We all know that the employment landscape for recent law school graduates is still looking pretty bleak. Fifty-seven percent of 2013’s law school graduates are employed in full-time, long-term jobs that require bar passage. If we exclude the percentage of full-time, long-term jobs funded by law schools, the legal employment rate drops to 55.3 percent. Meanwhile, 11.2 percent of 2013’s graduates are still unemployed nine months after receiving their degrees. The job market sucks, for lack of a better word, and law schools are sinking in the U.S. News rankings because of their terrible employment statistics.
That’s why law schools are doing anything and everything they can to try to put their graduates to work. It seems that some schools are even willing to go to extremely unconventional lengths to do so. For example, one law school is thinking about suspending faculty raises and using that money to create a new jobs program for its graduates.
A law professor there just found out that he may not be getting a raise this year, and he is PISSED….
Ed. note: Please welcome Shannon Achimalbe to Above the Law. Shannon will be writing about the journey from solo practice to a larger law firm.
Some time ago, I met with a consultant to discuss how I could improve and expand my solo practice. I told him my future goals: to be recognized as an expert in my areas of practice, make lots of money, and have free time for my personal life. He said I could accomplish these goals, but it would depend on how much time and effort I put in. He then told me that I would need to “invest” money in marketing, blogging, networking events, and joining various organizations. I would also need to make plans to upgrade my office and get a staff. Finally, he told me to pick a religion, because I’d be praying often.
But when I looked at the projected costs to accomplish my goals along with the non-guarantee of success, I hesitated. A flurry of questions went through my head: Who do I need to connect with and hire? What niches are marketable and enjoyable? When would I start to see a return on my investment? Where are my potential clients? How many more networking events do I have to attend? Why am I doing this? Am I going to enjoy doing this? When I found myself asking that last question, I knew it was time to look at other options…
After yesterday’s decision in McCutcheon v. FEC, where the Supreme Court found that aggregate contribution limits violate the First Amendment, campaign finance is back in the spotlight. In October, when the Court heard oral arguments for McCutcheon, I wrote about why I thought Shaun McCutcheon should prevail and why “rumors of democracy’s death are greatly exaggerated.” Others apparently still believe the rumors.
Something else this week delivered grist for the mill, as the country considers how political causes ought to be funded. Mozilla, the nonprofit foundation responsible for the Firefox browser and other open-source ventures, promoted Brendan Eich to CEO last week. California law required the public report of Eich’s 2008 contribution to the campaign to pass Proposition 8, the ballot measure amending the state constitution to prohibit same-sex marriage. Prop 8, of course, eventually gave rise to the Supreme Court’s decision last term in Hollingsworth v. Perry. Eich’s financial support of Prop 8 has now given rise to a slew of woes for Eich and Mozilla.
Half of Mozilla’s board members quit, protesting a CEO with a history of activism against same-sex marriage. Some Firefox app developers decided to boycott Firefox projects until Eich is removed from his position. Twitter has been, well, atwitter with criticism.
Then, earlier this week, the dating site OkCupid rerouted all of its users accessing its site from a Firefox browser to a message that began, “Hello there, Mozilla Firefox user. Pardon this interruption of your OkCupid experience. Mozilla’s new CEO, Brendan Eich, is an opponent of equal rights for gay couples. We would therefore prefer that our users not use Mozilla software to access OkCupid.” The message goes on to read, “Equality for gay relationships is personally important to many of us here at OkCupid. But it’s professionally important to the entire company. OkCupid is for creating love. Those who seek to deny love and instead enforce misery, shame, and frustration are our enemies, and we wish them nothing but failure.”
OkCupid’s arrow struck deep. What Eich now faces raises questions about political expression and association, laws requiring disclosure of political contributions, and the consequences of both….
As we mentioned in Morning Docket, one New York law school just decided to cut its yearly tuition by a whole lot — 15 percent, actually. That’s right: a top 100 law school is reducing its tuition, across the board, in a move that will take it from being the second-most expensive private law school in New York City to being the cheapest of its kind.
Of course, by “cheapest,” what we really mean is “still prohibitively expensive,” but at least it’s a step in the right direction. Perhaps this is a trend in the making for the rest of New York City’s law schools.
So, which law school is helping its students take on a little less debt?
* Despite all the outrage over Albany Law’s faculty buyouts, some have already accepted the package offered. Looks like anything’s possible for the right price. [Albany Business Review]
* Guess which law school is cutting tuition by a whole lot? Some hints: it’s in New York and it’s been selling off real estate. We’ll have more on this later. [Wall Street Journal (sub. req.)]
* Perhaps this could be considered a gift of provisional accreditation: Alberto Gonzales, U.S. Attorney General in President George W. Bush’s administration, is now dean at Belmont Law. [The Tennessean]
* Take a look at this new paper by Professors Amy Chua and Jed Rubenfeld on race and culture in law school admissions. Actually, it’s fake, but it’s sad that it could, in theory, be very real. [Washington Post]
* Zac Efron is going to star as a Yale Law grad forced by criminals to work in the world’s largest Biglaw firm in a film adaptation of John Grisham’s book, The Associate. OMG, he’s so cute. [Hollywood Reporter]
* Our thoughts go out to the families of those wounded and killed during the Fort Hood shooting. [AP]
[This] is a decision that substitutes judges’ understandings of how the political process works for the understanding of Congress; that fails to recognize the difference between influence resting upon public opinion and influence bought by money alone; that overturns key precedent; that creates huge loopholes in the law; and that undermines, perhaps devastates, what remains of campaign finance reform.
Non-lawyers are often surprised to learn of the lockstep salary schemes of large law firms and the near-perfect information we have about them. (Recall Kevin Drum’s befuddlement at the bi-modal distribution of law graduate salaries and the “weird cultural collusion” it suggested.) Even annual bonuses are frequently spelled out in what amounts to public memoranda and are typically some variation of the “market” dictated by our Cravath overlords. Of course, there are some “black box” firms and a few gilded outliers such as Wachtell Lipton or Boies Schiller, but generally speaking, the world of large firms practices a degree of relative transparency around compensation that is unsurpassed outside the public sector.
In order to distinguish among firms, we have to look to the margins. For example, law firms vary quite a bit when it comes to paying for the bar and living expenses of incoming associates. Some firms may reimburse for covered expenses after the fact; others may pay some expenses directly to the provider. Some may give a stipend to cover living expenses, whereas others may offer the ability to take out an advance on salary.
Greater transparency (or, at least, aggregated information) on these questions might make one firm’s offer more attractive than another’s, or perhaps even give an offeree some basis for negotiating a package upgrade (but of course tread very lightly there)….
April Fools’ Day is a terrible day to be in this business. Every tip that comes in requires an extra layer of scrutiny because even longstanding, trusted sources are trying to troll. It’s really not all that funny to make up false but entirely believable stories and pass them off as real. That’s why the Daily Currant isn’t funny.
Which is why when Citi Private Bank issued its First Quarter report on the confidence of managing partners across the legal landscape and declared that managing partners have a rosy outlook, it earned a double take on this end. After all, wasn’t it just a few months ago that managing partners were telling the American Lawyer that it was all gloom and doom on the horizon?
So is this result real? It is, but the headline isn’t the end of the story….
About two weeks ago, we reported on a study of the law schools whose graduates earned the highest median starting salaries. The rankings were based on numbers culled from Payscale.com, and if you thought the list looked a bit odd, you weren’t the only ones. “Those median starting salary figures are about as believable as Santa Claus and the Easter Bunny,” remarked one of our commenters, while others cried T14 tears over Penn’s mysterious absence from the list.
Wipe your tears, friends, because today we’ve got a new and improved list for you — one with salary numbers delivered straight from the law schools themselves, including the percentage of recent graduates who reported their salaries.
Which schools are on the new list? Keep reading to find out…
* The NCAA’s president thinks Northwestern’s sports union will be the first case of its kind to be heard by the Supreme Court, and his brain hasn’t even been scrambled by concussions. [Bloomberg]
* “If I’d come up with it, I’d probably be proud of it.” If this Georgia lawyer had used the “my client is too handsome for rape” defense, perhaps there wouldn’t have been a conviction. [Daily Report (reg. req.)]
* A few weeks ago, we wrote about the best law schools for making money. Since then, the rankings were revised due to error. Where does your school stand now? We’ll chat about this today. [Forbes]
* “[L]awyers aren’t retiring or dying nearly fast enough for us to fill their spots.” Perhaps statements like this about the job market wouldn’t be so prevalent if U.S. News told pre-law applicants the truth. [NPR]
* Law students will call you out for your behavior, even if you’re a police officer This one is suing the NYPD for false arrest after questioning their food truck tactics. We’ll have more on this later. [New York Post]
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: