Previously, we brought you an important flowchart about when you are allowed to leave work from Rob Complains About Things. Rob’s a former Biglaw associate who now artfully describes his prior experiences.
Today, Rob is back with the accurate billable hour breakdown that clients aren’t allowed to see….
These days, all anyone cares about are employment statistics. Law schools are getting sued over them. Law school rankings are dropping because of them. Law school administrators are losing their jobs over them. It’s at the point where even average joes are aware of the problems law school graduates are having when it comes to getting a job. Dear Lord, when is the madness going to end?!?
Probably as soon as ads like this stop showing up in the most curious of places….
Contrary to popular belief on the blogs, law school is a good investment. That’s right: the media’s “hysteria” over the value proposition of law school has caused many of the best and brightest students in our country to “irrationally” skip out on a degree that could allow them to reap vast monetary rewards. In fact, it’s really quite obvious that the critics’ focus on first jobs out of law school is “misplaced.” Yes, you’ll have a little bit of debt, and that’s a problem, but it’s “extremely shortsighted” to forgo law school entirely just because of it.
Oops, sorry guys, please disregard all of what was just said. I was just repeating some of Dean Lawrence Mitchell’s New York Times op-ed talking points to see how ridiculous they’d sound. Students at Case Western Law, I applaud you for listening to this kind of tripe on a daily basis.
Oh, but speaking of Dean Mitchell, here’s the photo for our latest caption contest….
What would you do if your Biglaw firm wasn’t providing you with the kind of nutritious breakfast foods that you oh so desperately need in order to sit in front of a computer all day and troll the comments on Above the Law draft documents? You’d probably whine and moan about your first-world problems to all of your similarly situated friends before even deigning to consider that you could bring your own damn bananas to work.
That’s exactly what everyone’s bitching about at one Biglaw firm, which to be quite frank, is bananas (B-A-N-A-N-A-S!)….
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: asia@kinneyrecruiting.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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