Student Debt

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….

double red triangle arrows Continue reading “The Decision: UVA v. Northwestern v. Minnesota (With Varying Scholarship Amounts)”

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….

double red triangle arrows Continue reading “The Decision: NYU Law v. UVA Law at Half-Price Tuition?”

Last week, in Morning Docket, we mentioned that one law school was thinking about lowering tuition. My colleague Staci requested less thinking and more doing.

As it turned out, the law school in question went ahead and reduced tuition, by significant amounts. How much are we talking about? And could this positive trend spread to other schools?

Maybe — especially if law students do their part and speak out….

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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.

There’s free money waiting for you in flyover country….

How do I know that these people are not lawyers?

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….

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Star-crossed lawyers: Juan Monteverde and Alexandra Marchuk.

If you want to sue a defense-side Biglaw firm for employment-related claims, go for it. Unless your lawsuit is bats**t insane, chances are the firm will settle with you. See, e.g., Charney v. Sullivan & Cromwell; Schoenfeld v. Allen & Overy. Heck, you don’t even need to file an actual case; even threatened litigation can yield a six-figure payday.

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.

Last month, Alexandra Marchuk sued her former firm, Faruqi & Faruqi, making a host of salacious allegations. The most incendiary: that a partner of the firm, Juan Monteverde, forcibly had sex with her in his office after the firm holiday party.

Now the Faruqis and Monteverde are turning it around on Alexandra Marchuk. They’re suing her back, filing counterclaims and seeking an eight-figure sum….

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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?

double red triangle arrows Continue reading “State Comes Up With Quasi-Indentured Servant Plan For 16 Law Students”

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….

double red triangle arrows Continue reading “Lawsuit of the Day: A Super-Salacious Suit Against A ‘Legend’ of the Bar”

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….

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‘I’d be happier if I weren’t poor.’

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?

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