This isn’t the first and it won’t be the last time we have to knock down this ridiculous argument. There’s simply a lot of money invested in making prospective law students believe it.
And it makes a certain kind of sense. We’ve extensively reported on the decrease in law schools applications. We’re at all-time historic lows. It’s a comforting and mathematically banal argument that the lack of applications now will lead to a dearth of law graduates in 2016, which will mean great times(!) for the class of 2016. More importantly, law schools want people to believe those brave enough to apply to the class of 2017 will benefit from an “undersupply” of new lawyers by the time they graduate. I promise you more than half of the class at Cooley actually believe this crap.
The problem, of course, is that it’s not true. It’s not true, and the people who say it’s true have no evidence that it’s true. Heck, there’s an “undersupply” of lawyers right now, if you look at poor and low-income clients. But that hasn’t actually resulted in a vibrant hiring market for new and recent graduates now, has it?
It’s a bad argument, but let’s walk through it so you have something to link to when you hear it from friends who don’t know how to use Google….
* Joe Patrice reposted this on his site and I’m linking to it because it’s a great look at the rhetorical weaknesses of the pro-gun argument. It’s old, so you can’t say that he’s being reactionary to the current tragedy. [Recess Appointment]
* Here’s a very good takedown of the self-serving law school rankings from Loyola Law School (LA) Professor Theodore Seto, who magically finds that Loyola Law is the 25th best law school for becoming a Biglaw partner. [Witnesseth]
* And so is arguing over rate increases, according to Susan Hackett; it’s just a distraction from the real conversation that needs to take place about the appropriate pricing of legal services? [Legal Rebels / ABA Journal]
The best time to buy is when everyone else is selling. If August 2012 law school matriculations are truly as bad as the common wisdom expects, then three years from now law grads with decent credentials will be in higher demand than they otherwise would be.
Which schools manufacture the most law firm partners?
Now here are rankings worth paying attention to. Professor Theodore P. Seto of Loyola Law School (Los Angeles) has published a research paper showing the law schools that produce partners at large law firms.
This list seems useful in at least two ways. First and most obviously, if you want to make Biglaw partner money, it’s worth knowing which schools produce Biglaw partners. But this list is also useful when you are thinking about the kind of alumni network that a school can provide.
Obviously, this list is going to favor the elite diploma mills, but there are some interesting surprises…
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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