With LSAT takers down to a 30-year low, and with law school applications dwindling by the day, law schools are hoping that only the best and brightest will choose their institutions. Schools will do anything to protect their coveted yield rate, the percentage of admitted students who actually choose to enroll.
Last week, we shared a story with our readers that had to with with the lengths that law schools will allegedly go to to protect their yield rates. A tipster notified us that UVA Law withdrew his wife’s application after she informed them that she’d be attending another school. That sounds shady, but UVA calls it “standard practice,” and we’re sure other schools have resorted to similar measures given the sad state of the current field of applicants.
We mentioned in Morning Docket: U.S. News recently released a list of the schools that had the highest yield rates in 2012, referring to them as the “most popular law schools.” Chalk it up to schadenfreude on our part, but it figures UVA didn’t make the top 10 on this list — even though a fair share of surprising schools did….
* The Senate approved a bill that will keep the government running through September, and it will likely pass in the House, but much of the sequester is still in place. I think we’re supposed to be excited about this. Uh… yay? [Wall Street Journal (sub. req.)]
* Sorry, folks, but you’re going to have to continue taking the LSAT in order to get into law school because the ABA says so. Drop that $118 into the burgeoning money pit that is law school, stat! [National Law Journal]
* You must remember that time when the University of Texas Law School Foundation authorized $5.5M in forgivable loans to faculty. Well, now the regents are calling for a probe. Yikes! [San Antonio Express-News]
100% of kids who got into this box were in this box!
Earlier today, we talked about the brain drain as law schools have to compete for a dwindling pool of high-scoring applicants. In this market, hitting your targets for your entering class is a tricky business for deans of admission at our nation’s law schools.
It’s an issue of yield: law schools need to make offers to enough applicants to fill their seats, without becoming overwhelmed with matriculating students. If schools that are ranked higher than you start admitting applicants with slightly worse qualifications than usual, you end up with not enough students — and your yield rate (the percentage of students you make offers to that actually accept the offer) goes in the tank. Poor yield rates look bad, and make it harder to predict how many people you need to admit in the first place.
Man, if only there was a way you could know whether or not people would come to your school before you admitted them….
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: email@example.com.
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 firstname.lastname@example.org or email@example.com. 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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