Did you take a BAR/BRI bar exam review course sometime in the past five years? Or are you taking BAR/BRI now, having paid for it prior to March 21? If so, keep reading.
As we recently mentioned, the deadline for joining or objecting to the proposed class action settlement in Stetson v. West Publishing Corp. is fast approaching (May 30). The lawsuit, alleging antitrust violations, was filed against West Publishing, which owns (but is selling) BAR/BRI, and Kaplan, the test prep company owned by the Washington Post. The class is defined as “[a]ll persons and entities who paid for a BAR/BRI full-service bar-review course from August 1, 2006, through and including March 21, 2011.”
Are you a class member? Let’s review your options….
UPDATE (5:30 PM): Please note the updates added to the end of this post.
As we reported last month, it looks like Leeds Equity Partners will be acquiring BAR/BRI, the well-known bar exam preparation business, from West Publishing / Thomson Reuters. If you’ve taken a bar exam prep course, odds are that you took BAR/BRI — although there are alternatives, such as BarMax and Themis (disclosure: ATL advertisers, whom we thank for their support).
If the deal goes through, Leeds will get its hands on what would seem to be a very good business. BAR/BRI courses aren’t cheap, at a few thousand a pop (often paid by law firms, which aren’t very price-sensitive). And since BAR/BRI has had its bar-prep infrastructure in place for a long time — curricula, instructors, etc. — its marginal costs for each new teaching cycle aren’t that high. In short, BAR/BRI seems like a money-making machine.
(Note: This analysis about the economics of BAR/BRI is somewhat speculative. Please correct us, by email or in the comments, if we’re wrong.)
But Leeds will also inherit complaints about BAR/BRI. Some are of the consumer variety — e.g., the website going down when people were trying to pick their course locations, the date by which books must be returned in order to get deposits back being set too early, unfair late fees, etc.
And some complaints are of the legal variety, in the form of antitrust class actions alleging collusion between (1) West Publishing, the owner of BAR/BRI, and (2) Kaplan Inc., the test prep company owned by the Washington Post Company that is known in the legal community for its LSAT courses. One of the lawsuits alleges “that BAR/BRI agreed not to compete in the LSAT business and that Kaplan agreed not to compete in the bar review business, thereby allocating to BAR/BRI the market for full-service bar review courses in the United States.” (Now, of course, Kaplan has its own full-service bar review course.)
To the legal complaints we now turn. You should follow along, since there might be some money in it for you….
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: firstname.lastname@example.org.
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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