Posts Tagged ‘no job for you’

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 – (05/31/2012)


Kansas City Star: Would-be Lawyers Find it Harder to Break Into Profession: 02/06/2012

No Job After Graduating Law School

Excerpts from this article: Would-be lawyers find it harder to break into profession (02/06/2012) This news piece focuses only on law graduates from 2008-2011 and does not even mention the hordes of struggling and unemployed attorneys with experience from years prior. While the larger, established Kansas City firms have prospered or at least held steady through the recent recession and weak recovery, they have cut back on hiring associates.

 So the big firms who are very selective already are cutting back on hiring permanent attorneys from top rated law schools. The masses of attorneys do not have a chance at a decent income. The big firms are: “Many are outsourcing more work to contract employees.” —hiring contract attorneys or sending the work to India.

 “I’m not sure if we’re going back to the status quo, but the legal profession as a whole is doing well,” said Nancy Kenner, the board president of the Kansas City Metropolitan Bar Association. “For new lawyers, it’s very difficult to find jobs right now.

Right after is the subtitle: A Tighter Market; who does she think she’s fooling? The journalist tries to downplay it, it’s not dozens, it’s thousands nationwide. This is your future for the majority of you who insist on attending law school:

 Take David Winter, who graduated last spring from the University of Missouri Law School. Now back home with his parents in the St. Louissuburb of Maryville, Ill., he owes $90,000 for law school and is taking temp jobs reviewing legal documents for $20 an hour while he searches for a full-time position. It is not encouraging that he works alongside dozens of unemployed lawyers doing the same part-time work.

 Don’t be this law student: “We’re all cautious,” she said. “Some people have regrets — ‘If I’d known the market would be that way, I wouldn’t have gone to law school’ — but I don’t think that’s the prevailing view. In other words, many law graduates have deluded themselves into believing they will get that big firm job, make six figures and pay off those student loans in short period of time. They are suffering from a psychosis, built and reinforced by false hopes, rhetoric and advertising and the elusive American Dream that has dwindled to a nightmare of poverty and scavenging to survive.

So that you won’t regret your decision, make the wise one—just say no.