Posts Tagged ‘no jobs for law graduates’

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.

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Don’t Go to Law School if You Want a Living Wage

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Should have been the title of the following news column, but I guess the current one will have to do:

  January 21, 2011:

Don’t go to law school if you want to make money | Susan Estrich | Columnists | Washington Examiner

At this point, it seems like bloggers, commenters and now even law professors who are exposing the game are becoming redundant. But with millions of futures at stake and an industry that has changed to the point of likely never reverting back to the traditional ways of living wage, true prestige and intellectual competition, we cannot say it enough. Do not go to law school:

In recent years, an increasing number of law students have not gotten jobs like those, because most large firms (who are the ones paying $160,000 to start) have cut back significantly on new hiring. The idea that you can just walk out of law school and into a six-figure job is, for many students at most schools, a painful fantasy.

There’s an enormous amount of Wall Street-style accounting that goes into the reports on employment that law schools submit to the increasingly powerful organizations that rank them. So when you look at the numbers, you might think that almost everyone who goes to a half-decent law school is finding a great job after graduation. Oh my does she dare suggests that big money and corporate finance is used to ‘enhance’ of law school statistics and ability to graduate top notch law students? Perish the thought [o.k. that was some real sarcasm]

My first job out of law school paid $13,909. Granted, it was a long time ago. But even then, it was substantially less than what my classmates were making in private practice and barely enough to cover my rent, food, gas and, of course, those student loans.

But so what? I didn’t go to law school to make money. If that were my goal, I would’ve gone to business school, got a job in investment banking and yearned for one of those eight-figure Goldman partnerships.

I went to law school because I believed in the power of law to change people’s lives for the better. And I have never been happier, professionally speaking, than when I was making almost no money but believed that what I was doing mattered.

If the primary reason you’re applying to law school is because you want one of those $160,000 jobs, don’t . Forget it. Like medicine, law used to be a sure-shot to making a very, very good income.

Not anymore. The students who apply to med school know that there is no pot of gold waiting.

There are many better and easier ways to make money. Kids go to medical school today because they want to be doctors, not because they want to be rich. The same rule should apply to law school.

Law school almost certainly is a losing game if what you care most about is money. In my book, that’s probably a good thing. I understand to mean that if one’s primary goal was to seek justice and help others, one is less likely to be corrupted in their judgment, political leaning and more dedicated as a zealous advocate. The question is for those people who thought like that, why should they not be able to do an excellent job in their field helping others WHILE earning a decent wage. It appears that she has assumed that the current economy is weeding out the shysters and get-rich scheme and big corporate lawyers. I would caution that if anything, desperation for money could just breed more of what she surmises the industry was getting rid of.

Many of my former students started out in those high-paying jobs and now feel trapped and frustrated. Many who didn’t have that option have, through necessity, found careers they enjoy much more.

At a certain point in life, the escalators just stop running. When they do, you have to fend for yourself — decide what you care about, what matters to you, what tradeoffs you are and are not willing to make. The problem is that many students weren’t debriefed about what those tradeoffs were and were given misrepresentations of what the payoff would likely be. I agree that you do have to “decide what you care about’ a decent living wage, quality of life, time for family to make new friends rank high. Going to law school greatly interferes with it though.

That’s what being an adult is about. There are no guarantees.

We all learn that sooner or later. And learning it in law school does not strike me as a losing game at all. Says the woman with a decent paying job. Just say ‘no.’

The Legal Industry: Media attention to the “Law Degree No Guarantee for Job”

Did someone just awaken from a stupor after eating the apple from the nice old lady? First it was Georgetown law students with NPR with their confessionals of dismal employment outlooks upon graduation, now Michigan State University law dean admits it. The interesting question is why are they admitting it only when it’s time for the harvest of the next crop of graduates to hit the job market? It was getting bad during their 1Ls wasn’t it? Anyway here’s the article stint entitled:

Law degree no guarantee for jobs, fresh off the online presses-May 31, 2010 [http://www.lansingstatejournal.com/article/20100531/NEWS03/5310316/Law-degree-no-guarantee-for-jobs] It’s not an intellectually stimulating piece, just a short reminder of what most of these blogs have been telling people, the job market for lawyers is awful and there is no real hope of it improving and you will most likely be working outside of the legal field unless you’re volunteering or doing document review: “According to research conducted by the Association for Legal Career Professionals, all measures of employment growth for new lawyers in 2009 decreased.” I’m not sure whether this statement means measures of whether a recent law graduate entered into the legal field with a secured job upon graduation, specifically whether it was at a law firm, public interest or government, or measuring the actually salary of law graduates or a combination of these factors plus others. Just to assume that the just mentioned variables were calculated, the legal industry is abismal, yet law schools are graduating more and more lawyers into this field? !

It next reads: “In 2008, only 89.9 percent of lawyers coming into the field found employment, which was a decrease from a high of 91.9 percent in 2007, said Judith Collins, research director for the association.” This is the power of words, because ONLY 89.9% found employment? I let you navigate to Exposing the Law School Scam and Third Tier Reality for the mathematical calculations regarding statistics published by NALP, AALS and whoever else. This simply cannot be. Between what the federal government and even more of the mainstream media reports this cannot be accurate. Asides that out of this alleged percentage the article does not state whether these newly minted lawyers even found work in the legal industry. In other words, they may very well be working at a department store, fast food restaurant, manual labor, seasonal mall work, etc. I remember reading in one of the other blogs that some recent graduates are hired by the law school immediately just to heighten the appearance of their law graduate statistics! Simply amazing. Yet, yet…people want to go to law school, it’s like you’re saying with this now available information: “When I grow up I want to be unemployed, stressed, overburdened with debt and have postponed having a family or a real chance at have a good quality of life.” Anyway…it further states

“For instance, the Department of Homeland Security has been hiring law graduates to work in their offices reviewing documents, even though a law degree isn’t required.” You see now instead of the embarrassment and stigma of being a document reviewer in the private law firms, you have the opportunity to be a document reviewer for a government job, though no job title is provided in this piece. Isn’t it just wonderful? Oops wait a minute: “”These are students that are willing to start at the bottom of a rung in a non-attorney job…” Wow, even in the private sector you’re still dubbed an attorney even a contractual one, here you don’t even have that level of ‘prestige’, interesting. The rest is just putting the burden on the recent graduate with a good luck, we cannot help you, it’s all on you.