Student Loans

* Because it’s been such a long time since the NFL has had a scandal, Cowboys owner Jerry Jones is accused of sexual assault in a new suit. The Cowboys claim the suit is nothing but a money grab. No one knows a money grab like a franchise owner milking a new stadium partially financed by taxpayers. [USAToday]

* Dean Frank Wu explains why Hastings will survive the end of law schools. [SF Weekly]

* A pair of IP litigators, James W. Dabney and Stephen S. Rabinowitz, have jumped from Fried Frank to Hughes Hubbard. Will others be following Dabney & Rabinowitz out of Fried Frank? [Hughes Hubbard]

* “Lawyer’s ‘Torture Porn’ Past Pops Up in Pa. Governor’s Race.” OK, let’s see what you’ve got here. [Greedy Associates / FindLaw]

* An interesting breakdown of the legal scholars with the widest network of co-authors. Think of these as the most promiscuous scholars around. Actually, no. Don’t think that. [Ryan Whalen]

* Etsy sides with the USPTO and bans sales of anything branded “Redskins” on its platform. I’m not sure how smart this is since the economic teeth of the USPTO decision was to allow sites like Etsy to sell massive quantities of otherwise trademark-infringing stuff until Washington relented and opted for a new trademark-protectable name. [Etsy]

* Don’t throw peanut butter in my neighborhood (though I don’t understand the blotter… there’s no Bodega at that location). [Legal Juice]

* Lest you think law school is reasonably priced: “New IBR and PSLF provide benefits large enough that high earnings still result in nearly $100,000 in loan forgiveness for typical levels of debt for law school graduates. A lawyer earning at the 50th percentile with that debt level stands to have $147,282 forgiven, which is more than he borrowed…” [New America Education Policy Program]

* Keeping in touch with your inner child to relate to witnesses as humans. [Katz Justice]

* Closing out this football-heavy NS, friend of the blog Mitchell Epner discusses why Roger Goodell won’t (and shouldn’t) survive the fallout of the Ray Rice scandal. Check out the video after the jump… [CNBC]

double red triangle arrows Continue reading “Non-Sequiturs: 09.10.14″

J.D. = Just Debt

* Baker & McKenzie was bumped from the top spot in the Global 100 last year when DLA Piper swooped in to steal the firm’s glory. This year, B&M is back with a vengeance, and richer than ever. Take that, DLA dopes. [Am Law Daily]

* “I’m pretty sure I just got fired.” Before the bud business was big enough for Biglaw, the mere suggestion of going green was allegedly enough to warrant some pretty major disciplinary action from a leading law firm. [National Law Journal]

* Judge Thomas Griesa is toying with holding Argentina in contempt for saying that it didn’t default. Argentina struck back with the social media hashtag #GrieFault. Clever. [DealBook / New York Times]

* Dzhokhar Tsarnaev’s defense team has an expert who says that any jury in Massachusetts will be tainted because of the “inflammatory” news coverage of the Boston Marathon bombing. [WSJ Law Blog]

* The ABA’s new Task Force on the Financing of Legal Education held its first public hearing to try to figure out why law school tuition is high. The ABA is so late to the party it’s not even funny. [ABA Journal]

For the past few weeks, I’ve been writing about law school hoping that it would help would-be law students make an informed decision. I exposed some misperceptions about law school that no one discussed. I also suggested some cost-effective and possibly lucrative alternatives to a legal education. And I wrote about some last-minute things to consider before going to law school.

But some of you will still go to law school for the wrong reasons and pay rip-off prices. Ego, familial expectations, and peer pressure may play a role in your decision. So I want to finish the law-school-themed posts by issuing a warning to students and their parents about the consequences of graduating without a meaningful job and with six figure, nearly nondischargeable student loan debt….

double red triangle arrows Continue reading “A Final Warning To Those Who Enter The Law School Black Hole”

In fairness, if you’re writing the newspaper for advice, you probably aren’t expecting the most sage counsel. Still, these ersatz Ann Landerses really outdid themselves in giving shockingly terrible advice about going to law school. One would think an advice columnist would at least look into the merits of the questions they’re asked. It really doesn’t require all that much research to confirm the basic truths about what lies ahead for those who enter the legal profession without thinking it through.

But with the most WASPy advice ever, this paper advises a concerned reader to just ignore all the problems with going to a TTT in order to maintain social niceties….

double red triangle arrows Continue reading “Absolutely Terrible Advice About Law School”

‘Should I get my money back? NO! I LOVE COOLEY!’

* Since October Term 2013 came to an end, people have changed their views about the Supreme Court. Conservatives think it’s more conservative, and liberals think it’s less liberal. Funny how that works. [Pew Research Center]

* “If a U.S. Supreme Court decision legalizing gay marriage looks inevitable, perhaps it is.” Given how quickly lower courts are issuing marriage equality victories, it’s only a matter of time before we’ll have a SCOTUS case to follow. [Bloomberg]

* Pre-law students still care about law school pedigree — as they rightfully should. Sure, scholarships are great and all, but attending a school where you’ll have a prayer of getting a job after graduation is even greater. [National Law Journal]

* Speaking of pedigree, there’s a new law school ranking in town, and Yale isn’t even in the Top 5. If that doesn’t smack of legitimacy, then we don’t know what does. We’re rolling our eyes here. [InsideCounsel]

* Cooley Law’s Ann Arbor campus may close, and students who go to the school are reportedly “pretty devastated.” Stop crying and take advantage of your loan discharge opportunities, you dopes. [MLive.com]

J.D. = Just Debt? J.D. = Junk Degree? J.D. = Job Disabled?

There is very little that would entice me to go $100,000 or more into debt for a credential.

Chris Tittle, a California man who is attempting to become a lawyer by “reading law,” just as Abraham Lincoln once did. Tittle never went to law school, and is in his first year of a four-year course of law office apprenticeship and study at the Law Office of Linda Alvarez.

Ed note: Cedar Ed Private Student Loan Consolidation products enable recent graduates to lower their private student loan rates and monthly expenses into one manageable payment. See more here.

The average debt load of law school graduates is well over $140,000. That’s roughly the cost of purchasing a Maserati, or 88% of your first-year Biglaw salary. Couple that with a notoriously grim employment outlook and law school grads often find themselves tethered to mortgage-sized repayment plans, minus the actual house.

One thing law school doesn’t teach you is the variety of loans that are available and the advantages and disadvantages of each loan type. With a little foresight, law school students can select the proper loan and create a repayment plan that is best aligned to their career and lifestyle post-graduation.

Let’s start by breaking down each type of loan to better understand consolidation after graduation…

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A prominent Canadian magazine, Maclean’s, ranks our Canadian law schools every year. Here are the categories it uses:

1. Trees per campus acre (15%)
2. Square footage of the law library (30%)
3. Number of left-handed professors (20%)
4. Proximity to Toronto (40%)
5. Supreme Court of Canada clerkships (2%)

Some call Maclean’s methodology suspect. But my law school, Queen’s, ranks third in the country, so who am I to argue? It’s not my fault Queen’s has a huge law library on a leafy campus just up the highway from Toronto in a region with the highest concentration of left-handed people in the country. We didn’t do so well on SCC clerks, but I am told that Queen’s is working diligently to improve in that area.

Anyway, Maclean’s says these are the top 5 law schools in Canada:

double red triangle arrows Continue reading “The View From Up North: Law School Grifting”

When it comes to paying for law school, most of us fill out paperwork to secure shiny loans that haunt us for years to come. But there are a few students who think outside the box. Law school tuition Kickstarter campaigns crop up from time to time. There was also a website set up to sell future income streams in exchange for debt payments. Generally, these efforts to outsource student debt are the work of narcissists unwilling to take personal responsibility and pay for their life decisions.

And then we see something like this:

God asked me to go to Law School for the good of the Kingdom of God. Help me raise $28,500 by 5/1/15!

Well, that’s a horse of another color! It’s not that you want a law degree without having to suffer the consequences of your actions, it’s that God wants it. Nothing reflects the model of Jesus Christ more than getting what you want without suffering at all.

Let’s check out this plea for a free law school education — complete with its own movie trailer!

double red triangle arrows Continue reading “God Told Her That YOU Should Pay For Her Law Degree”

Senators Marco Rubio and Mark Warner introduced a bipartisan student loan bill yesterday aimed at reducing default rates. The bill, called the “Dynamic Student Loan Repayment Act,” would limit all student loan repayment to 10% of discretionary income.

The plan is terrible for the poorest students. Currently, the federal income-based repayment program, called Pay as You Earn or PAYE, also requires 10% of discretionary income, but it calculates “discretionary” at 150% of the poverty line. The Rubio/Warner plan kicks in at $10,000… which is a lot less than 150% of the poverty line.

Also under PAYE, if you have more than $57,500 of debt after 20 years of repayment, PAYE forgives your loan. Under Dynamic Repayment, that goal post is moved to 30 years out. I guess the upside is that under Dynamic Repayment, there’s a better chance that you’ll die still owing money.

Again, if you are poor, this new plan isn’t great. But since when do Republicans or even Democrats care about the truly poor?

Continue reading on Above the Law Redline…

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