Our ongoing ATL School & Firm Insider Survey (take it here!), asks current law students, among other things, “What do you expect to do after you graduate?” A whopping 71% tell us that they expect to work for a firm. (This percentage was consistent across class years.) That this proportion is so high, and so at odds with the NLJ findings, can mean some combination of two things:
The ATL student readership skews heavily toward that minority of students who will actually snag Biglaw gigs.
Many (if not most) expectations of law firm employment will be dashed against the reality of a contracting job market. In other words, a majority of students think they are in the fortunate minority
After the jump, we’ll look at how wide the gap between student expectation and market reality is, even at the “go-to” schools:
Which law school helped her land a fabulous Biglaw job?
The general economy started to turn around last year, but the legal job market remains sluggish. In 2011, many top law schools sent fewer graduates into first-year associate jobs at the nation’s largest 250 law firms than they did in 2010. That’s the bottom-line finding of the National Law Journal’s annual survey of which schools the NLJ 250 firms relied on most heavily when filling first-year associate classes.
The results of the survey should be interesting to current law students and law firm attorneys. And they’re of possible practical import to prospective law students who are now choosing between law schools (or deciding whether to go to law school at all, based on a cost-benefit analysis that pits tuition and student loans against post-graduate job prospects).
So let’s look at the top 10 law schools, ranked by the percentage of their 2011 juris doctor graduates who landed jobs at NLJ 250 firms (i.e., “Biglaw”)….
Kyle McEntee (left) and Patrick Lynch (right), co-founders of Law School Transparency (LST).
Late last year, plaintiffs’ lawyer David Anziska pledged to make 2012 “the year of law school litigation.” Anziska, who’s currently spearheading efforts to sue law schools over allegedly misleading employment statistics, told my colleague Staci Zaretsky that he and his team members “want to sue as many law schools as we can to bring them into the fray.”
That’s all well and good — for plaintiffs’ lawyers, and for news outlets like ours seeking juicy stories to cover. But there are other ways to achieve reform. So here’s another thought: Could 2012 instead be the year of law school transparency? Transparency achieved voluntarily, by law schools coming forward on their own to share comprehensive data about how their graduates are faring in the job market?
In the weeks since we wrote about the University of Chicago Law School providing very detailed employment data about its recent graduating classes, based on our interview with Dean Michael Schill, we’ve heard from deans, professors, alumni and students of other law schools, all with similar messages. They believe that their schools, like Chicago, are also transparent about graduate employment outcomes — and they want to be recognized for it.
This chorus of “me too!” messages raises a promising possibility: Is law school transparency becoming, for lack of a better word, “cool”? Will honesty about employment data become the hot new trend for U.S. legal education?
In 2009, Professor Martin H. Redish of Northwestern Law School published a book arguing that class actions are in large part unconstitutional: Wholesale Justice: Constitutional Democracy and the Problem of the Class Action Lawsuit (Stanford Univ. Press 2009). Where is the practicing bar?
I understand that nobody reads law review articles or books published by an academic press. And I wouldn’t condemn any practicing lawyer to reading any issue of a law review from cover to cover. But I don’t think it’s asking too much to insist that lawyers remain gently abreast of the academic literature in their field and deploy new ideas aggressively when scholars propose them. Redish’s book shows why in-house counsel should demand more of their outside lawyers.
This post is a two-fer: I’m going both substantive — by summarizing Redish’s argument about why many class actions are unconstitutional — and pragmatic — by criticizing law firms that ignore ideas springing up in the academy that should be used in litigation. (For me, drafting that two-fer is an unusual trick. As regular readers know, it’s typically hard to find even a single thought tucked into one of my columns.)
What does Redish say about class actions, and how have most law firms been derelict?
It’s almost Thanksgiving, an entire American holiday centered around gluttony and based upon the kindness of people we later tried to exterminate.
And pie. Lots of pie.
Now, normally pie is an unqualified good (unless you are on a diet, which I never am). It’s hard to see how this all-American treat could be overcomplicated. But leave it to a group of law students to ruin pie….
Earlier this week, we told you about the Northwestern Law student who made a joke about Thailand on the Northwestern listserv. The joke was in poor taste, especially given that it was in response to a solicitation for charitable donations after a deadly flood in Thailand.
I thought the penalty would be a chorus of “too soon” every time somebody saw him on campus. But the Northwestern Dean tells us that the kid is being punished….
Many people have a cartoonish understanding of Brazil.
At Northwestern Law, the PC Police have a long and storied history. You are, of course, free to say what you want to say, but if you offend other people’s cultural sensibilities, you had best expect a reaction from other Northwestern students — whether the cultural slight was real or just perceived.
This week, a group of Northwestern Law students planning a study abroad trip in Brazil got smacked down by the PC police for being insensitive toward Brazil’s culture.
Now, in fairness, everything I know about Brazil comes from cultural stereotypes. If I went, I’d expect to be hanging out with amazingly attractive women who get horny for Jesus, while the men play soccer by day and capoeira dance-fight at night. It would all be a wonderful time, unless I went into the rainforest, where I’d die in short order from either a new species of venomous mammal or at the hands of illegal loggers who are selfishly destroying the world’s best carbon scrubber.
Is that wrong? According to some Northwestern kids, I am way off base….
Last summer, David Van Zandt announced that he was stepping down as dean of Northwestern Law, in order to assume the presidency of the New School here in New York. In the fall, he put his magnificent mansion on the market — for a whopping $4.7 million. (DVZ bought the 6,300-square-foot house, in Chicago’s tony Lincoln Park neighborhood, for $922,550 back in 1996.)
We were impressed. We wrote at the time: “It seems that Dean Van Zandt’s talents extend to real investing as well as academic administration!”
But some commenters were less enthused. Wrote one, “Let’s wait and see how much he actually gets, shall we?” Said a second, “I live in the area…. he will be lucky to get $3.0M.”
We can now report that a buyer has closed on President Van Zandt’s former home. How much did he get for it?
'These MBE questions are way easier than the practice ones!'
We thought we had a winner for most gutsy bar exam performance of July 2011. On Thursday, a woman taking the New Jersey bar exam passed out during the test — then picked herself up off the floor, and went right back to typing.
That’s impressive — but we may have spoken too soon. Here’s a labor-intensive story that tops it.
“A friend of mine went into labor while taking the Illinois bar exam,” a tipster told us. “She calmly finished, went to the hospital, and had her baby an hour or two later. Girl’s a real trooper.”
“A certain Northwestern Law alumna went into labor during the second day of the Illinois bar,” said a second source. “She finished the exam and had her baby, her first, at 5:58 p.m. I think that is worth noting.”
You better believe it’s worth noting. If ever there was a baby immaculately conceived by a lawgiver, this might be the one.
We have all the details — including a picture of the Bar Exam Baby, whom we’ll nickname “Baby Bar”….
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
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: