Early last week, we broke the news that the Thomas Jefferson School of Law had missed a payment on its revenue bonds, triggering a default event under its current Loan Agreement. Luckily for the school, it was able to strike a deal with its bondholders to delay the unseemly business of ceasing its operations, at least until October 17, 2014. In the interim, TJSL is discussing “various potential structures and restructuring alternatives” with its bondholders, and is “confident” that it will be able to reach an accord in the near future.
When we last checked in with this overly optimistic law school, TJSL was hoping that it would be able to “continue to prosper” after settling up with its creditors. But how is the law school supposed to reach this happy fate when its credit rating with Standard & Poor’s keeps getting downgraded lower and lower?
Perhaps it’s time for Thomas Jefferson Law to remove its rose-colored glasses and embrace the fact that it shares the same financial woes as its own namesake. Will the school die in debt like our former president?
Pack it in everybody! Mere days into the new year, there’s a 1L out there who has the “law” all figured out. He can isolate the relevant aspects of a case at first glance and his agile mind can dismiss a flawed reading with ease. He’s so prepared that he’s already talking smack about law school graduates. And he did it all on Facebook so we can see how smart he is. We are truly living in blessed times. He will restore balance to the law!
Now, some naysayers would suggest that a 1L a few days into their law school career has no place calling out the work of those who’ve come before as irrelevant and untrue. That perhaps singling out by name a law school graduate and questioning his legal acumen was excessive for a mere pup. Ignore those voices. You can’t silence genius like this.
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…
OmniVere’s delivery of end-to-end technology & data consulting to position the company as a true differentiator in the global legal technology and compliance space.
CHICAGO, IL, September 29, 2014 – OmniVere today announced the creation of the company’s technology & data consulting arm and the addition of several industry-renown experts, including the former co-chairs of Berkeley Research Group’s (BRG’s) Technology Services practice, Liam Ferguson, Rich Finkelman and Courtney Fletcher.
This new consulting practice will provide and expand existing OmniVere eDiscovery consulting services to corporations, law firms and government agencies with a special focus on compliance, information governance and eDiscovery. This addition of this top talent now positions OmniVere as a true industry leader in the technology and data consulting space offering best-in-class end-to-end services.
Ferguson, Finkelman & Fletcher are nationally recognized experts and seasoned veterans in the areas of overall technology, electronic discovery, and structured data. At OmniVere, the team will be focused on all global consulting activities with respect to legal compliance, complex data analytics, business intelligence design and analysis, and electronic discovery service offerings.
The Trust Women conference is an influential gathering that brings together global corporations, lawyers and pioneers in the field of women’s rights. Unlike many other events, Trust Women delegates take action and forge tangible commitments to empower women to know and defend their rights.
This year, the Trust Women conference will take place 18-19 November in London. From women’s economic empowerment to slavery in the supply chain and child labour, this year’s agenda is strong and powerful. Speakers include Professor Muhammad Yunus, Nobel Laureate and founder of the Grameen Bank; Phumzile Mlambo-Ngcuka, Executive Director of UN Women; Mary Ellen Iskenderian, President and CEO of Women’s World Banking and many other influential leaders. Find out more about Trust Women here.