But some of you will still go to law school for the wrong reasons and pay rip-off prices. Ego, familial expectations, and peer pressure may play a role in your decision. So I want to finish the law-school-themed posts by issuing a warning to students and their parents about the consequences of graduating without a meaningful job and with six figure, nearly nondischargeable student loan debt….
Oh, this is rich. Some poor half-man who undoubtedly owns several pairs of X-Ray specs and a colony of Sea Monkeys decided to trust the dubious promises of an online retailer promising to turn him into a latter day John Holmes. Obviously this purchase was never going to work out for him, but this story has a much more comical ending: the retailer sent him a magnifying glass.
While the newspaper refers to the retailer as a scam artist, it seems to me they sent the only possible product that could deliver on their claims.
And there’s a lawyer involved in this story and you’ll never guess what his name is….
It is perhaps a truism by now, but if you are doing business with China, you need to be on your guard against fraud. Recently, an old chestnut known as “the switched bank account scam” has seen a dramatic resurgence, because it has become so easy to perpetrate and so difficult to prevent.
On any list of “scum of the Earth,” people who profiteer off of disaster victims have to make the list. Jesus, it’d be worth Hell existing just so there would be a place for people who take advantage of disasters to loot electronics or valuables (food, if you’re hungry and nobody is home, is fair game I guess). I think there are reasonable people on both sides of the New York City marathon debate, but the thought of any police not stopping a looter to deal with the marathon makes me think they should cancel this year’s event.
Of course, looters aren’t the only kinds of criminals trying to take advantage of the hurricane. The Department of Justice is warning people to be on the lookout for Sandy scams…
After the feds took down Megaupload in January, the major change to many people’s lives is that it is now much harder to stream bootleg versions of the new season of Archer. What also happened is authorities took control of content hosted on the site and a lot of people who posted files there are worried getting busted as well.
Well, one man’s crisis is another man’s golden opportunity.
Keep reading to see how a new batch of criminals is trying to cash in on folks already worried about Megaupload-related copyright liability. It’s actually quite a clever plot…
If you have watched political campaigns all of your life, or if you are just a student of modern political history, you’ll notice that the poor are rarely talked about on the campaign trail. We can talk about the rich (or at least our so-called envy of them), and the middle class is like the pretty girl in school who thinks she’s well-liked but really everybody just wants to screw. But you rarely hear candidates talk anymore about any kind of national commitment or shared responsibility to help the poor and destitute. (John Edwards tried for a minute, but… see screwing analogy above.)
Our politicians apparently concern themselves with helping only those people who have “worked hard” and “played by the rules.” We have Reagan to thank for that.
But what about the “undeserving” poor? What about the lazy, the shiftless, the ignorant masses yearning to just get by? Is it right that we consign them to backbreaking poverty simply because they don’t vote and they’re easy to pick on? I went to Catholic school just long enough to learn that we’re supposed to have compassion for all of God’s children, not just the people whom it’s easy to put into a campaign commercial.
I’m just talking, of course. Other than giving a dollar to the occasional panhandler, I’m unwilling to get any skin in the game to actually help the truly disadvantaged in this country. Why? Well, I don’t want to end up getting taken advantage of, like the woman who let homeless people stay in her house for Christmas and now can’t get them to leave….
* The Game may face charges over an alleged tweet that prevented police from responding to five emergency calls in two hours. Only five? I guess that’s what happens when you’re straight outta Compton, where snitches get stitches. [CNN]
* With Senator Kevin de León hoping to regulate the use of fitted and flat hotel sheets, one thing’s for sure. California isn’t becoming a nanny state. It’s becoming a maid state. [Los Angeles Times]
* You know Chris Stewart has had one too many concussions when he’s still talking about finishing law school after his NFL career is over. [Wall Street Journal]
* I might be a bad little Jew for saying this, but matzoh isn’t worth $9.9B. It’s like eating cardboard. If you want special prison food, at least sue for something that tastes good. [New York Daily News]
Segal’s latest article is more interesting than the January one. His January piece, while well-crafted and solidly (if imperfectly) reported, covered ground that had already been covered by many other outlets. Readers of Above the Law, other legal industry publications, or the numerous “scamblogs” already knew that the value proposition of going to law school was very much open to question (to put it mildly).
This weekend’s piece focuses on a less familiar aspect of the law school process, namely, merit scholarships. You might think that these grants, which help law students pay for their education in an age of ever-growing debt loads and skyrocketing tuition, are undoubtedly a good thing.
By the middle of second semester of that first year, everyone saw the system for what it was. We were furious. We realized that statistically, because of the curve, there was no way for many of us to keep our scholarships. But at that point, you’re a year in. They’ve got you. You feel stuck.
– Alexandra Leumer, a 2009 graduate of Golden Gate University School of Law, quoted in an interesting and provocative New York Times article suggesting that law school “merit scholarships” can be a bit of a scam unfair in the eyes of some recipients, due to the fact that so many students lose them after their 1L year by not achieving the required GPA.
Usually when we talk about the crushing price of legal education, we focus on law school administrations who are raising tuition even as the legal economy continues to falter. Occasionally, we look at prospective law students themselves — a group of people who are evidently too addled to act with rational self-interest. Always, the American Bar Association’s utter failure to regulate law schools on behalf of aspiring lawyers looms as the 800-pound gorilla that keeps taking a dump in the middle of the room.
Rarely, if ever, does the media turn its gaze towards law professors and their culpability in the epic scam of taking money from kids who don’t know any better and will never be able to pay off their debts. Most law professors don’t set tuition rates. They don’t determine the scope of loan forgiveness programs. They don’t mislead the world via U.S. News in order to pad employment stats. Hell, most of them aren’t even directly engaged in recruiting the next class of minnows that will keep the scam alive. All they do is teach, research, and take as much money as the market will offer.
But Washington University law professor Brian Tamanaha thinks that his professorial colleagues need to step up to the plate and start taking some responsibility for what is happening to law students — especially law students at low-ranked law schools. He says that professors can no longer turn a blind eye to the sadness of their students….
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: