Posts Tagged ‘investment’

“American law schools in crisis” Title of a Recent News Article

Yes, the mainstream media continues to take the baton in this law school-scam-busting relay. Likely the primary reason for these news outlets to focus on law schools because graduate level students take more debt than undergraduates (usually) and the student loan bubble has been stewing in a pot of Congress’ let’s turn away and not deal with it kitchen until it’s too late.  I laughed when I saw the first paragraph thinking “we told you so.” It’s like applying pharmacy ointment on a 4th degree burn. The article was written by a former dean at the University of Baltimore School of Law. Interesting, maybe he’s trying to mitigate potential lawsuits against him, other deans and law schools, though I found another article about this guy planning to resign months ago because he disagreed with how the LAW SCHOOL WAS SPENDING MONEY (Closius resigns as UB Law dean, Maryland Daily Record, 07/2011).

Anyway, here’s an excerpt of “American Law Schools in Crisis”:

The Golden Age of American legal education is dead.

Every law dean knows it, but only some of them will feel it. Elite schools (the top 25 in U.S. News & World Report’s rankings) and the 43 non-elite state “flagship” law schools are almost immune to market pressures. Those at risk will come from the other 132 law schools — the ones that produce the majority of law graduates…

Jobs and tuition, then, become an issue of quality admits. The fall 2010 entering class actually increased to a new high of 49,700, even as the job market was falling. Schools must now choose between admitting smaller entering classes (and sacrificing revenue) or dealing with a decline in the quality of their students — or both.

You hear that 0L? Stop the delusion, the madness, and unfortunately for people of color who thought going to law school was the one lift they needed for upward mobility it has not been this way for 20 years. I suggest engineering, chemistry/scientist. I would say medical doctor but that industry is corrupt in and of itself. For those of you who attended law school and continued to do so after seeing these blogs, the only thing I can suggest is despite the “competition” naturally inherit in American adulthood, do something for your fellow man/woman. Warn them about the perils of attending law school. The full article can be found at the Baltimore Sun website here: American law schools in crisis 06/04/2012

$10,000 First Year Associate Salary-Boston

No,this is not a joke. The article begins with:

Say No to Law School
Protect Your Sanity and Your
Financial Future

By now, most people know a law degree hardly guarantees law school graduates will snag a good job, let alone a high-paying BigLaw position.

But it may be even tougher than you think to get a high-paying legal job just out of law school. Hiring law firms, if you thought you were low-balling new grads, think again. (Boston Business Journal 06/01/2012): Legal job market hits new low: BC Law lists job below minimum wage 

Yahoo’s version: (06/01/2012)  Attention Lawyers: Get Your … $10,000 a Year Salary: 

The beginning of the article states: Attention college students applying to law school: put down the LSAT prep book. You might want to consider another line of work.

How can this be legal, it reminds me of how waitresses are paid poorly on an hourly basis then make most of their money on commission, maybe this is the same scheme. For shame, BELOW MINIMUM WAGE. Sallie Mae, SLM, Access, Nelnet does not care: All they say is _________ , you better have my money with a financial, back-handed slap known as late charges, additional finance charges, interests and other ‘costs.’

This has been going on for decades. Mainstream media is just late to the party; I would dare say ‘fashionably late.’ The kind of oh I was going to get there, so when I (mainstream media) arrive I appear to expose this dying legal market.

The Mainstream Media Harks the Trumpet: Overburden Law Graduates with Usurious Student Loans (NYT)

The New York Times

So, at this point the mainstream media gets it? Why you may ask. Because the Housing bubble put the nation and the world economy on notice that the old way of financially devastating working/middle class persons who took a chance on higher education will not only destroy their way of living but burden the world economies. Interestingly, the author suggest more accountability in accredidation (not likely to happen, if Sallie Mae lobbied Congress to privatized and obliterate “fresh start” by discharging student loans through bankruptcy; I’m sure these for profit institutions will lobby (pay) Congress to keep out of ABA’s ‘free market enterprise’ of exploitation–ironically in the legal field.

He also suggests stripping away tenure track positions. Hmmm maybe professors will be forced to teach with integrity and on merit not based on race, personality conflict or whether the student is the child of a local judge. Doubt the latter, but support the author’s recommendation. Here’s an excerpt:

Two factors have combined to produce this situation: the federal loan system and the American Bar Association-imposed accreditation standards for law schools. Both need to be reformed.

First, consider the loan system. For more than three decades, law schools have steadily increased tuition because large numbers of students have been willing and able to pay whatever price the schools demanded. Annual tuition at many law schools in just over a decade surpassed $30,000, then $40,000 and is now more than $50,000 at a few. The reason that students have been able to pay such astronomical sums is that the federal government guaranteed student loans from private lenders, and now it supplies the loans itself with virtually no limits.

To restore some economic rationality, the federal loan system needs to demand greater accountability from law schools: those with a high proportion of recent graduates in financial trouble should lose their eligibility to receive money from federal loans. (A similar requirement is currently applied to for-profit colleges.)

The full article can be found at:

How to Make Law School Affordable – NYTimes.com (05/31/2012)

The Law School Scam: More Law Schools Sued!

All Rights Reserved

I double-checked and did notice this news article Former Law Students Sue Texas Southern University Thurgood Marshall School of Law, Others Over Grade (02/08/2012) reported law students who have sued two law schools. The law schools-Texas Southern University Thurgood Marshall School of Law  appears to be separate from the other lawsuits against 12 law schools 12 Law Schools Sued Over Misleading Jobs Data (02/12/2012) sued for misleading students with skewed employment statistics and fudging their rankings.

These law students sued over the grading system. I will be the first to agree. Should you be the son or daughter of a local judge, know that your grade will automatically be above the middle or top.  Should you be a minority–good luck. Some of these professors will treat you like sh** more than the other law students and will abuse the socratic method to the point where you’re awaiting Strom Thurman to break out his overseer whip. Or arrange the pecking order a different way if you’re not only a person of color but a woman, another level of being a minority. The truth is it doesn’t matter how good you are. The bias exists one way or another, race, gender, personality  differences…. Do not think you have to know someone is for the getting a job only, it applies in law school as well. The law school classroom is their stage and you, dear student are the marionette.  Why put yourself through that abuse, while indebting yourself to a system that could care less that you live or die. Some of us did not know in advance what we would endure. But you do, it is your choice.

More on Accountability: ‘Law School Transparency Weighs in on Reform’

Waiting for the Anvil to Fall

Law School Transparency Weighs in on Reform (02/08/2012):

“We founded LST because we saw how difficult it is for prospective students to compare employment outcomes at various schools. This has grown to us advocating for all sorts of consumer-oriented policies to combat significant problems in legal education. One method is producing reports that highlight the misinformation law schools provide about post-graduation outcomes; our latest is the Transparency Index Report.”

LST puts the burden on current students to make their law school administrations to tell the truth, for many though it is too late. What would be the effect on their grades, their chances of being black-listed for clerkships, summer apprenticeships should they “rock the boat.” No easy answer. Law schools do attract bright, inquisitive minds but many attract the sheister stereotypes–the back stabbers, the what ifs brown-nosers who will do anything to get to the top of his class. All this to confront while Sallie Mae is waiting for you at the end of the law school tunnel with a bill in one hand and a financial anvil in another ready to crush your future should you be unable to pay.

Simpler language, we are well aware that law schools have deceived 0Ls and those who underwent the lawschool scheme. We are exposing the false information law schools provide which lures the reader into thinking law school is a viable investment in their futures. Fraud by inducement.

Center for American Progress Report Entitled: What Can We Learn From Law School?

All Rights Reserved

For those considering law school, this is a good read, a summary report entitled: What Can We Learn From Law School (click title for pdf) December 2011 by the Center for American Progress. I highlighted some quotes:“This report explores the field of legal education with the hope that putting a magnifying glass to this small part of higher education will help us better understand the problems that face all colleges. (see sidebar) It details the steady rise in law school enrollment, despite high tuition rates and a heavy reliance on student loan debt. And it describes the unpleasant surprise that awaits law students upon graduation: Though a few lucky grads will make more than $130,000 per year, most new lawyers can expect annual salaries of around $63,000. With monthly loan payments near $1,000, graduates are finding that membership in the legal profession is not the golden ticket they thought it would be.”

 p. 7: The high demand for legal education is somewhat surprising given its hefty price tag.  It’s difficult to locate the cause of this steep rise in tuition. Though some have claimed that stringent accreditation requirements drive price, a 2009 GAO study showed that this assumption is incorrect.

So not only student enrollment screening has become more lax, so has ABA accreditation.

p. 9 On the whole, this low default rate does not seem like a big deal. But for the individuals who fall into the default category, it can have devastating effects. Federal student loans are not dischargeable through bankruptcy.

That University of Maryland student that filed for bankruptcy should have had access to this report before going to federal court.

p.13: Though the return on investment in law school has been in question for young graduates since at least 2008 and possibly even earlier, this news was not widely reported until recently. This may be due, in part, to the fact that statistics about the legal profession as a whole mask the circumstances that young lawyers face. Bureau of Labor Statistics data on the legal profession show that the growth in law jobs slowed over the past several years. In other words, law schools are able to admit large classes, maintain the same educational model, and continue to push tuition higher because students still turn out in droves for a chance to be in their entering classes.

Basically, as long as the 0L public continues to buy into it, the law schools will continue to rope you in. You have the power to stop this madness, stop buying into the law school degree can open so many doors and you can do anything with a JD. It is obviously not true. These people are laughing in your faces at this point. You are now willingly and openly proceeding towards a known danger.

To ensure students, colleges, and policymakers react to the forces that are changing the value of college degrees, the following policy changes should be implemented:

• The Bureau of Labor Statistics, or BLS, should collect and publish average employment and salary data for recent entrants into an occupation. Would provide 0Ls reality of the legal market and what they’re getting into.

• The BLS should work in conjunction with the Department of Education to make this information available to prospective students. So 0Ls/general public are not duped by misleading and in some cases blatantly false statistics provided directly on the law schools’ websites who have obvious financial interest to skew data and currently no repurcussions to ensure accurate information.

• Accreditors in all sectors of higher education should create standard definitions for employment and salary statistics, and require member schools to make such information readily available to students. Accreditors should audit member schools’ adherence with these standards from time to time. Audit, compliance then the federal government can fine them, and they would lose money they hold so dear.

 The beginning of the report appeared to be slanted by providing the reader with the impression that although the legal industry is shrinking/worsening and the value of the JD degree is decreasing the legal education sector only accounts for a small amount of those enrolled in graduate degree programs. However, this report doesn’t provide any statistics to support that.  It is a good read for general summary which hints to the reader that law school, especially at this point of America’s development and economy is not a good investment, no matter how you play with the numbers.

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.

US News & World Reports: (Law School) Know What You’re Getting Into

US News & World Reports
Ann Levine
November 22, 2010

I am proud to be a lawyer and I am proud to help other people reach their dream of becoming a lawyer. [sounds desparate to sell the profession]. However, there have been numerous stories recently that may discourage you from applying to law school. There are negative and disgruntled law students and attorneys warning you about the evils of law schools, of the profession, and of anyone remotely related to it. My goal is to make sure you don’t join that disgruntled bunch. [Which can simply be prevented by not attending law school]

So, if you decide to go to law school, you need to feel that the benefits outweigh the sacrifices and potential drawbacks that many of the naysayers routinely harp on. Go into it with your eyes wide open, ready to work hard, ready to make your way and create your own career. [Sounds like a tort in the beginning you are proceeding into a known danger and that it’s forseeable that you will have damages]. You won’t expect anyone to hand you a six figure job at graduation.

[This is such a misleading characterization, that most attorneys EXPECT six figures. No most attorneys expect after committing and investing time, money, effort and basically their life into achieving admittance into a noble profession that one can obtain a job in which one can have DECENT housing, food and transportation. The only graduates who really expect six figures upon graduation are those set for the patent bar, trust fund babies, IVY League graduates with connections.]

You will go into this with an understanding of the realities of the profession. You will know that success does not happen overnight, that your dream job isn’t the first job out of law school, but the one you hold ten years down the road. [false misrepresentation, how in the world can such a writer state this with a ‘straight face’ without submitting statistics or even state based on people he or she knows. It appears the author writes in theory or the same rhetoric that continues to be told to unsuspecting 0Ls.]
There is no fast track to success in law school or in anything else in life. The key is to make the best decisions you can about your future with the information you currently have at your disposal.

I want you to really consider whether to go to law school, and I want to share the questions you should be asking before you go. Plus, I want to make sure you are equipped to make good decisions about where to attend.

Let’s start here: Reasons NOT to Go to Law School:

1. Money (How much does law school cost and how can I pay for it?)

2. Time (three years full-time, 4 years part-time)

3. Bad career outlook in current economic environment

4. It’s difficult

5. It’s competitive

6. There are too many lawyers

It appears that 1, 3, 5, 6 are all related to NOT being able to get a job or make decent money with a law degree. Decent refers to enough money to sustain you and your family (whatever that may be) with food, gas, heat, electricity, housing and transportation. Four out of the six reality checks are stating that you cannot live a normal life with a law degree. So those of you who are already making $50,000-$75,000 without a law degree; you are in a much better position than most licensed American attorneys. So, does it make ANY sense to encumber your life with unnecessary debt to be in a profession with superficial professionalism, mentally disabled persons who many have broken down after realizing the reality of what going to law school has done to them, all while struggling to meet your monthly financial obligations and reaching for straws to keep a facade of upward mobility. Reason with yourself and don’t ignore the signs.

Points 2 and 4 are related to losing valuable years of your life to spend hours, days, weeks studying to impress law professors who already made their decisions of who each student is, where they will fall in the mandatory curve within the first week of classes, all the while subjecting students to the Socratic method with the intent of satisfying a power-trip. Now all professors are like this but most are. Your first year you do not select your law professors and many have tenure, so good luck in being treated fairly while learning about the law–ironic isn’t it?

Now, the Reasons TO Attend Law School:

1. Learning how to think

2. Profession you can always rely upon/Job security

3. Helping others/contributing to the community

4. Being important and respected

5. Financial security, prosperity

Points 2 and 5 do not make any sense in light of the previous set of points. Although most professions and both the private and public sector is suffering due to the current economy, the legal profession has forever changed. There is no such thing as financial security in general when there is a permanent oversaturation of law graduates and attorneys. Due to this saturation how can point 4 be valid? Value is based on quality and rarity. Many media outlets have exposed how unprepared most law graduates are and have been over the past few decades. When lawyers are a dime a dozen, how are you important? Though theoretically an attorney is to advocate, be a defender of the Constitution, etc, most attorneys are either focused on keeping their financial security which inevitably compromises the value of the services and as a result the profession. Additionally, when there is not a demand for a product or service, the price steadily decreases (oversaturation).

You need to do your research about each one of these pros and cons. How much can you expect to make in the area of law you plan on pursuing? What would your student loan payment be? Your rent? Your car payment? Etc.

So, how can you research this? Talk to lawyers in big firms, lawyers who work for the public defender, lawyers who work in a firm with only two or three attorneys, or insurance defense attorneys. Ask them how much they made in their first five years of practice and how much they made after ten years. Ask them what they really do all day. Ask them to describe a typical case they are working on. [A simple approach is to read these blogs. The following two questions are good suggestions though:]

Ask them what time they get to the office everyday and what time they leave. Ask them if they like their jobs.
Ask them where they went to law school. Did they take a scholarship to a lower ranked school? Why or why not?

Do top law schools open some doors? Do you want to clerk for the Supreme Court? Be a law professor? I suggest you look up people who have jobs you would like to have one day and see where they went to law school.

It’s essential you have a firm grasp on what the profession entails before you commit. Comparing and contrasting the answers to these questions with your expectations is key to helping you make your decision.

If you’ve gone through this thought process and you still decide to attend law school, you will know what you are getting yourself into. You will be in a position to make good decisions about your future. And then you’ll be ready to hear this podcast: How to Get Hired as a Rookie Attorney.

In other words you will definitely be “proceeding into a known danger.”

USNWR: As Law School Tuitions Climb, So Does Demand

The Price Is Right: All Rights Reserved

On June 22, 2010, Life’s Mockery published a post concernining law school tuition increase:Law School Tuition Hikes, Economy Downturn, why are you still going? « Life’s Mockery.  U.S. News and World Reports have finally taken the time to discuss it, only to present it as only beneficial to the legal industry:  July 14, 2010-As Law School Tuitions Climb, So Does Demand – US News and World Report. The title alone suggests that because so many law students continue to apply, the law schools just have to increase tuition. 0Ls are causing the tuition to climb, not the agents of profit making and student debt–well that just clears it up. Some law schools have opened more seats and increased tuition. I will not fathom how this increases value, it only diminishes it. Overflooding a saturated legal market drives down salaries and demand. Increasing debts of individuals, though they made their own decisions to incur it, decreases an individual’s ‘net worth’ making it even more difficult to obtain credit, equity lines, mortgages (I know more debt) to purchase property as well as overall affecting one’s credit score to rent. This is inclusive of all forms of shelter, a basic necessity. This only increases the perceived value of debt and not the actual law degree itself. The law degree is just the agent by which the debt exists, increasing tuition does not correlate with increasing the value of the law degree.

Tuition has risen for the 2010-2011 school year at law schools across the country, even as industry jobs disappear by the month. The most recent Bureau of Labor Statistics report shows 3,900 jobs were cut from the legal sector in June alone, capping off a year of 22,200 job losses. I continue to try to make sense of this behavior. Even when some of these news article have smatterings of truth about the current state of affairs for the legal industry, 0Ls have been desparately convinced of going to law school. I think part of it is that one doesn’t comprehend the psychological and financial toll unless you’ve undergone it. It’s like when your mom told you not to touch the stove or you’ll get burnt. You see steam, fire or smoke and out of an insatiable curiosity you just have to try to touch it. This is understandable when you’re a child, but as we age, I would think that this old saying would emerge: to learn from the mistakes of others and profit from my own. Not to learn by making the exact same mistakes that droves of people continued to warn me of.

Throughout the article you’ll see the author insert suggestions on how to take the LSATS and which are the best law schools despite already admitting that the industry has shriveled.

Henderson noted that in this economic climate, even a degree from a top school does not guarantee a legal job. But California-based law school admissions consultant Ann Levine says that dimming job prospects and increasingly high tuition have yet to deter her nationwide client pool from seeking elite placements. 

“I had thought people would be more concerned about scholarships and willing to let go of ranking a little bit; I was wrong,” says Levine. “Still, people want to generally go to the best law school they can get into, regardless of costs.” At this point it seems like I’m a mocking bird, it is but so many times one can repeat the same issues: 1) law school is a default for those who don’t know what to do with themselves 2) law school has a false image of fast-track to big salary and prestige 3) false image that you can do anything with a law degree. In a prior post Life’s Mockery quoted members of the law school administration/academia referring to 0Ls as irrational and foolish for applying and attending law school at this point in the legal industry and economy. Here, this agent of a California law school EXPECTED for an increase of people to dive right into the 4th Tier pool with no water and not even think about rankings. Let’s face it, most law students, regardless of tier will not have a scholarship or fellowship to attend law school because they simply do not exist for most attendees in this profession.  How about that, not ony did she literally  bank on 0Ls to continue to apply to law schools but that you’ll be desparate enough (now that more knowledge and technology is out there) that you would ignore the perils of attending a 3rd or 4th tier law school, because their financial aid officer dangled some money in front of you. However, let’s be realistic on many schools offer scholarships, how many scholarships are offered and how many law students actual keep their scholarships after the first semester. Those would be some interesting statistics, in the end the potential law student will likely compromise his or her financial future and be miserable. In other words, she expected more 0Ls to be stupid in their decision on not only attending law school but to direct themselves right to the basement level.. However, should you know for sure that you’ll get full tuition and be able to keep it for the entire 3 years and not need money for food, gas and your other current bills, maybe you can. Nothing’s guaranteed, oft-times it’s just an enticement.

One of Levine’s clients, Oriana Pietrangelo, turned down several full rides for a partial scholarship this fall to Notre Dame Law School, a top tier school whose “name goes fairly far,” she says. 

“It would have been nice to not have any debt,” Pietrangelo says. “But I feel like I’m more likely to have a better job and higher paying salary going to Notre Dame as opposed to somewhere else.” But Pietrangelo is not yet devoted to Notre Dame Law School. She is on the waitlist at Northwestern University School of Law and, if accepted, she plans to attend and pay full tuition, she says, because it is ranked higher than Notre Dame. Wow, this person thinks going a few schools higher in rank and getting themselves into full law school debt will help their potential career. Slightly understandable, but the rationale is clearly flawed as Harvard and Yale law graduates are unable to find attorney positions in this economy.

While “everyone talks about the cost of tuition,” Levine says, “it’s actually not going to impact demand greatly because I think people see it as somewhat inevitable and beyond their control.”  As long as you allow them to charge you these exhorbitant tuition rates, they will continue to do so, because they know so many 0Ls are in love with the ‘prestige’ of the legal profession. She acknowledges that the legal industry will continue to do as it pleases and the 0Ls are enablers. There’s just an abundance of information on the web that there’s less of an excuse to put yourself through this than what many of us knew years ago.

Fiscally tough times especially hurt public law schools. Funding for higher education has been slashed in at least 41 financially strapped states, according to a report from the Center on Budget and Policy Priorities, a nonprofit research organization. Higher education funding in Texas, for example, was reduced by $73 million, and public universities in Indiana saw a $150 million decrease this year.  No worries, Sallie Mae will help the schools out, since no one from an average financial background can reasonably afford the rates, student loans are inevitable. Attending law school isn’t though, you still have a chance 0L to make a wise decision earlier in your life.

“Certainly for the professions that tend to have a significant financial reward on the back end, we believe that students can pay a higher rate—whatever the market will allow for professional and graduate school,” Calderón said. “Then, if they have debt, they can retire that.” The problem is that for most law graduates there is not a significant financial reward, many are saddled with insurmountable debt. The market is not some extraneous variable. In a way it is supply and demand, but no one other than scam bloggers are truly addressing what is fueling the demand: misinformation from employment statistics to characterization of the legal industry.

Employment statistics are not taken into serious consideration, Calderón adds, because his board is not supplied with raw data.

“Perhaps we should,” he says. “But the question is, where do we get it and can we trust who’s giving it to us?” Maybe you can hire Fluster Cucked – RSS or Nando at THIRD TIER REALITY – Atom, I’m sure they’d be happy to assist.

Escalating tuition prices in a troubled market, spurred onward by generous student loans and students who are not fully committed to the profession, is a dangerous bubble that may well burst, Indiana University—Bloomington’s Henderson says.

“I’m trying to separate the value of the legal education from the signaling value that’s driving the bubble,” Henderson said. “The trends are clearly unsustainable.” You hear that, we are on the verge of Doomsday for the legal industry and 0Ls who continue to attend law school are just pumping that helium into the bubble until it bursts. You WILL NOT be able to say no one warned you, because many did, but your ego overcame you and it will be your worst enemy.

More Law Schools See Surge in Law School Applications

On July 6, 2010 Life’s Mockery reported that UMass Law School had a surge in law school applications: https://lifesmockery.wordpress.com/2010/07/06/in-the-news-a-new-unaccredited-law-school-has-surge-in-applications-enrollment/ Well, the madness hasn’t ceased, the operative words are more and surge, sounds like legal-industry-gluttony at this point. Today the National Law Journal reports: (False) Hope drives rise in law school applications 

All Rights Reserved

Hope drives rise in law school applications: Despite grim job statistics in nearly every corner of the legal world, law school applications increased by 7% over last year.

 The grim job statistics in nearly every corner of the legal world are surely enough to make any aspiring lawyer think twice about diving into massive debt to attend law school. [emphasis mine]. Apparently not for many, hopefully for others. Even with this frank start to the article, people are so desparate as to believe that obligating themselves into more debt will resolve their personal financial woes in this turbulent economy. Does this make sense? No.

“How much do applicants know about the contraction of jobs in the legal industry? It’s hard to say,” said Brian Tamanaha, a professor at Washington University in St. Louis School of Law who has urged law schools to provide more accurate information about graduate employment. “People could be thinking, ‘Well, in a few years things will change.’ I think we’re seeing a structural change in the industry. Even if things do come back, it won’t be to the same degree we saw just a few years ago.” My word, we bloggers have been saying this for a while, but I guess it’s considered speculation unless a professor says it. The legal industry is forever changed, there are IVY leaguers who cannot even find decent paying jobs, work is outsourced overseas, student loan debt, $40,000-$50,000 average attorney pay, do not go to law school. O.k. I’m back.

“In a climate like this one, we’re seeing applicants who are conscientious shoppers looking to get the greatest value for their dollar,” said Aaron Latham, the interim director of law advancement at Alabama, which won the NCAA Bowl Championship Series football title last year.  Apparently they’re conscious in a parallel world to take on this type of debt in this contracting field, or they would not have decided to go to law school in the first place.

The idea of law school as “the great default” is hardly new. Law school has long been more attractive than business school or medical school to college graduates with vague career ambitions, Leipold said. He attributed that in part to the versatility of a law degree, which can translate into the corporate world, public policy or any number of other fields.  Of course not, but who continues to propagate that “you can do anything with a law degree” and prestige with it’ll work itself out. I will say that at this point it’s not all the legal industry faults, sure deans, professors, lawyers who graduated in prior generations are culpable but we have unwitting lay people who have this imagery no doubt fueled by the media and the entertainment industry of law being a fast-paced glamorous life with a fast track to financial success. One can see how bad it is when the article states that most 0Ls do not know the reality of the legal industry and therefore have no idea what they are getting themselves into.

However, the idea that law school is always a solid choice should be retired in light of the growing price of a legal education and the dimming jobs prospects, several critics said. He’s saying that idea does not hold true, step into the real world and there are no jobs. Drop out of law school while you can! Do you want to subject yourself to over $100,000 debt, putting off having a family, no available jobs, depression, psycho attorneys on projects who are mentally ill or became that way because of the mental-institution like environment encouraged by staff attorneys? (that’s if you get a contractual job). Or perhaps you will enjoy having a J.D. on your resume and being practially locked out of nearly every other field as being overqualified or your degree being to specialized or not considered a true doctorate where you won’t qualify for fellowships in the future unless, you guessed it you plan to go BACK to another graduate school after law school.

“People who haven’t done any investigation into what lawyers do are foolhardy to pursue law school,” said Zearfoss, the Michigan admissions dean. “Anyone using law school as a default should rethink that.” Oh my, I may have to take some of my previous words back, believe me this law school dean just called you a fool for attending law school at this point. The image of the bully Nelson pointing at you saying “ha-ha” popped in my head. No matter how raw the honesty, he doesn’t reflect the majority of law school academia, at least so far.

“In 15 years of teaching, I’ve known a lot of students who came here because they didn’t know what they wanted to do,” Tamanaha said. “A lot of this is about cyclical irrational decision-making. It’s based on a very human trait, which is overoptimism. For the people who have always wanted to be a lawyer, they should go to law school. For anyone else, it’s not a good decision.”

O.k., so you have been called a fool and irrational for attending law school, do not let your ego allow you to make likely one of the worst decisions in your life. 

“Just because you wish for something, doesn’t make it true.”  ●Disney’s The Princess and the Frog

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