Student Debts

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….

double red triangle arrows Continue reading “If You Want To Own A Home, Don’t Borrow Money To Go To Law School”

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….

double red triangle arrows Continue reading “Lawsuit of the Day: Nobody Puts Faruqi in the Corner”

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”

Killing your mother is unnatural. Personally, I think trying to ascribe a “motive” or a “reason” somebody would do such a thing is a little bit futile.

But the cops are saying that a recent Villanova Law graduate, struggling as a contract attorney, shot his mother over Christmas. Then, he killed himself.

“We’ll never know his motive,” said Marion County Sheriff’s Capt. Robert Sandlin. “What is our opinion? Financial. He had a lot of student loans that were outstanding.”

The guy’s father also died under suspicious circumstances…

double red triangle arrows Continue reading “Debt Is Possible Motive In Law Graduate’s Matricide/Suicide”

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.

Yes, I spent all day playing with the Michigan Law Debt Wizard.

As we mentioned this morning, Michigan Law has a new tool that points students towards “11,000 possible [debt] repayment paths.” And most of them are God-awful.

Because Michigan Law is just trying to tell you the truth….

double red triangle arrows Continue reading “Using Michigan Law’s ‘Debt Wizard’ Should Be Part Of The LSAT Games Section”

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.

Some of the very best scandals around have come from this law school — from alleged sodomizers to transcript thieves to racial raconteurs to Confederate celebrants, we’ve literally seen it all from UVA Law.

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?

double red triangle arrows Continue reading “Law Student Wins Money To Repay Student Loan Debt On Live Television”

“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….

double red triangle arrows Continue reading “In Defense of Law School: It’s Not the Only Alleged Culprit in Higher Education”

PPP at one top law firm?

* 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]

Law school is a good idea if you are incapable of doing basic math.

I feel like we could probably do a weekly feature entitled “It’s A Trap” that just focuses on which poor argument for going to law school somebody hopes 22-year-olds will fall for.

This week, we need to do a mash-up because all the stories about the dearth of law school applications have caused some deans to go out and say just the most ridiculous things online.

Just to make sure that a “counter-argument” comes up when uninformed prospective law students do Google searches for these schools, let’s take a whack at the latest, most absurd things to come out of a law school dean’s mouth, this time focusing on some smaller schools that not a lot of people have heard of….

double red triangle arrows Continue reading “Really Weak Arguments For Going To Law School: The Small Law School Edition”

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