Early last week, we broke the news that the Thomas Jefferson School of Law had missed a payment on its revenue bonds, triggering a default event under its current Loan Agreement. Luckily for the school, it was able to strike a deal with its bondholders to delay the unseemly business of ceasing its operations, at least until October 17, 2014. In the interim, TJSL is discussing “various potential structures and restructuring alternatives” with its bondholders, and is “confident” that it will be able to reach an accord in the near future.
When we last checked in with this overly optimistic law school, TJSL was hoping that it would be able to “continue to prosper” after settling up with its creditors. But how is the law school supposed to reach this happy fate when its credit rating with Standard & Poor’s keeps getting downgraded lower and lower?
Perhaps it’s time for Thomas Jefferson Law to remove its rose-colored glasses and embrace the fact that it shares the same financial woes as its own namesake. Will the school die in debt like our former president?
While it’s true that things have been spiraling downwards for law schools since the Great Recession, it wasn’t until 2011 that things really got out of hand. That was when the very first class action lawsuit about deceptive employment statistics was filed against the Thomas Jefferson School of Law. Little did we know that it would prove to be a harbinger of doom for the school.
About a year ago, we brought our readers the sad news that TJSL had conducted faculty and staff layoffs in an effort to free up funds. Not only had it suffered a blow to its enrollment, but it was also struggling to pay off the $133 million debt it accumulated after opening its new campus building in 2011.
To make matters infinitely worse, in December 2013, Standard and Poor’s released news that it had downgraded the credit ratings of a slew of stand-alone law schools. TJSL was one of the downtrodden schools whose credit standing was downgraded to B+, junk bond status with a negative outlook.
Now, we’ve got news that could have disastrous effects for the law school. It seems that TJSL has defaulted on its bonds, and it may be unable to remain in operation due to its financial predicament…
A quality building may not be more important than a school capable of getting you a job, but there are advantages to nice buildings. If you’re going to law school, you will have to spend significant time there, so it may as well be nice. If you’re an alum, it’s always nice to see your donation to the school went to something nice.
So did your law school make the list of the top 50 best law school buildings in the world?
If you had the correct Final Four in the NCAA Basketball Tournament, then congratulations… you’re a UConn fan. Or at least someone who pays so little attention to basketball that you picked UConn because you remember when the team was a juggernaut sometime in the past.
The ATL March Madness bracket also has an underdog rolling along. Is Liberty a school of destiny?
Remember when George Mason made a run to the Final Four? Or when VCU climbed out of the play-in game to make it into the Final Four? Quick aside, are you tired of the CBS commentators pushing the whole “it’s not a play-in game, it’s the First Round” on us? It’s like CBS hired the inventor of the Cooley Rankings idea.
Anyway, like those exciting, underdog-dominated tournaments, it looks like we’ve got a bottom-seeded team charging all the way into the Elite Eight in our humble ATL bracket. How crazy is that?
Basketball’s March Madness provided a string of dramatic upsets over the weekend. The Above the Law editors lost their alma maters over the weekend, and all of us slipped out of the Warren Buffett billion-dollar-bracket pool. It was all sad. But nothing warms the heart more than a CBS reaction shot to crying Duke bros.
Did ATL’s annual tournament provide similar fireworks?
Games are underway. Your daily routine of blowing off work to read Above the Law is now complemented with blowing off work to watch a streaming CBS feed. If you’re going to do anything legal today — and I mean “legal” both as “law work” and “not illegal” — you might as well vote on the worst law school in America.
Polls for all 16 first-round matchups appear below. Get down there and vote for your favorites. Or least favorites, as the case may be.
Whatever you do, may your degree not be permanently sullied by this competition….
Now that you’ve listened to the Above the Law editors draft their picks for the Worst Law School in America, it’s time to start filling out your brackets. The official ATL selection committee arranged the picks into a bracket retaining the integrity of the seeds, but otherwise shifting teams around to avoid having an editor’s teams face off in the first round.
* For the first time ever, someone managed to record secret video footage at SCOTUS during oral arguments — and, of course, it’s secret video footage of the McCutcheon protestor’s outburst. You can check it out after the jump. [Reuters]
* After a brief hospitalization yesterday, Attorney General Eric Holder was discharged from the hospital with a clean bill of health. It looks like he won’t have to go to one of those Obamacare death panels after all! [Washington Post]
* “The trajectory of an associate in a law firm has changed irreversibly.” Ain’t that the truth. But seriously, what happened to all of the Biglaw lawyers who were Lathamed way back in 2009? Here are some of their stories. [Am Law Daily]
* More law schools are trying to convince students to attend by offering scholarships. Tulsa will toss you cash if you’re from the sticks, and TJSL will guarantee you money if you’re smart. [National Law Journal]
* A trial date has been set for accused Colorado movie theater shooter James Holmes. Get ready to see this crazy face on HLN 24 hours a day while Nancy Grace offers her ever insightful commentary. [CNN]
(Keep reading to see the now legendary Supreme Court oral argument protest footage.)
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