My professor is rich. I’m not.
(Readers, are you up to the challenge? Give us your own six-word stories about law school in the comments.)
These days, when we speak about new lawyers, we tend to focus less on the mere accomplishment of graduating from law school, mainly because the only admissions requirement at some institutions is a pulse, and more on sobering topics like incredibly high student debt loads and rampant joblessness. This is the “new normal” for law school graduates, and it isn’t as appealing as deans would have you believe.
Given the fact that the market for legal employment dropped out from underneath those who graduated between 2009 and 2011 (and continues to falter to this day), servicing high amounts of law school debt is more difficult than ever before. Declaring bankruptcy isn’t a real option for many, and enrolling in income-based repayment is a temporary solution that has been called a ticking time bomb. You just can’t win.
Unwelcome debt situations usually go hand in hand with law degrees, and they can happen to the best of us — even those who were once lauded as geniuses, like Andrew Carmichael Post. In America, even if you graduate from college at 17, enroll in law school at 18, and pass one of the most difficult bar exams in the nation at 22, you’ll still be saddled with unmanageable debt — in this case, to the tune of $215,000.
How in the world will Post be able to shoulder such a heavy debt burden?
On Wednesday, the Cleveland Browns traded running back Trent Richardson to the Indianapolis Colts for a 2014 first-round pick. This move, which amounts to Cleveland announcing to the world, “we took a two-week stab at 2013 and decided it’s not for us,” has the side effect of relegating Colts running back Ahmad Bradshaw to second-string status.
This is good for the Colts, maybe good for the Browns — assuming they can convert this pick into something worthwhile — and an absolute disaster if Ahmad Bradshaw played any role on your fantasy team. All of a sudden, that reliable second-tier back (though let’s be honest, he was probably never more than a decent Flex #realkeeping) is useless.
Now imagine how much worse it would be if you’d just traded a top 5 QB for a package involving Bradshaw. That’s what happened in one league and the rest of the league vetoed the trade after the real-life Richardson move. But since this league is a law school league, they prepared an appellate brief demanding the trade go through.
It’s a fun read….
* As previously discussed, Morgan Lewis partner Leslie Caldwell hopes to take over where Lanny Breuer left off at the DOJ Criminal Division. Her nomination was formally announced this afternoon. [Blog of Legal Times]
* Judge Scheindlin doesn’t want to end stop-and-frisk in New York City, she wants to end racial profiling, so you can’t have a stay pending your appeal to the Second Circuit, Mayor Bloomberg. [New York Law Journal (sub. req.)]
* Dewey know which companies were the latest to be sued by the failed firm’s liquidation trustee to recover funds paid out in the days before it went under? Yes, and Dial Car is really pissed off. [Am Law Daily (sub. req.)]
* Let’s face the facts: no one’s goal as an attorney in Biglaw is to make it drizzle. Because “law firms don’t know when to fold when trying to hire lateral partners,” they sometimes wind up with the opposite of what they want amid their ranks. [The Lawyer]
* Texas Wesleyan Law has been Texas A&M Law for only a few weeks, but new traditions are already being made for Aggie lawyers. Now when students enter a classroom, the professors say “howdy.” [KBTX]
“You are not just individuals. You are the Michigan Law School Class of 2016, and you will always be a member of that class. And it’s not just a class: It’s an idea, a tradition, a tie to something greater than you.”
– Mark West, the new dean of the University of Michigan Law School
You can learn a lot about a law school by how they greet their incoming students. The famous Paper Chase quote — “Look to your left, look to your right, because one of you won’t be here by the end of the year” — pretty much tells you all you need to know about Harvard Law School, or at least how it would like to see itself. If Dean West’s prodigious statements appeal to you, Michigan Law might be more your cup of tea. West continued: “You are not here to get your degree, and not simply to learn to ‘think like a lawyer’ or even merely to learn how to be a lawyer. You are here — at Michigan — to develop a lifelong association with all that is here. There will never be another time like this for you.”
Conquering heroes all, no doubt. Champions of the West.
Other law schools don’t take themselves nearly so seriously, but they all think their entering class of 2016 is pretty special. And they are. These are the kids who decided to go to law school when, historically speaking, everybody told them it was a bad idea. The class of 2016 is either the most motivated in history or the people most resistant to information and statistics in a generation.
Let’s look at how their own law schools describe them….
There’s just something about riding on crowded Amtrak trains that causes Biglaw attorneys to lose all of their inhibitions. From fondling one another to making $300,000 partnership offers to casually discussing future layoffs, their indiscretion knows no bounds. Perhaps they choose to throw caution to the wind because they think no one cares about the business of law, or that no one is really listening to what they’re saying or watching what they’re doing, but that’s simply not the case. We’ve got eyes and ears everywhere, and no one is safe.
Today’s Biglaw blind item occurred on yet another Amtrak train, and deals with some longstanding archetypes: an attorney who “sounded like a real jerk” and a law student who “sounded desperate.” It seems like this attorney has hate in his heart for his firm’s summer associates…
Ed. note: This is the latest installment of The ATL Interrogatories, brought to you by Lateral Link. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.
Andrew L. Sandler, Chairman and Executive Partner of BuckleySandler LLP and Chief Executive Officer of Treliant Risk Advisors LLP, is a recognized leader in financial services litigation, enforcement, regulation, and compliance. A wide range of financial services companies look to Mr. Sandler for strategic advice and to help them navigate complex litigation and civil and criminal investigations and examinations by federal and state enforcement and bank regulatory agencies. You can read his full bio here.
1. What is the greatest challenge to the legal industry over the next 5 years?
The law firm on-campus interview process is a peculiar institution. No other industry entrusts its entire entry-level hiring process to a series of superficial 20-minute “cattle call” interviews two years ahead of when the candidate will actually become a full-time employee. There is something contrived about the whole thing. (This old-ish video clip gives a good sense of the inherent absurdity.)
OCI is still underway at law schools across the country. Firms are currently hustling to interview students nationwide, make callbacks, and extend offers within an arbitrary 28-day window (per the NALP guidelines).
As we recently noted, opportunities to participate in OCI — which continues to be the primary entry point for law students into the largest and best-paying firms — are increasingly harder to come by in the current job market. The reality is, most students are on the outside looking in. Most will never be afforded the opportunity to land one of the few gigs that will actually give them a plausible chance of being able to pay off their student loans.
If you are one of the fortunate ones who just went through or is continuing to take part in OCI, we want to hear about your experiences….
Though it is not flattering to law students to compare them with preschoolers, I thought that we could use the same basic idea of watching when law students tuned out to make law teaching more effective.