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.
Do any of you remember the set up of Northern Exposure? It was a decent enough show where a “city slicker” doctor had to practice in small town Alaska to pay off his student debt. Aidan from Sex in the City was on it.
Anyway, the point was that the state of Alaska paid for Rob Morrow’s medical school. In return, he had to work wherever Alaska sent him for five years.
Subject, of course, to the restrictions outlined in the Thirteenth Amendment, I’ve wondered why this isn’t an actual thing that more states do in order to help underserved communities. Why doesn’t New York pay for a bunch of people to go to medical school, but then they have to practice in poor areas for a term to work off their debts?
One state is giving it a try. And why not? I mean, it’s not really like peonage, is it?
If you’re looking to catch up on your reading of classic novels, I’d recommend Tess of the d’Urbervilles (affiliate link) — or, to use its complete title, “Tess of the d’Urbervilles: A Pure Woman Faithfully Presented.” It tells the story of a virtuous but destitute young woman who takes a job working for the wealthy d’Urberville family. While working for them, she receives unwanted advances from a libertine son, who develops an obsession with her. Complications ensue.
I was reminded of Tess of the d’Urbervilles upon reading a complaint that was just filed in federal district court here in New York. The complaint tells the story of a virtuous but debt-saddled young woman who takes a job working for a boutique law firm. While working for them, she receives unwanted advances from a libertine partner, who develops an obsession with her. Complications ensue.
Multiple sources brought the lawsuit to our attention. The complaint is going viral over email — partly because the allegations are shocking (and very sad if true), and partly because they’re being made against a prominent New York lawyer.
Let’s check out the complaint. At 24 pages, it’s much shorter than Tess of the d’Urbervilles….
In a story that Ethan Bronner of the New York Times will repackage nine months from now and pretend like it is new, the National Law Journal tells us that two for-profit law schools are offering refunds to students who can’t pass the bar.
It only sounds nice if you don’t read the fine print, though in fairness, people who go to for-profit law schools are probably not the best at even identifying the fine print, much less at reading it and understanding how it might apply to their lives.
Still, I don’t know what kind of mathematically challenged people think that getting a $10K refund after spending nearly $120K to go to law school and not passing the bar is a good deal….
A little more than one year ago, Elie and I asked our readers what they would have done if they hadn’t gone to law school. The answers in the comments were varied, but in light of the state of the job market for entry-level lawyers, this was the one that stood out the most to me then, and stands out even more to me now:
“Shoot myself. It would have been quicker and less painful.”
While that may be incredibly depressing, it speaks to the feelings of a new generation of lawyers, many of whom have been languishing in unemployment and drowning under heavy student debt loads for months, and in some cases, years. Now, if you’re lucky enough to be complaining about the size of your Biglaw bonus, these circumstances aren’t applicable to you. But unfortunately, as we all know, money can’t buy happiness. Regardless of your standing in life, law school still might have been a bad decision for you.
Which brings me to this question: all things considered, are you still happy you went to law school?
Understand, I would force people to use this calculator from a desire to do good.
The University of Michigan Law School has created something beautiful. It’s a tool forged by the explosive union of “facts” and “math.” It’s a vision of a future where law students actually know what they’re getting into before they go to law school. It’s not perfect, but I feel as if I’ve just looked up at the first light on the fifth day, and seen something brilliant.
Ah, UVA Law School. I’ll be the first to admit that we’re often a little harsh on this particular law school, but that’s only because it’s so damn easy to do. When we write about UVA Law, the jokes virtually write themselves.
But let me tell you, it’s a rare day when we’re able to tell students from this school to pop their collars with pride, and we actually mean it without a hint of sarcasm. Today we’re going to congratulate a student from UVA for an accomplishment that everyone with student loan debt wishes they could achieve.
This young woman appeared on live television and was handed thousands of dollars to pay off her loans, just for being a decent human being. How much was she able to walk away with?
“It comes down to this,” said Hayley Schafer, 30. “Is there anything else I’d be happy doing? No. Is there any way around paying off the loans? No. So, what the heck? A lot of it is just trying to put it out of your mind and maybe it’ll disappear.”
Schafer has more than $312,000 in educational debt and earns just $60,000. She must be a lawyer, right?
But Schafer’s not a lawyer or law school graduate. What does she do? The answer might surprise you….
* Law School Transparency? Nay, Biglaw Transparency! Peter Kalis, global managing partner of K&L Gates, just opened the kimono wide on his firm’s financial performance in an “unusually detailed” fashion. [Wall Street Journal (sub. req.)]
* Talk about a pain in the pocketbook: although profits per partner and revenues are up overall, one firm saw shrinkage of 16 percent in PPP. [Thomson Reuters News & Insight]
* The ABA is just now thinking of trying to find someone who will audit the graduate employment data that law schools release each year. Gee, it only took 15 fraud lawsuits to get the ball rolling. [National Law Journal]
* Oh my God, you guys, carrying six figures of law school debt on your shoulders is “unsustainable” in the long run, especially when your salary sucks. This is new information that no one’s heard before. [News-Gazette]
* Former U.S. Attorney Jim Letten is now Tulane Law’s new assistant dean for experiential learning. For the school’s sake, hopefully he’ll be able to control his students better than he did his AUSAs. [Tulane Hullabaloo]
* “You’re a cold-blooded murderer and I’ll stare you down until I die.” Drew Peterson was sentenced to 38 years in prison for the murder of his third wife. A sequel to the Lifetime movie is likely forthcoming. [Reuters]
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 seven years. You can reach them by email: email@example.com.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
Whether you’re fresh off the bar exam or hitting your stride after hanging a shingle a few years ago, one thing’s for certain: independent attorneys who start a solo or small-law practice live with a certain amount of stress.
Non-attorneys would think the stress comes from preparing for a big trial, deposing a hostile witness, or crafting the perfect contract for a picky client.
But that’s nothing compared to the constant, nagging, real-life kind, the kind you get from the day-to-day grind of being a law-abiding attorney.
Connecticut plaintiffs-side boutique litigation firm (12 lawyers) seeks full-time associate with 2-4 years litigation experience, top tier undergraduate and law school education. Journal or clerkship experience a plus; highest ethical standards and strong work ethic required. Familiarity with Connecticut state court legal practice is preferred, but not required.
The firm handles sophisticated, high-end cases for plaintiffs, including individuals and businesses with significant claims in a wide array of matters. Our cases often have important public policy implications, and are litigated in state and federal courts throughout Connecticut. Representative areas of practice include medical malpractice, catastrophic personal injury, business torts, deceptive trade practices and other complex commercial litigation, and products liability.
Additional information can be located on our website, at www.sgtlaw.com.