome story of a recent law graduate attempting some kind of complicated heist, reminiscent of The Town, in order to pay off his crushing graduate school debts.

This is not that story. This is a story of an allegedly crazy man, wearing a 3D mascot hat, who allegedly tried to steal $500 with a Star Wars blaster.

But the dude went to law school, and so we get to talk about it….

double red triangle arrows Continue reading “Law Graduate Allegedly Robs Bank Because Of His Student Debt (And Because He Might Be Cray-Cray)”

The horrors of student loans are much discussed here at Above the Law, if only because law school tuition is so damn high, and housing expenses are so damn costly, that financing a legal education usually requires taking out about six figures of non-dischargeable debt. That’s quite a heavy load to carry. If only there were some way to pay the bills without going to the poorhouse in the process.

Apparently there’s a new way to deal with the rising costs associated with higher education in this country, and you don’t even have to lose your dignity to participate. You see, Seeking Arrangement, the leading “sugar dating” website, recently released statistics showing that more and more college co-eds are turning to “sugar daddy” and “sugar mama” arrangements to pay for their school-related expenses.

And hey, if all the college kids are doing it, why can’t law students fall in line with the latest trend?

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It’s completely natural for adults to reach a breaking point. Sometimes, enough is enough. This is true for almost all aspects of adult life that people wish could be changed, including those dealing with addiction, infidelity, and, of course, the headaches that accompany being employed. When and where this point is crossed obviously depends on the individual, but many times, it’ll result in breaking away from what became comfortable and a willingness to do anything for a change.

I personally experienced this myself just before Christmas — that’s when I quit my awful retail job….

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‘Please sir, some more gruel experience.’

Anyone who’s been following the implosion of the law school bubble is well aware of the fact that many recent graduates have been left floundering when it comes to employment prospects. And given the vast media coverage of the legal academy’s existential crisis, everyone and their mother knows that entry-level law jobs are few and far between. People are hungry for experience, but they’ve quickly come to the conclusion that it’s a real seller’s market out there. In today’s economy, it’s kill, be killed, or work in retail with a law degree (a fate which, for some, may be worse than even death).

As expected, some employers have chosen to take advantage of this situation. Take, for example, the “excellent position” we covered last summer, after a number of tipsters emailed us to express their outrage. The job was touted as providing “valuable experience,” and even though it had a sad little yearly salary of $10,000, some 32 people applied.

In the wonderful world of legal one-uppance, it was only a matter of time before someone came up with an even more audacious employment scheme. Would you be willing to pay someone for legal experience? Because that’s what this Connecticut law firm expects you to do.

Leave it to a lawyer to come up with a way to turn this dearth of job opportunities into a revenue stream….

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It’s a little bit early for tuition hike season, but in a few weeks, we’ll start getting stories about law schools raising tuition on students just because they can. We say it every year, and we’ll say it again this year, but it appears that law school tuition is one of the only things that is recession-proof.

Law salaries remain flat. Law applications are even down, but that doesn’t necessarily mean tuition will follow. Here’s how committed law schools are to raising tuition: they’ll raise tuition and then give high-achieving students scholarships to offset the increase. It’s as if low-achieving law students are subsidizing tuition for high-achieving law students at schools across the country.

Law schools are willing to do whatever it takes to keep making the tuition number go up. At Miami, they raised tuition and then (after we asked about it) gave 2Ls a “waiver” from the hike.

It goes up at Duke. Last year, tuition went up at Duke Law School by 4 percent. Why? Why was the money needed during a time of extreme challenge in the legal job market? Who knows? It’s not like Duke is required to explain itself to students.

But this year, some Duke Law students are trying to make the administration understand that the “standard” tuition hike doesn’t make any sense for the students at the school….

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With the Notre Dame Fighting Irish’s attempt to win their first national championship in a quarter of a century, and at the same time, their attempt to end the Southeastern Conference’s years of dominance of the BCS, I am hoping that this return to glory by a once storied franchise will be accompanied by a return to glory for the storied legal profession.

When I was growing up, most thought of lawyers as highly educated, intelligent, and self-motivated (even to a fault) professionals. Many considered lawyers to be part of the upper echelon of society, and most people also believed that simply being a lawyer would result in a huge, guaranteed payday. And for most of college football history, the Fighting Irish received similarly high praise.

In recent years, however, both the legal profession and the Irish have been held up to strong criticism, and were unable to enjoy the same success people became accustomed to. Even while I was still in law school at my TTT, respected attorneys told me not to worry about the school I was attending, because by the time that I got to my second or third job, no one would care anymore. The little detail that everyone left out was just how much it would matter for that first job — because it’s rough to get to the second or third job when you can’t even find your first, no matter how hard you try.

Going along with the Fighting Irish’s return to the top, here’s a look at a few other things that were once closely associated with the legal profession that are no longer true, but would be welcomed back with open arms….

double red triangle arrows Continue reading “Gradenfreude: The Legal Profession Has the Luck of the Irish”

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….

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* While Chief Justice of the United States John Roberts made a plea to keep funding for the federal judiciary intact, we learned that student loan default cases have fallen since 2011. You really gotta love that income-based repayment. [WSJ Law Blog (sub. req.)]

* Introducing the Asia 50, a list of the largest firms in the Asia-Pacific region. When it comes to the firms with the biggest footprints, only one American Biglaw shop made the cut. Go ahead and take a wild guess on which one it was. [Asian Lawyer]

* Congratulations are in order, because after almost a year of stalling, Arnold & Porter partner William Baer was finally confirmed by the Senate as the chief of the Department of Justice’s Antitrust Division. [Bloomberg]

* Our elected officials might not have allowed the country to fall off the fiscal cliff, but the American Invents Act was put on hold, so if you’re a patent nerd, you can still be mad about something. [National Law Journal]

* Remember when Rutgers-Camden Law said “many top students” were making bank after graduation? Yeah, about that: Law School Transparency just filed an ABA complaint. [Thomson Reuters News & Insight]

* Here are some law school trends to look out for in 2013. FYI, the applicant pool is smaller because no one wants to foolishly gamble on their careers anymore. [Law Admissions Lowdown / U.S. News & World Report]

* In the latest NYC subway shoving death, a woman was charged with second-degree murder as a hate crime, and allegedly bragged about other hate crimes she’s committed to police. Lovely. [New York Times]

* Next time you’re trapped on a plane that’s literally filled with other people’s crap for 11 hours, don’t bother suing over your hellish experience — you’re going to be preempted by federal law. [New York Law Journal]

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