Student Debt

* J.K. Rowling’s outing as The Cuckoo’s Calling (affiliate link) author Robert Galbraith has rendered print copies of the book scarce and a hot collector’s item. Now Rowling is hurling Cruciatus curses at her lawyers as the source of the revelation. [The Guardian]

* The New York Times weighs in on the worth of a law degree debate and makes Elie’s day by labeling him “indomitable.” [DealBook / New York Times]

* After the Ninth Circuit struck a tone of sanity, federal bankruptcy judges in Michigan and Tennessee remind us that law school debt is forever. [The National Law Journal]

* The hottest barristers in London. Meh. Holding out for the hottest solicitors countdown. [Legal Cheek]

* A lawyer should get suspended for smuggling stuff out of prison for a client. But shouldn’t the punishment be a tad more severe for smuggling a HIT LIST out of prison for a client? [Mercury News]

* The Ten Competencies that law schools should teach. I’d add “understanding how to order from Seamless at 4AM,” but otherwise it’s a solid list. [Associate's Mind]

* Penn State has approved a $60 million settlement in the Sandusky cases. Which is less than the football program makes in a year. [Deadspin]

* Apparently, the laws and other conditions surrounding America’s oil industry make it only the fifth friendliest place to extract petroleum in the world. Thanks a bunch you granola-eating socialists. [Breaking Energy]

* It’s not over yet, but the current projection for law school applicants this year is 59,200. My response to those fresh young go-getters after the jump…

double red triangle arrows Continue reading “Non-Sequiturs: 07.18.13″

This study isn’t throwing darts at a dartboard, this study is going up to the dartboard, placing the darts where you want, and then hoping nobody notices.

I don’t know how the intellectually dishonest people who try to trick people into going to law school based on misleading statistics sleep at night. It’s one thing to see economic drivel rerouted through the admissions mouthpieces who are just looking to make a sale to keep their jobs. But when it comes from law deans or law professors — people who are supposed to be educators and apply a modicum of rigorous intellectual thought to their writings — it’s just sad.

We’ve got another one of these “studies” that purports to show that a law degree is actually quite valuable, while blatantly ignoring all of the things that have led to ruinous financial consequences for so many students drawn into the clutches of law school. I was going to ignore it: partially because I’ve knocked down all these terrible arguments before when looking at the intellectual drivel emanating from the Denver Sturm College of Law, partially because I wonder sometimes if giving these smoke and mirror studies the light of day does more harm than good.

But, tipsters are emailing in and the ridiculous claim is the lead story on other websites, so whatever, let’s address the claim that a law degree is worth $1 million dollars over the course of a lifetime…

Please note the UPDATE at the end of this post, with commentary from Professor Michael Simkovic.

double red triangle arrows Continue reading “Another Garbage Study Offering Misleading Statistics On The Value Of A Law Degree”

I see debt relief, just over that hill.

Any time the punishment for going to your law school involves a graduate essentially “taking the black” and joining the U.S. Army to escape his crushing debt burdens, you have to be really proud of the value offered by your institution.

The quote from University of St. Thomas Law School graduate Thomas McGregor neatly sums up everything that recent law graduates are facing in this legal economy: “I paid off $108,000 of law school loan debt. All I had to do was put my life on the line.”

Parents, take note of such stories the next time you pressure your kids to go to law school and “get a real job”…

double red triangle arrows Continue reading “Man Joins Army To Pay Off Law School Loans”

We’ve talked extensively about the decline in law school applications. Law schools are now entering a time of consequences. Schools at the very top are going to do fine. Shockingly, schools at the very bottom are probably also okay, as there is always somebody who has no business going to law school who still wants to go.

But schools in the great middle — from just outside the top tier to anybody trying to maintain a bare minimum of standards — are feeling the crunch.

Something has to give. And one law school on the West Coast has decided that people should be the first to go. First, the school fired staff. Now, the school is slashing class size. But I’ll note that the school does not seem to be slashing salaries or cutting tuition. Apparently, people are easier to cut than budgets….

double red triangle arrows Continue reading “Law School: Slashing Class Size, Keeping Tuition High”

For prospective law students, the promise of merit-based scholarship money amid a broken legal market seems like an incredible deal. So what if there aren’t any jobs? You’re going to go to law school at a significantly discounted rate, or maybe even for free, so you won’t be at any real loss.

Or will you?

What law schools don’t like to tell you with regard to these frequently conditional scholarships is just how difficult it can be to keep them. When you’re banking the terms of your financial future on a law school grading curve, things can get a little tricky. Some might even describe the situation as a big racket. Thankfully, the ABA has started keeping tabs on these programs, and now there’s a wealth of information available on retention rates for scholarships of this kind.

So out of the 140 schools offering conditional scholarships, which ones are most likely to take back your law school funny money? Let’s find out…

double red triangle arrows Continue reading “The Law Schools Where You’re Most Likely to Kiss Your Merit-Based Scholarship Goodbye”

Won’t be long before law schools are getting this guy to sell you legal education.

It really bothers me when law schools resort to “used car salesmen” tactics to try to induce law students to sign up for school. Say what you will about the value of legal education, but it’s not like buying a Sham-Wow. Students can’t be influenced by “special, limited time” offers when trying to decide if and where to invest three years of their time. If nothing else, you’re entering into the lottery to win a legal career, not an iPad Mini.

Law schools that try to exploit “impulse buy” reactions to fill their seats should be ashamed of themselves. They are taking advantage of kids — twenty-somethings who don’t have lawyers or accountants or appraisers representing their interests. Law schools are at a huge informational advantage concerning the true value of their services, value that they try to hide at every turn from independent third parties. Law students are trying to cobble together what they can based on word of mouth, Google, and some published rankings. Turning the screws on these prospective students with offers that “expire in 24 hours” is a good business strategy if you are trying to sell them a toaster, but it’s a disgraceful thing to do for a place that claims to be an “institution of higher learning.”

I can only hope that anybody who received this “hard-sell” email from this law school did the smart thing and just walked away…

double red triangle arrows Continue reading “Law School Tries To Pressure Students Into Snap Decision With ‘Buy Now’ Sales Tactic”

For all the criticism the government takes for poor money management, they really do know how to bring in the revenue. They may not intend to bring it in, but they bring it in.

For example, the U.S. government has investments poised to make 55 cents on the dollar. And these investments are also almost impossible not to collect.

And these investments are you. Or at least those of you with government loans from law school.

Steven Harper, author of The Lawyer Bubble: A Profession in Crisis (affiliate link), reviews the problem — and the less than stellar proposed solutions coming from Congress and the White House…

double red triangle arrows Continue reading “Federal Government Profiting Handsomely Off Your Debt”

The vast majority of our readers are members of the legal profession in some way — and whether you’re a prospective law student, a current law student, a young associate, or a partner, chances are you’ve all had similar worries about the future and its many uncertainties. Will you be able to find a job? Will you be able to pay off your loans? Will you even enjoy being a lawyer? One thing, however, is for sure: you’d prefer that your children not suffer the same vocational fate as you.

But when it comes to the other members of society, well, they’d just love it if their sons or daughters were to become a lawyer (or marry one). Despite what we know to be true in most cases, it seems that the people who pick up their phones to respond to survey questions have been left in the dark when it comes to the current state of lawyers and their livelihoods.

Take a wild guess at who thinks this career path is still the road to riches….

double red triangle arrows Continue reading “About Two-Thirds of Parents Want Their Kids to Be Lawyers”

Now with the internet, you don’t even need to spring for a nice plate to panhandle.

In the before times, in the long, long ago, there was no internet. There was no Shark Tank. There were banks and capitalists. You had to go to them with your business ventures, beg them for start-up money, and that’s the way the world worked.

Now, anybody can beg anybody else for money. There’s no dignity anymore. There aren’t eight Jewish bankers who control everything. You don’t have to borrow money for your house from Mr. Potter. You don’t need to promise eternal salvation before passing the hat around. Now, any idiot with a dream and a keyboard can go on the internet and beg people for money.

Kickstarter is at least a place where ideas beg for money. A tipster sent us a link to “Upstart,” where individuals ask you to fund them in exchange for a percentage of their future earnings. So far, four people with J.D.s think they’re so special you should give them money so they can do what they want…

double red triangle arrows Continue reading “Upstart: Where Law Grads Try To Convince You To Pay Their Debts For Them”

Regular readers of this blog know that you cannot discharge student loan obligations through bankruptcy absent a showing of undue hardship. If you go broke borrowing money for expensive cars, houses, and monkeys/butlers, no problem, file for bankruptcy and start over. But if you go broke trying to better yourself through education, the government will make you beg and prove that you are sad and hopeless. Wonderful system we’ve got here.

We’ve also talked about how many people who might be eligible for undue hardship on their student debts don’t even try. The system is daunting and complicated, and I’ve argued that prostrating yourself in front of a bankruptcy court and letting them invade your life to the point of telling you how much you should be spending on your cell phone is not something that comes naturally to people with pride and dignity. This might be hard to understand for people who have never been in this situation, but I’d much rather be a “deadbeat” and have my wages garnished with the discretion on how I spend the rest than have some old judge tell me how much money I should be spending on breakfast.

When trying to get your debts discharged through bankruptcy, there seems to be no limit to what a judge can take into account to see if you are really desperate. But a recent Ninth Circuit opinion upholding a discharge by reversing the district court put one boundary on what a court can look at to determine if you’ve tried to pay your debts in “good faith.”

The court can’t look at your household and suggest that you pimp out your wife. So at least that’s something…

double red triangle arrows Continue reading “In Ruling on Undue Hardship, Court Is Not Allowed To Come Into Your House and Repurpose Your Wife”

Page 5 of 25123456789...25