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.)
There’s an email going around from Thomas Guernsey, the new dean of Thomas Jefferson School of Law. In a letter to the alumni, Guernsey admits that some of the school’s policies have been unhelpful to current and former students. It then lists various reforms that the school is looking at.
But let’s not start licking TJSL’s popsicle just yet. Guernsey’s reforms do not address Thomas Jefferson’s fundamental price problem. The school costs way too much for the meager job prospects it provides. And it’s possible that Guernsey just doesn’t understand that or, more likely, simply isn’t willing to admit that. He says, “I do not know how Thomas Jefferson became the whipping boy for critics of legal education.”
I don’t know if that is supposed to mean “Thomas Jefferson is clearly a great school undeserving of all this hate,” which would be demonstrably false. Or if he simply means “Thomas Jefferson is no worse than 50 or so other ‘accredited’ ABA schools in the way it uses the misplaced hope of its students to turn a quick profit,” which is also probably false, but less obviously so.
Still, this is about as much honesty as we can expect from a person in Guernsey’s position. Anything more and he would have had to end with, “And so we’re shutting down, sorry about all that stuff we did.”
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 seven years. You can reach them by email: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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