Yale is making a slight change to its low-income loan forgiveness program, and it’s going to make it a little harder for people who leave Yale Law School and take low-paying jobs.
Now, this isn’t anything to yell and scream about. Yale is still committed to making loan repayment feasible for people who don’t take the Biglaw money and run. And they still have one of the most generous programs in the country.
But the program is getting a little less generous. Which isn’t a great sign about the long-term ability of lawyers who have the financial flexibility to service poor or working-class clients….
As we mentioned in Morning Docket, more and more law school graduates are trying to seek bankruptcy protection from their mountains of student loan debt. Bankruptcy? Really?
Now, we know that reading comprehension is tested on the LSAT, but apparently, once students complete the law school entrance exam, that skill goes right out the window. How do we know? Because law school graduates, who freely signed up for student loans as law students, are now trying to shirk their repayment responsibilities. They are the 99% (of people who sign on the dotted line and think nothing of it until it’s time to face the consequences).
All the documents these law school graduates signed and claimed to have read and understood prior to accepting their student loans — well, they had some words to say about bankruptcy. Important words. Here are some of them, pulled from my very own master promissory note:
We will discharge (forgive) your loan if: [y]our loan is discharged in bankruptcy. However, federal student loans are not automatically discharged if you file for bankruptcy. In order to have your loan discharged in bankruptcy, you must prove to the bankruptcy court that repaying the loan would cause undue hardship.
Aww, you think you’ve got an undue hardship, precious little snowflake? Well, think again….
Two petitions of possible interest showed up in our inbox today:
1. In favor of student loan forgiveness: This petition, reminiscent of Elie Mystal’s call for a student loan bailout, “strongly encourage[s] Congress and the President to support H. Res. 365, introduced by Rep. Hansen Clarke (D-MI), seeking student loan forgiveness as a means of economic stimulus.” (We mentioned H.R. 365 in Morning Docket.)
We write about depressing news for law students and law school graduates all too often these days, which is a very, very sad thing. We know that you don’t want to be reminded about the impending doom you may soon face. We really do wish that we had more positive news to report. But in this economy, it’s just not possible.
Gone are the days when earning a JD meant having automatic employment prospects. Gone are the days when having student loans wasn’t completely debilitating. These days, the JD has taken on a new meaning. It doesn’t just mean Juris Doctor anymore. These two are a little more fitting: Job Dilemma and Jumbo Dumbass.
The Connecticut Law Tribune has come out with an informative piece just in time for new 1Ls to realize that they may have embarked upon a six-figure mistake….
There has been a lot of talk in the media lately about how law schools are failing to adequately prepare recent graduates for the working world. Because after having your nose in a book for three years, let’s face it, you probably don’t know how to do “useful things with the law” that would actually help a client.
And in the spirit of killing two birds with one stone, law schools may soon have a solution for both of these problems. Instead of inventing temporary jobs to make you “practice-ready,” they might invent a whole law firm….
I don't care how it works, just give me my degree.
My wife and I have made this proposal to our Harvard creditors: they forgive our debt, we give the school a baby. A “pure-bred” Harvard baby that Harvard can dress up or perform experiments on or whatever. It will have to be a black baby, which might underwhelm some Harvard officials, but that’s got to be canceled out by the fact that the media won’t much care about what Harvard wants to do to/with a black baby. The “where’s the justice of Caylee????!!!!!” crowd won’t be on their ass.
I think it’s an elegant solution. My wife thinks I’m getting off easy (because my “contribution” to this form of debt repayment would once again be de minimis). And our creditors say: “We only accept straight cash, homey.”
But I’m just ahead of my time. In the U.K., people are already suggesting that indebted students should be given the opportunity to barter down their loans with sacrifices of the flesh….
When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
“With the assistance of NexFirm, we have upgraded the capabilities of our firm to meet, and in some cases exceed, the standards we were used to at our former BigLaw firms. Operationally, we can now attract and service clients we didn’t have the bandwidth to support in the past, and continue to build our team with the best and brightest legal talent in the industry,” said Chintan Panchal, adding “It has worked out quite well in our case; NexFirm is an essential partner for us.”
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
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@example.com.
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