While it’s true that things have been spiraling downwards for law schools since the Great Recession, it wasn’t until 2011 that things really got out of hand. That was when the very first class action lawsuit about deceptive employment statistics was filed against the Thomas Jefferson School of Law. Little did we know that it would prove to be a harbinger of doom for the school.
About a year ago, we brought our readers the sad news that TJSL had conducted faculty and staff layoffs in an effort to free up funds. Not only had it suffered a blow to its enrollment, but it was also struggling to pay off the $133 million debt it accumulated after opening its new campus building in 2011.
To make matters infinitely worse, in December 2013, Standard and Poor’s released news that it had downgraded the credit ratings of a slew of stand-alone law schools. TJSL was one of the downtrodden schools whose credit standing was downgraded to B+, junk bond status with a negative outlook.
Now, we’ve got news that could have disastrous effects for the law school. It seems that TJSL has defaulted on its bonds, and it may be unable to remain in operation due to its financial predicament…
Law schools across the country are falling from grace now that the new normal has taken hold. Students are increasingly less and less interested in going to law school. From joblessness to insurmountable debt, there are just too many risks now associated with the J.D. degree to make it worth their while.
Many law schools are doing everything they can to entice new students to attend, and some of their disaster-avoidance plans — like initiating freezes and cuts to their egregiously high tuition rates — have been quite popular. Other law schools are trying to control costs by offering faculty and staff buyouts or conducting layoffs. Some law schools, however, are trying to pass the buck to their students.
Which top 100 law school is planning back-to-back tuition hikes and asking for state assistance to account for its enrollment woes?
To ask the students to, on top of [paying for law school], do an internship and not get paid for it, I think that’s just ludicrous. The ABA should do better.
– Monalisa Dugué, a student at Valparaiso University Law School, commenting on the fact that the American Bar Association prohibits law students from receiving monetary compensation for academic credit-bearing internships and externships. Dugué, a mother of two, was forced to leave an internship this summer because working for free “became too expensive” — her financial situation eventually became so dire that she “couldn’t even afford to put food in the refrigerator.”
(The ABA had the chance to revise its rule barring pay for academic credit-bearing internships and externships this summer, but law students’ hopes were quickly dashed. Better luck next time, struggling students.)
Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Alison Monahan provides some advice for optimizing your law school grades.
It’s a fresh semester, a new year, and you’ve resolved to get better law school grades. Great! How are you going to do that? If you’re like most people, you resolve to “work harder.”
For a few days, or maybe even a couple of weeks, you spend extra time in the library, making sure you’re well-prepared for class and don’t fall behind on the reading. Inevitably, however, things get in the way and you start slipping. Maybe your favorite TV show is on, or a big ball game, and your study time gradually drifts back to about what it was before.
There’s nothing really wrong with this approach, except for the fact that it’s unlikely to improve your outcome. What will improve your results is a new approach — iteration.
* First things first, she’s the realest: In light of the ongoing situation in Ferguson, Missouri, of course Justice Ruth Bader Ginsburg acknowledged that we have a “real racial problem” in America. [National Law Journal]
* Cooley Law has experienced legal troubles over its job stats for the past few years, and a great deal of it has been handled by Miller Canfield. It raked in almost $1M from the school from 2011 to 2012. [Am Law Daily]
* Yesterday, a federal judge in Florida struck down the state’s ban on gay marriage as unconstitutional. The latest opinion is one of nineteen in favor of marriage equality. The decision was stayed, but yay for Flori-duh! [CNN]
* Half of Concordia Law’s third-year class will not be returning to school this fall because they’d rather wait to receive word on whether the school will be accredited than waste more of their time there. [Boise State Public Radio]
* Thanks to JudgmentMarketplace.com, a dentist was finally able to collect on a a years-old default judgment against Kim Kardashian — but only because a lawyer bought it from him. [WSJ Law Blog]
Now that the July 2014 administration of the bar exam is in the books, everyone can commiserate over the mental anguish they went through while cramming hundreds upon hundreds of pages of otherwise useless legal knowledge into their brains.
When it came to the bar exam, you weren’t studying. As it turns out, you were stuDYING. Given how tedious the entire process was, it must’ve sometimes been difficult to stay sane.
This girl found a way to keep herself from losing her mind — barely — and we’re going to show you how…
[I]f you’re in law school because you didn’t know what else to do after your BA, because you hate Math (and erroneously think Law doesn’t requite Math skills) and the sight of blood, therefore couldn’t be a physician, and have no goal other than to make a lot of money, and if you dislike work but have always relied on your IQ and adrenaline to ace all your courses, well, you chose the wrong generation to go to law school. Get thee out now whilest a partial refund of tuition is still available.
Everyone knows that making law review is a major accomplishment in law school. When faced with a dismal job market, it’s a résumé line that may get your foot in the door. Being published on law review is an entirely different ball game. You’ll get offers everywhere you apply, and your grandma will be able to tell all of her friends you wrote part of a book. Everyone loves you and the world is good. Hooray!
Making and being published in a law journal outside of your law school’s flagship law review is still pretty cool. It’s still kind of a big deal, but not as big of a deal as this law student would have you think…
According to news reports, another lawyer’s career may be over before it even started.
As we mentioned earlier today, on Tuesday evening, a Texas law student was arrested on some very serious charges: attempted murder and arson. The warrants stemmed from a single incident that allegedly occurred in Louisiana.
Details on the crime are scant at this point, but we do know where the accused goes — or perhaps went — to law school…
It’s that time of the year when law students should start preparing for on-campus interviews. They’re straightforward, right? Wrong. ATL’s recruiting experts have designed this challenge to help you determine whether you really know how to nail the interview. Take the On-Campus Interviewing for Law Firms challenge and find out if you are truly ready for OCI season.
(This challenge is brought to you in partnership with our friends at CredSpark.)
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 seven years. You can reach them by email: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!