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.
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?
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: