Raise your hand if you’re tired of the debate over the value of a legal education. Yeah, me too.
Well, sorry to disappoint you, but the debate rolls on. A prominent law school dean and one of his colleagues took to the pages of the New York Times to once again defend the law school ivory tower from its critics.
Who are we talking about, and what are their arguments?
Back from the big NALP conference, back from Seattle, happy to be back in New York City. The five boroughs came up a lot at the conference thanks to the big move by Brooklyn Law School to cut tuition by 15% next year.
If I may summarize the reactions from other schools about Brooklyn’s cut (I’m paraphrasing):
F**k those motherf**kers. It’s still super-expensive. Go STATE!
Actually my school did something very similar. [Elie explains why their school is not similar.] Well, that’s just your opinion, man.
Can somebody wake me up when Yale does it?
I expected that other schools would be a little annoyed with Brooklyn. Schools are already facing a financial crunch given the sharp drop in new law students; not many want to take on the additional financial burden of across the board rate reductions. I recently appeared on CNBC with Brooklyn Law Dean Nick Allard, and he explained that Brooklyn Law sold off some of its capital assets to afford this. I noted that not every school is in the position to do that.
But I didn’t expect some prospective Brooklyn Law students to also bitch about the reduction. I guess when you expect dumber people to subsidize your education, having that taken away from you is jarring…
As we mentioned in Morning Docket, one New York law school just decided to cut its yearly tuition by a whole lot — 15 percent, actually. That’s right: a top 100 law school is reducing its tuition, across the board, in a move that will take it from being the second-most expensive private law school in New York City to being the cheapest of its kind.
Of course, by “cheapest,” what we really mean is “still prohibitively expensive,” but at least it’s a step in the right direction. Perhaps this is a trend in the making for the rest of New York City’s law schools.
So, which law school is helping its students take on a little less debt?
The Associated Press reports today that the indebtedness of over 37 million American graduates now tops $1 trillion. That’s more than the total American debt load from credit cards. It’s more than the debt load associated with car purchases. And somewhere there is probably some politician touting how college is now “affordable” for every child.
And, as usual, the plight of law students in debt is a great case study in how debt is crippling a generation’s ability to generate wealth…
Yesterday, we brought our readers some “startling” statistics about law student debt levels. It seems that average indebtedness for law graduates increased by more than $50,000 between 2004 and 2012, with a typical law student saddled by about $140,000 in loans.
In fairness, those statistics probably weren’t all that startling to our readers — many of them are heavily indebted themselves. In fact, we know that many of them are carrying debt loads that surpass even that six-figure number.
Which law school graduates have the most debt of all? U.S. News has a ranking for that…
Some of the study’s more eye-popping statistics pertained to law school students, whose job prospects are famously declining. The level of indebtedness for this group rose by more than $50,000 from 200 to 2012, with the typical law student now owing $140,000, the study found — a jump that’s unprecedented in any other field, including medicine.
Whenever the government gets involved with “helping” students suffering under crushing debt obligations, I wonder if “the government” even partially understands how students think.
There is a new proposal in the budget that would bring significant changes to the student loan forgiveness program. Specifically, the “Public Sector Loan Forgiveness” program. Currently, students with massive amounts of debt can sign up for income-based repayment of their student loans. Their payments are capped at 10% of “discretionary” income. If they work in the public sector or for a designated non-profit, the government forgives the rest of their loans after ten years. For those playing along at home, that means that taxpayers pick up the rest of the bill.
Critics on both sides of the aisle (including me) argue that the current system encourages schools to charge whatever they want for tuition, while discouraging students from making cost-conscious choices about their debt. It’s far from ideal, and this new proposal seeks to do something about it.
But since Congress is involved, the thing they want to do to “fix it” is stupid and will ultimately hurt student borrowers even more….
Senator Marco Rubio (R – Fla.) has often said publicly that he personally still owed more than $100,000 in student loans when he joined the U.S. Senate in 2011. He only paid off his nearly $150,000 in debt after law school with the proceeds of his autobiography in December of 2012. Rubio and fellow senator (and law school graduate) Mike Lee (R – Utah) are young enough to be personally aware of the miasma surrounding higher ed — and especially higher ed funding — in the United States. It makes sense that they would lead the way toward reform. Apparently, they are.
In the past few days, the lawmakers have been popping up in public, touting efforts to reform higher education. Let’s take a look at the reforms they suggest….
I find the term “law school sweetheart” to be gross and vaguely unnatural. You don’t have “sweethearts” in law school. You have people who will bang you when you come back from the library wearing sweatpants, people who will save you a slice of pizza because you always forget to eat while at your clinic, and people you can sleep with after exams are over who won’t mind that you actually just want to sleep.
But really, the question presented isn’t about the sad, “I’m too busy to put on heels to get laid” settlement negotiations that mark the start of most law school relationships. Instead, they’re asking whether these couplings have any legs once people get out into the real world….
* Elizabeth Wurtzel: “I am a lawyer. The first rule of law: All the promises will be broken. Attorneys could not be in business if people did not fail to do what they agreed to do all the time — and lawyers are very busy.” [Nerve.com]
* Laura Ingraham clerked for SCOTUS, so presumably she knows that Puerto Ricans are American citizens — right? [Media Matters]
* Chief Judge Alex Kozinski, known for zerotolerance of prosecutorial misconduct, has written the foreword to a new book on the subject. [Facebook]
* In addition to the one we mentioned yesterday, here’s another petition for the Obama Administration that’s aimed at addressing the student debt crisis. [WhiteHouse.gov]
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 protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.