Posts Tagged ‘Cornell Journal of Law & Public Policy’

Law Review Roundup

Although the law school blogs have put forth great effort in warning the general public, mainstream news media outlets have begun to address the issue. For those who shrieked that scam bloggers were emotional, dramatic and weren’t basing their information on facts, we have over time, demonstrated the latter to be false. Of course one would be emotional when statististcs demonstrate that one was duped in a fraudulent scheme of the higher education industrial complex while the student loan business has produced generations of indentured servants reduced to menial labor and the contempt of the public who already have a disdain for lawyers. 

The following is a short list of primarily ACADEMIC refereed law journal articles addressing the law school scam, student loans and law school, law school scam blogs and the call for reform of the law school for-profit industry. This was not just a temporal problem nor the call for reform a fad by disgruntled attorneys/recent law graduates. This demonstrates a fundamental need for a paradigm shift in the way law schools fraudulently represent job statistics, benefits of attending and not attending law schools, and the basic requirement to address the next round of defaults: student loans. 

The reality is that the legal industry has greatly declined due to mass production business model characterized by LPOs and increased usage of temporary attorneys. 

Anyway, here is the list of law review articles:

Redeeming a Lost Generation: ‘The Year of Law School Litigation’ and the Future of the Law School Transparency Movement 88 Indiana Law Journal 773 (2013). http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2134009

You’re Doing It Wrong: How the Anti-Law School Scam Blogging Movement Can Shape the Legal Profession, Lucille A. Jewel. 12.1 Minnesota Journal of Law, Science & Technology 239 (2013).
http://mjlst.umn.edu/prod/groups/ahc/@pub/@ahc/@mjlst/documents/asset/ahc_asset_366141.pdf

What Ails the Law Schools, Paul Horowitz, 111 Michigan Law Review 955 (2013)
http://www.michiganlawreview.org/assets/pdfs/111/6/Horwitz.pdf

Perspectives on Legal Education Reform: The Crisis in Legal Education: Dabbling in Disaster Planning, K.P. McEntee, et al. 46 U. Mich. J.L. Reform 225 (2012).
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2188668

Options for Student Loan Borrowers: A Derivatives-Based Proposal to Protect Students and Control Debt Fueled Inflation in the Higher Education Market, Michael C. Macchiarola; Arun Abraham. 20 Cornell Journal of Law & Public Policy 67 (2010).
http://www.lawschool.cornell.edu/research/JLPP/upload/CJP102-Macchiarola-Abraham-2.pdf

The National Law Journal, “Consensus Emerging that Law School Model Is ‘Is Not Sustainable’ ” (2010)

Cornell Journal of Law & Public Policy: Predatory Student Loan Lenders, Middle Class Hope for Upward Mobility, the Legal Industry and the Inevitable Bubble

As some potential law students continue to await LSAT scores, law school admissions or are wondering whether or not going to law school will give them that one chance at a better life, it would benefit you to read the following:

Being led to the slaughter

A law journal article: 20 Cornell Journal of Law & Public Policy 67 (2010)
Options for Student Loan Borrowers: A Derivatives-Based Proposal to Protect Students and Control Debt Fueled Inflation in the Higher Education Market, Michael C. Macchiarola; Arun Abraham

O.k. so this article is 72 pages, obviously I won’t delve into the entire piece but I am placing some introductory quotes in which the author is direct with failing legal industry and how the student loan industry are basically predators. He specifically discusses law schools and new lawyers are a bad investment. the author is a ‘distinguished lecturer.’ The author is a law professor and is honest enough to basically state that going to law school isn’t worth it. Do you 0Ls get it? one of your potential professors is telling you that LAW SCHOOL IS A BAD INVESTMENT!

Here are the Table of Contents for a very brief overview:
INTRODUCTION                                                                                                                                                                                                                                                    I. THE RUNAWAY COSTS OF AMERICAN LEGAL EDUCATION
By the Numbers
The Causes: A Combustible Mix of Accreditation,Rankings, Peculiar Incentives and Federal Encouragement
A Brief History of the Law School and Its Accreditation
The Rankings Game
The Peculiar Incentives of the Law School Faculty
The Federal Government and the Student Loan Market
The Scope of Government Involvement
Crisis in the Market and the Emergence of SAFRA
Income-Based Repayment and More of the Same
“For-Profit” Schools and a Way Forward

THE DISAPPOINTING REVENUE PICTURE FOR LAW SCHOOL GRADUATES
INFORMATION ASYMMETRIES AND ENTERPRISE LIABILITY
Informational Asymmetries Abound
Applying Lessons from Enterprise Liability Theory

Now for some introductory quotes:
Runaway tuitions and the burdensome student debt required for most Americans to obtain a post-secondary degree are under scrutiny like never before.4 Evidence is beginning to mount that, for too many students, debt-financed education represents a stifling encumbrance instead of the great investment that society’s collective commonsense has long advanced.5 Such a finding is unsurprising in light of the fact that, for too long, the value of education has been reflexively embraced without adequate examination of its cost. (p. 69-70)

As most bloggers have been stating, the cost is not worth the proposed benefit with all of the practical variables: economy, shrinking industry, inflation, lower salaries, loan payments and their capitalized interest as well as the time and psychological warfare this field demands.

The cost of attending law school, for example, has increased at two to three times the rate of inflation over the last three decades.11 The promise of accessible loans has made loan eligible middle- and lower-income students an easy mark for unabashed, aggressive student-loan marketing.12 “The end result,” in fact, “has been an unprecedented, debt-fueled wealth transfer from students of modest means to the increasingly prosperous higher education industry and opportunistic student loan lenders.” (p. 71-72)

Now deemed “McLaw” this along with LPOs and general outsourcing has set the middle class population in a cycle of perpetual financial slavery. Upward mobility is not founded in usurious personal debt. Do not think of the titles. Do not think of prestige. Think of your life and happiness and with any common sense you will decide not to attend law school.