Don’t shoot me, I’m just the messenger. I bring tidings of woe not because I’m trying to rob you of your right to pursue a legal education; I’m trying to help you. Call me Elie Stormcrow.
Actually, today The Atlantic is the messenger reminding you of the serious financial peril involved in starting a legal career. The recession might be over but the recovery hasn’t happened for all. And we’re not just talking about the Occupy Wall Street people. No, no, things remain pretty bad for lawyers and bankers. Here’s the money quote from the Atlantic: “In 2011, finance, insurance, and law were the three primarily white-collar professions that managed to shed workers, even as the rest of the economy trudged forward through a slow recovery.”
Yeah folks, even in 2011, the legal economy was still shedding jobs. But it’s not like law schools were spitting out fewer graduates, so… you do the math.
Here, the Atlantic has put things in a fancy chart. Pictures people, it’ll be like an LSAT game: how many people made a terrible investment in higher education?
But instead of combating 2011′s annus horribilis for law schools by calling for reform, Robinson is defending the ABA’s role, stating that young lawyers “should have known what they were getting into.”
Isn’t it wonderful to know that the man in charge of the ABA is essentially playing the “blame the victim” card when it comes to debt-saddled and unemployed law school graduates?
It woud be nice if the Senate could have actually given this guy a vote instead of forcing the present ugliness.
* The recess appointment of Richard Cordray to head the CFPB could get tricky — not because Republicans are outraged by recess appointments (much like Democrats are outraged by obstructionist filibusters), but because Congress isn’t technically in recess, due to the sham sessions Congress has been running. [WSJ Law Blog]
* Is it really that surprising that the unemployed are NOT on drugs? Aren’t Republicans the ones who are supposed to understand that in a market, desirable goods cost money? If you want to drug test a constituency, do a random raid at a white-shoe law firm, and don’t forget your chemistry set. [Huffington Post]
* It’s nice to ask permission before you appropriate somebody’s song as your campaign theme. [Fox News]
* Thanks to everybody who voted for us as their favorite legal blog for news in the ABA Journal’s Blawg 100 poll. You’ve given us the strength to keep reporting on spring bonuses, even though they don’t technically exist yet. [ABA Journal]
Back in August, we reported on National Jurist’s fifth annual list of the 60 Best Value law schools. The Best Value ranking system takes into account the following criteria: in-state tuition, average student debt, the percentage of graduates employed nine months after graduation, and bar passage rates.
Two months ago, the list was unranked, but the final tallies for the honor roll have now arrived. As in years past, in addition to the rankings, National Jurist has given letter grades to the rest of the schools on the list, ranging from A- to F. Wouldn’t you hate to be a student or an alumnus of a law school with a failing grade?
Check and see if your school made the grade, after the jump….
I recently received an email from an old friend asking for advice on behalf of a relative who is thinking about applying to law school. I was about to respond with a warning about the dangers of taking on massive student loans to get a degree that just might put you on the fast track to unemployment, but then I reread the email and noticed that the young woman in question is thinking about applying to law schools in Canada (she’s Canadian).
O Canada! Their legal education system is different — and, by some accounts, better than ours. At least if you define “better” in terms of “better at getting law school graduates into legal jobs.”
But could things up north be changing — for the worse, eh?
Lawyers, journalists, investment bankers — they are liabilities, not leaders, in the zombie-infested world….
In the zombie apocalypse, your J.D. is worthless — which is actually not so different from the real world of recent years.
– Torie Bosch, in a thought-provoking Slate article entitled First, Eat All the Lawyers, arguing that the boom in zombie-related entertainment reflects, and is fueled by, the economic anxieties of white-collar workers.
According to the Department of Labor, 14 million people in our country are unemployed. And with a surplus of lawyers that reaches into the thousands in almost every state, unemployment is a serious problem for the legal profession.
Unfortunately, we all know that Biglaw firms — and surely other firms, as well — are avoiding these attorneys like the plague. We spoke about this industry-wide issue back in late 2009, noting that Biglaw firms weren’t exactly keen on hiring associates that had previously been laid off. In fact, one recruiter we spoke with told us that approximately 80 percent of employers specifically requested résumés from attorneys who are still employed.
Facing these seemingly insurmountable odds, what’s an unemployed attorney to do? As it turns out, President Obama wants to lend a hand, but only if he can get Congress to pass this jobs bill….
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.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!