There’s been a lot of talk recently about the value of a law degree, and whether or not it’s actually worth a million dollars, degrees from some law schools are obviously worth more than others. Let’s be real for a moment here: If you’re taking out six figures of debt just for the privilege of attending, your starting salary damn well better be somewhere near the same amount, otherwise you’re going to be underwater for most of, if not all of, your adult life after law school.
Living with debt is scary, and if you want to have a better chance of being able to comfortably do all of the things you thought you’d be able to after getting a law degree, things like owning a home and having a child, you need to choose your law school wisely. You can start evaluating your options — or giving yourself a pat on the back — by checking out the latest U.S. News rankings for the 10 law schools with the biggest return on investment.
Which schools made the list? Not all of them are in the T14, so you may be surprised…
* Rather than watching people pump gas, BP is watching people pump out lawsuits against the company at a rather alarming rate as a result of its 2010 oil spill. [Businessweek]
* Cynthia Brim, the Illinois judge who was reelected despite the fact that she was legally insane, finally had a complaint filed against her by the state’s judicial board for being just a little bit too kooky for court. [Chicago Tribune]
* Your degree might not be worth a million dollars, but if you went to one of these schools, you probably got a good bank for your buck. We’ll have more on this later. [The Short List / U.S. News & World Report]
* The fight over attorneys’ fees in the antitrust lawsuits filed against BARBRI continues rage on, and class members still haven’t received a penny — which is all they’d really get, anyway. [National Law Journal]
* Congratulations to Newark Mayor and Yale Law alumnus Cory Booker! Last night, he handily won the New Jersey Democratic primary election for the late U.S. Senator Frank Lautenberg’s seat. [CBS News]
We last spoke about the best law firms for women (in terms of power and pay) in June, and back then, we noted that every few months, a new list or ranking system appears. We were right, because about two months have passed, and now there’s another “best of” list for female attorneys to pore over.
Today, Working Mother and Flex-Time Lawyers released their annual list of the 50 Best Law Firms for Women. These law firms are considered pioneers in the field when it comes to “attracting, retaining and promoting women lawyers.” These law firms stand out as “family friendly” workplaces, while at the same time ensuring that women shine in their equity partnership ranks.
These law firms are places you might want to work for. Which ones made this year’s cut?
We’ve just entered August, so you know what that means: the start of on-campus interviewing season. If you’re a law student researching firms or a lawyer involved in your firm’s recruiting efforts, check out Above the Law’s law firm directory, where law firms get letter grades in different categories. Law firms might look alike on the surface, but there are very real differences between them, as our grading system reflects.
For example, law firms diverge when it comes to diversity. While every firm gives lip service to diversity, some firms have the goods to back up their claims, while others do not.
Let’s check out the latest diversity rankings, from two different news outlets, to see which firms are truly diverse….
For many law schools, the bidding process for the upcoming on-campus interview season closed yesterday. In bidding, schools quite reasonably advise students to select potential employers that align with their aspirations and geographic preferences. For example, the section of the Duke Law web site devoted to OCI admonishes students to “thoroughly research” potential employers and to “focus only on employers in whom you are genuinely interested and that match your career goals.” Presumably, one career goal shared by all law school graduates is to eventually be free of debt. As previously and repeatedly noted, for most, a Biglaw associate position is the only employment outcome which gives the graduate a plausible prospect of paying off his student loans.
So what shapes student perception of large law firms and drives the decision of the law student in prioritizing their OCI bids? No doubt there are unique versions of received wisdom that get passed from generation to generation of students at every school. And of course there are plenty of media entities measuring firms against one another: revenues (AmLaw), “prestige” (Vault), practice area prowess (Chambers) and so on. This being the time of year where Biglaw careers are just starting to be built, we thought it would be interesting to look at how students themselves rate law firms. Which firms are the law student favorites?
At our recent Seattle event with in-house counsel — by the way, thanks to all the attendees and to Recommind, our sponsor — I asked the panelists about what they most enjoy about in-house practice. Christi Muoneke of DocuSign and Brad Toney of Classmates Media both discussed the satisfaction they get from working for a single client on interesting issues that call for both legal and business judgment.
Of course, there are many other good things about working as an in-house lawyer (which is why in-house posts are so coveted). Liberation from the billable hour is one big advantage. Healthy pay packages are another.
At junior levels, Biglaw associates who go in-house might take a pay cut (although not necessarily). But many of the top dogs of the in-house world earn amounts that far outstrip average partner pay.
Let’s take a closer look at Corporate Counsel’s recently released rankings of the nation’s best-paid general counsel. Some GCs enjoy pay packages that make Biglaw partners look like paupers….
Believe it or not, Biglaw isn’t all about prestige, especially when looking at the legal profession through the lens of the “new normal.” These days, in a supposedly post-recession world, working at a large firm is an aspirational stepping stone on the way to a debt-free life. Associates willingly offer their wrists for Biglaw’s golden handcuffs in the hope of some day being able to escape them for happier pastures.
But for prospective Biglaw employees who have an embarrassment of riches available to them (i.e., offers from multiple firms), wouldn’t it be nice to be able to choose the firm where you’ll have the best quality of life? Or any life at all? Such a thing does exist within the hallowed halls of large law firms, and there’s even a ranking to prove it.
Hot on the heels of its prestige rankings (which still matter to the people who care so very deeply about just how impressive they are), Vault has released its annual quality of life rankings. Sure, some firms may be more prestigious than others, but that doesn’t necessarily mean they’re good places to work.
After a major shake-up in the rankings, which firms made Vault’s top ten this year?
Does the amount of money a law school spends necessarily have an effect on the quality of its legal education?
Here at Above the Law, we say no. Our Law School Rankings take a look at the outcomes law schools provide for their graduates, not the inputs law schools cast into the pot.
But U.S. News still looks at many input factors in evaluating law schools. One of the most notorious factors U.S. News cares about is faculty resources. U.S. News rewards schools for spending a lot of money on the faculty per admitted student. You can kind of see the thought process there: good schools hire good professors and good professors command higher salaries.
Unfortunately, this U.S. News factor creates perverse incentives. Schools with unreasonably high tuition are rewarded for overpaying faculty, at the expense of the debt burden loaded upon their students and recent graduates. Ranking one school better than another because it engages in profligate spending is a cruel joke in this economy.
We don’t know if U.S. News will stop this madness, but yesterday the American Bar Association decided to stop asking schools to report the figure…
* Sorry ladies, but Seth Meyers is now engaged. To a lawyer of all people. Alexi Ashe of AC Investment Management graduated from Southwestern University School of Law and previously worked at the King’s County District Attorney’s Office, Human Rights First, and the Somaly Mam Foundation. [Gawker]
* A D.C. law firm is giving away its law library. An unscrupulous law school could bolster its U.S. News ranking because they count the number of volumes in law libraries even though no one has used a bound legal reporter in a decade. [Constitutional Daily]
* “But, soft! what light through yonder window breaks? And does it rise to the level of nuisance?” Just one gem over on this Tumblr. [Shakespeare Takes the Bar Exam]
* The Ohio Supreme Court may hear a speeding ticket case because there are no more pressing issues in Ohio. [USA Today]
* Pharrell is suing will.i.am because the latter seems to think he owns a trademark in every sentence with “I am” in it. And Pharrell quotes from noted legal authority Dr. Seuss. [Jezebel]
* Does Dwight Howard’s decision to sign with the Rockets highlight how state taxes pose a hidden threat to league parity? [TaxProf Blog]
* Still hankering for Supreme Court discussion? Here’s a thorough roundtable examination of the previous term. [Construction Magazine]
* Have a good legal-themed short fiction idea? Enter the ABA Journal’s Ross Writing Contest and you could win $3,000. [ABA Journal]
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…
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: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months, and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.