Law Students

Ed note: Cedar Ed Private Student Loan Consolidation products enable recent graduates to lower their private student loan rates and monthly expenses into one manageable payment. See more here.

The average debt load of law school graduates is well over $140,000. That’s roughly the cost of purchasing a Maserati, or 88% of your first-year Biglaw salary. Couple that with a notoriously grim employment outlook and law school grads often find themselves tethered to mortgage-sized repayment plans, minus the actual house.

One thing law school doesn’t teach you is the variety of loans that are available and the advantages and disadvantages of each loan type. With a little foresight, law school students can select the proper loan and create a repayment plan that is best aligned to their career and lifestyle post-graduation.

Let’s start by breaking down each type of loan to better understand consolidation after graduation…

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J.D. = Just Debt

* Per the latest Gallup study, Republican approval of SCOTUS is up, while Democratic approval is down. Gee, considering how the biggest cases of OT 2013 went down, no one should be terribly surprised by this news. [New York Times]

* Will our leader make the grade? Law profs wrote a strongly worded letter to President Obama, asking that he not include a religious exemption in his executive order prohibiting anti-gay bias in federal contractor hiring. [National Law Journal]

* Hey guys, there’s a new report out that contains some pretty shocking information about the realities of life after law school. Seriously, who knew that would-be lawyers were poor? Oh wait, we did. [CNN Money]

* Washington & Lee recently surrendered its Confederate flags to appease its black student population. Here’s an interview with Brandon Hicks, the law student behind the historic movement. [Huffington Post]

* “Fret for your latte, and fret for your lawsuit.” Tool hasn’t put out a new album in in almost a decade, and it’s all because of one pesky little lawsuit filed way back in 2007 that just won’t go away. [Rolling Stone]

Get out while you still can!

If you’ve managed to jump onto the speeding “now is a great time to apply to law school” train, then you might want to fling yourself from the tracks, because that thing is about to derail. We’ve got some major news from a law school that’s stereotypically regarded as one of the worst in the country. If you thought things were bad for law schools, you ain’t seen nothing yet.

The legal academy has been waiting with bated breath for something like this to happen, and now it finally has. A law school is cutting an entire class year from its enrollment logs at one campus and laying off faculty and staff — all at the same time.

Which law school seems to be in full on disaster mode right now?

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Sometimes students who enroll in law school very quickly realize that it’s not the right career path for them. Rather than lay out additional loan dollars, they happily withdraw from school and frolic to their next destination. Others “withdraw,” forget that lawyers want important decisions recorded in writing, and wind up accidentally failing out of law school. When they decide that they want to go back to school, this obviously causes problems.

In the case we’ll be discussing today, the former law student happened to file suit against the law school he once attended. He apparently decided that he really did want to be a lawyer, seven years after he initially quit. Alas, he needs a letter of good standing to apply to the school of his choice, and his old school won’t supply him with one.

Did we mention that he wants a letter of good standing so he can apply to Cooley Law?

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During the final year of law school, those who are about to be handed their degrees are desperately seeking legal jobs of any kind so they can be counted among the few, the proud, the would-be lawyers who are employed at graduation.

Considering how terrible the job market is, those who are lucky enough to find a job are likely do anything they can to keep it. They might even be willing to deal with some “disgusting and grotesque” sexual comments for a while.

But how much is too much? It’s quitting time when the boss starts demanding sexual favors…

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Between 2008 and 2012, the median debt burden for newly minted JDs increased by 54 percent, from $83,000 to $128,000. (That compares with a 22 percent increase in medical student debt.) It is the responsibility of every aspiring law student to understand the implications of taking on such a financial commitment. For law grads who have already accumulated the debt, there may be options for you to better manage repayment. Thanks to our friends at DRB, today’s infographic takes a look at law student debt, including the possible benefits of refinance or consolidation. Click here for more details.

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‘Should I go to law school? Nah, I don’t want to be poor.’

Last year, there was such a substantial national decline [in law school applicants], and a lot of law school deans said, “It’s got to be the bottom of the market, right?” People assume there has to be an uptick, because there’ll be a recovery and students will see an opportunity to get into better schools. But then a year goes by and there’s an additional decline. I will say this: The preliminary data I’ve seen on the students who have taken the LSAT this year suggests that we’re not seeing a big recovery — let’s put it that way.

– Dean Daniel B. Rodriguez of Northwestern Law, in an interview where he discussed the problems that law schools face in the post-recession world.

This girl will cut you and/or f*ck you.

Now that Memorial Day weekend has come and gone, summer is here. Law students like to hold grudges, though, so we’re still hearing about insane tales from the law school finals period.

Law students can be ultra competitive, and they become even more so during exam time. You may have heard stories about law students ripping pages from much needed books to prevent their classmates from getting ahead. You may have heard stories about law students deleting pages of outlines from their classmates’ laptops to ensure their own success on the grading curve.

But we’re pretty sure you’ve never heard about sexy law school retribution before….

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I previously wrote about the depressing prospects for graduates of all but the top ten or twenty law schools (“Two Law Grad Markets”). And yes, these were statistical generalizations, and the experience of specific individuals with particular skills and backgrounds will always be different, pro and con. But as an industry, if you care about our supply chain for talent, many law schools are burning platforms.

There are actually some closely connected problems driving this dynamic:

  • More JDs are being turned out each year than there are (a) full-time, (b) long-term jobs, (c) requiring bar passage, (d) at current salary levels;
  • perhaps the primary reason for the mismatch between supply of JDs and current demand for them (about two supplied for every one today’s market is demanding) is that clients increasingly resist paying for junior associates, which makes it uneconomic for firms to invest in traditional training;
  • but/and at the same time, every sentient observer is painfully aware that vast segments of the U.S. population — consumers and businesses alike — remain underserved by lawyers.

This would prompt any economist to ask, almost instinctively, “Why isn’t there a market-clearing price where supply and demand can meet?” Which is another way of asking, “What if there were a way to address both these problems at a single stroke?”

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In case you’re not aware, law school costs a lot of money. Just one year of legal education can run the average law student more than $50,000. Many, if not most, law students take out loans to cover the costs of law school, but some are lucky enough to have their educations paid for in full by their parents. The students in the latter group are beholden to their parents and can’t run the risk of making them angry, for fear of getting cut off financially.

Of course, today’s incredible tale deals with a law student in her 20s who pissed her parents off so badly that they refused to continue paying for her prestigious law school tuition. This girl did what any law student with cash flow problems would’ve done: she became a prostitute.

This law student cum lady of the night came across some choice clientele, as one of her top johns, a man in his late 60s, was a lawyer at a prominent firm. You can guess what happened next: the lawyerly lovers created a sex contract, and the relationship quickly soured. As it turns out, notwithstanding Fifty Shades of Grey (affiliate link), sex isn’t quite so sexy when it’s wrapped in a condom of legal terms.

The pair ended up suing each other, and now we’ve got a juicy judgment for you to feast your eyes upon…

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