Whenever the government gets involved with “helping” students suffering under crushing debt obligations, I wonder if “the government” even partially understands how students think.
There is a new proposal in the budget that would bring significant changes to the student loan forgiveness program. Specifically, the “Public Sector Loan Forgiveness” program. Currently, students with massive amounts of debt can sign up for income-based repayment of their student loans. Their payments are capped at 10% of “discretionary” income. If they work in the public sector or for a designated non-profit, the government forgives the rest of their loans after ten years. For those playing along at home, that means that taxpayers pick up the rest of the bill.
Critics on both sides of the aisle (including me) argue that the current system encourages schools to charge whatever they want for tuition, while discouraging students from making cost-conscious choices about their debt. It’s far from ideal, and this new proposal seeks to do something about it.
But since Congress is involved, the thing they want to do to “fix it” is stupid and will ultimately hurt student borrowers even more….
Senator Marco Rubio (R – Fla.) has often said publicly that he personally still owed more than $100,000 in student loans when he joined the U.S. Senate in 2011. He only paid off his nearly $150,000 in debt after law school with the proceeds of his autobiography in December of 2012. Rubio and fellow senator (and law school graduate) Mike Lee (R – Utah) are young enough to be personally aware of the miasma surrounding higher ed — and especially higher ed funding — in the United States. It makes sense that they would lead the way toward reform. Apparently, they are.
In the past few days, the lawmakers have been popping up in public, touting efforts to reform higher education. Let’s take a look at the reforms they suggest….
* Brilliant… especially the last line. [The Onion]
* Legal luminaries at last night’s White House State Dinner included Justice Elena Kagan, Secretary Jeh Johnson, and ATL’s reigning Lawyer of the Year, Roberta Kaplan. [White House]
* An EMT-trained judge came to the rescue of a criminal defendant critically injured in a car accident. She was assisted by several other criminal defendants due to appear before her that day. When they finally made it to court, she sentenced him to death row. Just kidding, but admit it, that would have been the better ending. [Albuquerque Journal]
* Judge Victor Marerro is none too pleased to have to do this whole MF Global case. [Dealbreaker]
* The winter weather in Minnesota is continuing to make lawyers crazy. This time the bug allegedly bit Frank Schulte, who is accused of freaking out at the “mere sight of a car parked too far from the curb for his liking,” battering the car, punching the driver, and hurling racial epithets. Just as warm and fuzzy as the Mary Tyler Moore show made it seem. [CityPages]
* A few events coming up for sports law fans in New York. This Friday, Fordham is hosting its 18th Annual Sports Law Symposium covering issues from the Redskins to Jay-Z. Then a week later, New York Law School is hosting an event on doping, the NCAA, and getting into the sports business on February 21. [Sports Agent Blog]
* With the revelation that standout defensive end Michael Sam is gay, a number of NFL types are trotting out the whole “he’ll be a distraction” excuse. That’s a pretty stupid excuse. [Lawyers, Guns & Money]
* It’s a zombie! The living dead! Or maybe just a living woman that banks have declared dead despite all evidence to the contrary. [ATL Redline]
* Remember Brandon Hamilton? He used to be the the assistant dean of admissions at Louisville Law before he promised students $2.4 million more in scholarships than the school had to give. Well, he finalized his plea bargain. [The Courier-Journal]
* Elizabeth Wurtzel: “I am a lawyer. The first rule of law: All the promises will be broken. Attorneys could not be in business if people did not fail to do what they agreed to do all the time — and lawyers are very busy.” [Nerve.com]
* Laura Ingraham clerked for SCOTUS, so presumably she knows that Puerto Ricans are American citizens — right? [Media Matters]
* Chief Judge Alex Kozinski, known for zerotolerance of prosecutorial misconduct, has written the foreword to a new book on the subject. [Facebook]
* In addition to the one we mentioned yesterday, here’s another petition for the Obama Administration that’s aimed at addressing the student debt crisis. [WhiteHouse.gov]
This isn’t what I meant when I said law students need a helping hand.
I know, that’s not really a fair question. In most cases, you have to submit yourself to three expensive years of law school before they will even allow you to cram for six weeks in order to pass the bar. I just wanted to highlight that the expensive part of becoming a lawyer is the three years — the last of which is completely useless — not that sprint at the end to pass the bar exam.
That’s why it doesn’t make sense for a state to sell a “no bar exam for in-state students” option as a cost savings for students. You want to help students? Get rid of the third year of law school. You want to incentivize students to remain in-state for law school during a highly competitive market for law applications? Then you follow Wisconsin’s path and offer to ignore your own bar exam if people would just please, please, please go to an in-state school.
Another Midwestern state is considering doing just that, because it helps the schools, not because it helps students….
Let me explain how this started. The American Association of Law Schools had its annual conference this weekend here in New York. On Saturday, I spoke on a panel about law school rankings with Bob Morse (U.S. News), Karen Sloan (National Law Journal), Katrina Dewey (Lawdragon), and Dimitra Kessenides (Bloomberg BNA). It was a fun and lively discussion in which we explained the different things we were trying to capture with our law school rankings, and how law school rankings are used and should be used. My plan was to cover the conference on Friday, speak on Saturday, then get drunk on Saturday night to make up for not being able to get drunk on Friday night.
But there was a huge snowstorm in NYC on Thursday night and I did not have the will to pull out my dogsled and make it to midtown on Friday morning. Instead, I followed the conference via various Twitter feeds of people who did make it. This was surprisingly effective (the internet is an amazing thing). Instead of being stuck in one room, I was following reports from many. So I was just sitting, warm and cozy in my basement, when this tweet went up:
Dean: Tuition costs not only reason grads in debt. They don’t apply for scholarships, drive nice cars. #aals2014
This isn’t the first car-related foolishness we’ve heard from defenders of law school; the former president of the ABA told law students that they should sell their cars to pay for law school. And this needs to stop. There are too many people in charge of law schools who remember tuition costs from when they went to school, which is beyond irrelevant.
Since some of these guys appear to be too addled to do the math, I’ve come up with something easier: pictures. I want you to show us what kind of car you drive in law school (or what kind of car you drove). Send us your jalopy; hell, if you have a sweet ride, send that too (subject line “Law School Car”). I would love to see if any of these cars could even put a dent in the current price of law school tuition.
Some of our Twitter followers were more than happy to start us out….
An actual top-50 law school has cut its tuition. They’re not giving a tuition “reimbursement” or “credit” or “scholarship.” They’re not making it a one-time deal available to impulse shoppers. Instead, they’re reducing tuition, across the board, for both in-state and out-of-state students, across all class years. They’re cutting tuition. Let us give them thanks and praise.
It’s still expensive, probably prohibitively so. But a top-tier school putting its tuition in reverse is big, bright news. I award this school all the corn in my silo, they’ve earned it….
I really don’t want to be that guy at the dinner table who points out that the mashed potatoes are lumpy and the turkey is a bit dry. A law school is cutting tuition by half for some students, and for that we should be thankful. This follows a trend, seen here and there, in which law schools are starting to respond to the low interest in legal education by competing on price.
Except it also follows the trend of not really being a tuition “cut.” Instead it’s a tuition scholarship that is worth about half of the tuition, while the school maintains its high listed sticker price.
Well, this is Above the Law, not a Thanksgivukkah meal. Who wants a side of hater?
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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 (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), 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.
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