Posts Tagged ‘false’

Woa Tells Us How You Really Feel: Forbes-Why Attending Law School Is The Worst Career Decision You’ll Ever Make

Why Attending Law School Is The Worst Career Decision You’ll Ever Make; Forbes Magazine, 06/26/2012

Not my words, words of Forbes magazine contributor. Wow, the magazine that is all about investing, making money, describing the wealthiest people around the world telling you law school is a bad investment. May we say told you so? This is major. We already witnessed The New York Times and the Wall Street Journal joining in the protest of ‘say no to law school,’ but Forbes. I must say this is great!

The news for would-be attorneys keeps getting worse. According to analysis from the Wall Street Journal released yesterday, only 55% of class of 2011 law school grads were employed full-time as lawyers nine months after graduation. The other 45% may be unemployed, working at Starbucks or starting their own law school hate blogs. LOVE IT.

The message that law school is no longer a sure bet when it comes to employment security and financial prosperity finally seems to be sinking in for potential students. In the last two years, the number of law school applicants has dropped by almost a quarter and the number of LSAT tests administered by the Law School Admissions Council has declined by 16%. How long we’ve been writing about this? False assurance of upward mobility, excessive debt, financial indentured servant status…This is so redundant, yet so true

A Dream Deferred: Student loans, Debt and Law Graduates

According to this article; Leaving College with a Degree and Thousands in Debt (02/17/2012) This is you trade off-a parchment declaring you’ve jumped through all of the sanctioned hoops to demonstrate you’re smart; an invoice showing that you have mortgaged your future

Debt: It's not going anywhere

OR work hard until blue collar companies, downsize, put you in miserable conditions with room for advancement for just a few and leave yourself uncultured, stuck but with a higher probability that you can purchase a home, start a family. I know for a while bloggers promote blue-collar jobs  are better than higher education but for people of color, even working jobs that require only a high school diploma you face blatant discrimination and the likelihood of being targeted for termination (Check out EEOC adjudicated complaints filed by Hipanics, Bi-racial persons and Blacks on www.eeoc.gov). Anyway, here’s an excerpt from the article:

Until they get rid of the debt, “it is inconceivable that they’ll ever be able to buy a home,” said Steven M. Dunne, a Philadelphia consumer-bankruptcy lawyer who last year paid $36,000 to chip away at his student loans, $5,000 of that interest.

“When I graduated from law school, I knew I couldn’t make the payments with one job,” said Dunne, “so I’ve had two for the last three years.

The life of a normal adult, purchasing a home, earning a decent wage to cover basic expenses and to have a family of your own becomes a distant dream. Sallie Mae’s a’knocking.

“The impact is that I can’t afford to buy a house or a car,” he said. Essentially, “I have two mortgages to pay every month, but I don’t have any real estate to show for it.”

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.