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?”
The debate over “practice ready” legal education continues. Some schools aggressively tout their new clinics and secretly (or not-so-secretly) hoped that the ABA would let them abolish tenure altogether so they can start exclusively hiring cheaper instructors. Opponents defend the difficult position that a hundred-year-old educational model based around cloistered professors should be left more or less untouched.
That’s why articles that take unique, nuanced approaches — like tackling the issue from the perspective of encouraging professors, rather than students, to take time out to practice in the “real world” — are so intriguing. Here comes another one from a professor who attacks a lot of the underlying premises in this debate by really asking what a practice-ready education would really look like.
The answer is a lot more like med school, which is probably not going to make a lot of people happy….
Last week, we focused a lot on a controversial study about the economic value of going to law school. Today, I want to look at some more useful approaches to the question.
Looking at the lifetime earnings of of J.D. holders compared to people with undergraduate-only education based on historical data about J.D. earnings couldn’t have less to do with the current decisions facing prospective law students. Prospective law students are looking at a shifting market for legal employment, and they are dealing with skyrocketing tuition. Are there any studies that are looking at the economic value for them?
In fact, there are… and while the outlook doesn’t paint the rosy picture some law professors seem really invested in, there are rational arguments available for those who want to convince people to go to law school…
A couple weeks ago, we shared with you some of our survey data, which showed that, generally speaking, law students’ experiences with their schools degrade over time. The ATL Insider Survey asks law students and alumni to rate their schools in the areas of academic instruction, career counseling, financial aid advising, practical/clinical training, and social life. When the ratings by first-year students are compared with those of third-years, the 3L scores are lower across the board, in all categories. In other words, the longer students are exposed to their schools, the lower their regard for the institution becomes. More equals worse.
We wondered whether or how this downward trajectory manifests itself after the students become alumni. After the jump, we compare the perceptions of students to those of graduates. The answer may surprise you, but probably not. Also, we identify the law schools where there is the greatest contrast between the views of current students and alumni — both negatively and positively….
* The Village Voice is stepping away from Backpage due to its ties to sex trafficking. “This so unfair! Everyone loves online prostitution,” said no one ever (okay fine, a lot of people probably say that). [paidContent]
* Cybersecurity, drones, and smackdowns, oh my! [Lawfare]
* Right now, millions of taxpayer dollars fund legal scholarship. Considering how expensive law review articles seem to be, it’d be nice if law professors could techcite their own material before turning it over to law review peons associate staff members for further review. [PrawfsBlawg]
* We actually needed 25 volumes of things you can’t do on a plane? Apparently common sense is a relic these days. [Legal Blog Watch]
* Should you go to law school? That’s apparently the question on everyone’s mind, so Professor Deborah Merritt of Ohio State Law and Kyle McEntee of Law School Transparency are here to help you out. [NerdWallet]
It’s that time of year again. First-year students of the bright-eyed and bushy-tailed variety are frolicking into law schools across the country for their first week of classes, blissfully unaware of the jaded upperclassmen who inhabit the same building. At this point, the biggest worry of 1Ls is whether they’ll be highlighting their books in rainbow colors — that, and if they’ll be able to get into their lockers.
In this edition of Locker Wars, we meet a member of the class of 2015 who fears that the administration at his law school already considers his classmates “dullards” because they’ve locked themselves out of their lockers so many times that an instructional video had to be sent out….
It’s over! Do a little dance, make a little noise, get down tonight… etc. etc. As most of you probably know, the bar exam was last week. Duh. Our three Bar Review Diarists thankfully made it through the test without dealing with nightmares like rats or murdered cats, but they do have some interesting stories to tell.
Jeanette, Nathan, and Andrew, you just took the bar exam… how does it feel?
Well, here we are, just one week ago until those fateful days. How are Nathan, Jeanette, and Andrew doing? Well, understandably they feel a little under the gun.
Our Bar Review Diarists all seem to have their own last-minute procrastination tools: Nathan went to a music festival, Jeanette watches bad television, and Andrew continues making far-out pop culture references. All perfectly normal, perfectly healthy….
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: