I am supposed to be paying something on the order of $2,500 a month in student loan repayments. I currently make a shade over $55,000 a year which, after taxes, comes out to a tick under $3,200 a month. Please don’t mistake me for a braggart, dear reader, as I am a man much like yourself. I get up every morning and slip my cheap suit on one pant leg at a time. Just like you! It’s just that, after my threadbare suit is hanging from my gaunt frame, I have dozens of dollars to my name. Dozens.
If you are reading this website, you are well-acquainted with the state of student debt in this country. Above The Law, once a bastion for bottles, models, bonuses, and benefits, covers the hangover now too. The hangover is a useful start for any consideration of debt in this country, as it turns out. Shot through with the morality that only the descendants of Puritans can muster, debt in this country is treated not unlike a sexually transmitted disease or pleated pants: it’s moral turpitude that led you here.
Remember kids, banks will never ever ever forget your student loans. They may forgive them, though. As if they’re handing out papal dispensations from on high, banks are passing moral judgment even when your duties as a debtor may be discharged.
This is the moral universe we currently reside in. And it’s one that has seriously warped consequences.
With graduation fast approaching, maybe people are coming to the startling realization (what took you so long?) that they’re going to have to figure out a way to pay off their student loans. Sure, it was fun to have government monopoly money to play with while you were in law school — maybe you had a weekly shoegasm at DSW; maybe you repeatedly blew your wad at Game Stop — but now it’s time to face the music.
Unfortunately, when it comes to debt repayment, the soundtrack that’s playing on an infinite loop in your mind is from the shower scene in Psycho.
Whether or not you’ve got a job lined up, you know for sure that your starting salary is nowhere near high enough to allow you to both live indoors and make monthly payments to your loan servicer. You’re scared that you’re going to have to moonlight in retail, or worse yet, move back in with your parents.
All you know is that you really, really don’t want to default on your loans. Your credit will be shot. Your phone number will be scrawled on the bathroom walls at collections agencies. Your life’s work will be all for naught. What the hell are you going to do?
Don’t worry, friends. Your loan servicer has a secret to share on how to avoid the disaster of default….
If someone asks you whether they should go to law school, here is a very safe response: “Sure, provided that you get into a top law school and can go for free.” Even the biggest critics of legal education would admit that, assuming you want to be a lawyer, going for free to an elite law school is not a bad idea. See, e.g., Professor Paul Campos, Don’t Go To Law School (Unless) (affiliate link).
How can this be achieved? It’s not impossible. As we’ve mentioned before, more than 10 percent of law students graduate with zero debt, and another 5 percent or so graduate with less than $20,000 in student loans. Some of these students receive generous scholarships from their schools; others have savings or come from well-to-do families.
But there are other options. For example, does your employer offer tuition reimbursement?
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Mansfield J. Park gives some practical advice to prospective law students on how to finance their education.
Law school scholarships are the most important way you can fund your painfully expensive legal education. Law school grants are more rare and not much different than scholarships.
Otherwise, you will — as with most law students — fall back on law school loans to fund your education. Be very, very, very careful with this route. Let me say this in all caps and bold so you can hear me:
DO NOT GO TO LAW SCHOOL WITHOUT A CLEAR PLAN TO FUND YOUR EDUCATION!!!
Yesterday we asked you to advise a prospective law student choosing between NYU Law School, at full sticker price, and UVA Law School, at half price. You overwhelmingly voted in favor of UVA. (Some of you suggested in the comments that he try to use his UVA scholarship to wrangle some scholarship money out of NYU; he did, but NYU said no.)
Today we bring you another 0L choosing between some excellent law schools. This individual has narrowed his decision down to three places: UVA, Northwestern, and Minnesota. For those of you who slavishly adhere to the U.S. News rankings, the three schools check in at #7, #12, and #19, respectively.
So what makes this choice more challenging? The differing scholarship amounts they’re offering this candidate….
Going to law school is a smart choice for many people. It’s not a smart choice for all people or probably even the majority of people who end up going, and it’s not a decision to be entered into lightly. But if you want to be a practicing lawyer, based on an informed view of what lawyers actually do, and if you’ve concluded that law school is right for you, after a rigorous process of psychological and financial self-examination, then by all means, matriculate.
(We are not uniformly anti-law-school here at Above the Law. I’ve written many times in defense of going to law school, provided you’ve done your research. See, e.g., here, here, here, and all of these law school success stories. And Elie’s on vacation this week, hahaha….)
The question then becomes where you should go to law school. It’s a timely topic, since now is the time of year when prospective law students or “0Ls” must decide where to put down their deposits. So help a brother out and offer some advice on the following situation….
Amid a jobs and loan debt crisis, the push for legal education to reinvent and remodel itself upon the medical school paradigm continues to grow. From a reduction in years of schooling to legal residency programs, these and a slew of other ideas are looking better and better.
Next up to the plate: monetary incentives to practice in no man’s land. Doctors have been getting loan repayment incentives for four decades in exchange for practicing in underserved rural areas.
Why can’t lawyers do the same thing?
In recent weeks, South Dakota’s innovative plan to keep lawyers in the state and practicing in rural areas has gotten a great deal of media attention. If you’d consider hanging a shingle in a small town for five years in exchange for a yearly sum of $12,000 to pay off your debts, then this is a great idea.
Now that my wife and I have a baby, people keep telling us that we shouldn’t just find a bigger rental, we should buy something and put down roots. My wife, politely, laughs and says, “We’re thinking about it.” I angrily roll my eyes and say, “Why don’t you think about going and f**king yourself.”
You see, we are both law school graduates who debt-financed our educations and now live in New York. Property ownership is not something that will happen for us… unless we just want to give up and move to an oil-soaked subdivision in Arkansas.
But I am not alone. A law professor has crunched some quick numbers and determined that at least half of the class of 2011 wouldn’t be able to own a home….
Biglaw firms are busy — busy making money, of course — and very reputation-conscious. They don’t want to be distracted by litigation, and they don’t want their white shoes sullied by grime. They will pay good money to make headaches go away.
But suing a scrappy plaintiff-side firm is an entirely different story. They will hit back — and hard.
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@example.com.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
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When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
“With the assistance of NexFirm, we have upgraded the capabilities of our firm to meet, and in some cases exceed, the standards we were used to at our former BigLaw firms. Operationally, we can now attract and service clients we didn’t have the bandwidth to support in the past, and continue to build our team with the best and brightest legal talent in the industry,” said Chintan Panchal, adding “It has worked out quite well in our case; NexFirm is an essential partner for us.”
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