Posts Tagged ‘Maryland’

Breaking News (02/03/2012): Law grads go to Court for Bankruptcy Protection

See MSNBC article posted today: Law Grads Go to Court for Bankruptcy Protection. You can tell she was a recent graduate most people

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know that Sallie Mae lobbied Congress in the 1990s to stop allowing student loans from being discharged in bankruptcy. They have the whole legal industry–in their hands…♫ Because Sallie Mae would suffer undue hardship if student loans were discharged. It’s a tax write-off, they won’t lose anything. An indebted, unemployed, graduate, well you being unable to feed yourself, just does not fit within the purview of being important to the federal courts or financial institution. Good day…

My favorite line: “If you did not go to a top 40 law school and finished in the top 25 percent of your class, you’re not going to get one of those jobs,” said Jordan Abshire, principal of attorney recruiting agency Lateral Link. Abshire said that since 2008, he has seen more attorneys with a few years of experience filing for bankruptcy, often carrying a new home mortgage on top of their student loans.

Despite what CNN says the economy is not getting better, especially for law graduates. Another warning to the would be 0L, basically for you to earn enough money to live decently AND be able to pay back your student loans you have to go to a top school. I’m not sure why they said top 40, it’s really Top 10 and even those people are doing contract work. Further buried in the article:

The debt load on students is made worse by the shrinking legal job market. Since January 1, 2008, major law firms have laid off about 5,900 attorneys, according to the Lay-Off tracker at lawshucks.com, a blog that tracks law firm hiring. That is about 5 percent of all attorneys at the 250 largest law firms, according to the National Jaw Journal. (The U.S. Department of Labor does not collect job data on attorneys specifically.)

The truth shall set you free, if you are an 0L it will prevent you from economic slavery.

Law Schools Are Not the Only Ones Paying Employers to Hire

Apparently this past summer the Maryland state government implemented a program called H.I.R.E. Maryland [http://dllr.state.md.us/]. Should you be one of the lucky unemployed Marylanders there is hope:

“Resources for Job Seekers
Maryland’s Hiring Incentive Rebate for Employers (index.shtml) can be used as an incentive to encourage employers to hire unemployed indivisuals.”

Should you be one of the struggling small businesses that are struggling in Maryland due to high business taxes and insurance rates and payments on your Small Business Administration Loan behold the light:

“What is the tax credit?
• The Hiring Incentive Rebate for Employers is a tax credit available to Maryland businesses that hire qualified workers for newly-created or certain vacant positions in the State.
•Employers will receive a maximum credit of $5,000, for each qualified employee, up to $250,000.

How does an employer qualify?
•Employees must be Maryland residents as well as hired between March 25, 2010 and December 31, 2010.
•At the time of hire, individuals must be receiving unemployment insurance benefits or have exhausted their benefits in the previous 12 months and not working full-time immediately preceding the date of hire.
•Positions must be full-time as well as newly-created or have been vacant for at least 6 months.

Where can I get more information?
For more information, visit the DLLRwebsite (index.shtml) or one of the 34 One Stop Career Centers (../employment/onestops.shtml).” [sic]

So employers must create a position in order to get the tax credit. Note that the credit is up to $5,000. This means that the credit can range from $1 to $5,000. I am sure that the conditions are set to ensure that most potential employers won’t receive the maximum. Also, would an employer, especially a small business think it is worth it to create a position for $5,000?
In Maryland most businesses are blue-collar, mall-type or state or local government jobs. So let’s focus on the first two types since the latter aren’t likely included. An average worker probably makes about $25,000-$40,000 a year (I’m being generous in this economy). That means that the owner has to be creative enough to generate MORE business revenue to cover the new employee’s salary in a failing economy, meaning should he/she be unable to the business would actually create an additional debt of $20,000 to $40,000. A small business that is able to generate that much more revenue wouldn’t need the incentive of $5,000.

Any average person in the DC-metro area knows that Maryland has a faltering business or job market. What I find interesting is that when I read economic stress maps or news about the DC area the author continues to make references to market/employment gains.

Maryland is over populated, overdeveloped and over-run by mob transplants ready to pillage whatever resources the state has. Years ago many medical practitioners moved out of Maryland because their medical malpractice insurance was increased to such a level they could not operate any more. Maryland does not have the foresight to attract corporations like northern Virginia does. Maryland seems to be concerned with more condos and mcmansions than how anyone can pay for it. It appears that many workers in Maryland are commuters from Philadelphia and Delaware, while many (professionals) commute to Washington, DC like northern Viriginians for employment. I doubt that this hiring incentive had any real impact for the unemployment rate overall, especially for displaced professionals.

PART II: Fleecing State Budgets From West to East Coast: Paying the Price for Law Schools’ New Campuses

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It’s this news series that I got the idea from. We now venture to the east coast, you know this “economic hub” people keep referring to.  Maryland has over 100,000 recently unemployed residents (not including those who are unemployed but get their compensation from DC/VA), and a budget deficit because of the blizzard. According to BLS, Baltimore City has the highest unemployment rate in the state and that was as of May 2010. Well, it just increased. On June 30, 2010, Baltimore City lets 100 workers go – baltimoresun.com. I know times are tough, budgets need to be balanced and localities get funding from the state, but what is the state doing to alleviate the burden on these townships and counties?

 According to the Bureau of Labor Statistics Maryland’s unemployment is 7.2% as of May 2010: Regional and State Employment and Unemployment Summary with an overall unemployment rate as follows: Maryland………………….|   2,517,500 (April 2010) |   2,528,700 (May 2010) |   In one month’s time    11,200 became unemployed. Maryland’s unemployment compensation fund is broke yet the State of Maryland donates 92 million to a 4th tier law school: http://law.ubalt.edu/template.cfm?page=1146

This doesn’t sound right. What would make a state government decide to put money into an existing law school when its constiuents are failing at a decent standard of living. Maybe it’s a tax write-off to the federal government in order to get more funding to the state. In any case, it is the working middle class who will likely suffer. As Baltimore City already has one of the highest if not the highest local income taxes, I’m sure this new building will increase the proeprty taxes in the area, driving more people out of homes and rentals  near the school. I’m not an economist, but should we assume this is a long-term investment for a withering legal industry?

Does Prince George’s Need a Law School?: An Article in The Washington Post

Are you kidding me? Maryland is one of the smallest states in the country already has two law schools and borders Washington, DC and Virginia. The question is does America needs another law school? What really bothers me is that African-Americans make up the majority and has since pretty much of the inception of Prince George’s County, Maryland. Since the 1990s (we’ll leave historical racial discrimination alone for now) the housing market, specifically banks have already raped the pockets of these residents by giving them subprime loans. No, they qualified for better loans but because they were black the banks decided to give the worst terms to them:  
The Seattle Times, ‘Judge dismisses Baltimore suit against Wells Fargo,’ The Associated Press January 7, 2010. http://seattletimes.nwsource.com/html/businesstechnology/2010726364_apuswellsfargosubprimelawsuit.html?syndication=rss 
The New York Times, ‘Memphis Accuses Wells Fargo of Discriminating Against Blacks,’ Michael Powell, December 30, 2009. http://www.nytimes.com/2009/12/31/us/31wells.html (last visited January 16, 2010)
WBALtv.com, ‘City Tries To Push Forward Wells Fargo Lawsuit: City Claims Wells Fargo Used Predatory Lending On Blacks,’ June 29, 2009. http://www.wbaltv.com/money/19897079/detail.html
The New York Times, ‘Bank Accused of Pushing Bad Mortgage Deals on Blacks,’ June 6, 2009, Michael Powell http://www.nytimes.com/2009/06/07/us/07baltimore.htm?adxnnl=1&adxnnlx=1260291635-M9E2ycPY47KMy84bjX/QWA 
NAACP Press Release, March 13, 2009, NAACP Files Landmark Lawsuit Today Against Wells Fargo and HSBC
http://www.naacp.org/news/press/2009-03-13/index.htm . The point is that blacks haven’t recovered from this last recession, the being taken advantage of when they think they finally have an opportunity to make it and here comes the law schools, ready to exploit them in another way. NO! Anyway, here’s the article:
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http://voices.washingtonpost.com/annapolis/2009/04/legal_studies.html
The General Assembly has nixed a study of a D.C. United soccer stadium in Prince George’s this year, but here’s something they’ve given the go-ahead to study: A possible law school in the Washington area.
Del. Justin D. Ross (D-Prince George’s) worked with Del. John L. Bohanan Jr. (D-St. Mary’s), the chair of the education subcommittee of the House Appropriations Committee, to insert language in the state budget authorizing the study. The budget now asks that the University system study the “feasibility and logistical costs and benefits” of launching a branch of the University of Baltimore’s law school in the D.C. area. The report is to be submitted to the legislature by Sept. 1.
Ross said his goal is to look at creating a law school in Prince George’s County, a reasonable place for a law school, he said, because of the University of Maryland’s undergrad campus in College Park and the federal courthouse in Greenbelt. U-Md.’s law school is located in Baltimore.
“I think it could be a great success for the University of Baltimore law school and the county,” he said.
 
By Rosalind Helderman  |  April 13, 2009; 10:32 AM ET
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NOTICE HOW THEY WANT TO PUT THE FOURTH TIER LAW SCHOOL [http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/rankings/title+University%20of%20Baltimore
IN THE MAJORITY BLACK MIDDLE CLASS COUNTY INSTEAD OF University of Maryland (Tier 1) Law School [http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/rankings/c_final_tier+1/title+University%20of%20Maryland],
which would make more sense, since the University of Maryland (Terps) College Park is already there.  BLACK PEOPLE DON’T LET THEM EXPLOIT YOUR IGNORANCE! The article towards the very end makes it appear that ONLY UM has a law school, wrong both UM and UB already exists in Baltimore, Maryland!