Wednesday, September 29, 2010

Touro Law Grad/House Painter Drowning in $271,928.81 in Student Loan Debt


You are viewing a scanned copy of a student loan statement recently sent to my email address, from a TTTTouro grad. I have obtained this person’s permission to publish this info on this blog. Contrast this situation with that of the bastard featured in the prior post.

As you can see, the principal balance outstanding on this account is $271,928.81 at an 8.25% fixed interest rate. Much of this is due to deferments caused by economic hardship, i.e. not being able to land employment.

http://www.finaid.org/calculators/scripts/loanpayments.cgi


Based on this financial aid calculator, if this accountholder were to pay the minimum monthly payment of $2,042.91 for the next 360 months, cumulative payments will have totaled $735,448.13. This means that this person will have paid $463,519.32 in total interest – on top of the principle and interest paid so far. This person graduated from TTTTouro Law Commode more than 10 years ago.

In a prior TTR entry, this graduate left the following comment:

“I paint Houses for a living now, and am in close to 300 grand in debt, and counting.

The old resume with Touro on it never did the trick. Touro never seemed to impress the want ads on Career builder or Monster.com. no matter how much I tried to rephrase it as "Legal Studies" or extra college credits with an emphasis on Law.”

In a subsequent email, this reader also provided me with a scanned copy of a rejection letter he received from his bank when seeking to buy a new rug for his parent's basement.

“Thank you for favoring Wells Fargo Financial National Bank with your revolving charge interest.

We have given your application the most careful consideration. As much as we would like to serve you, we cannot do so at this time.

PRINCIPAL REASON(S) FOR ADVERSE ACTION CONCERNING CREDIT:
EXCESSIVE OBLIGATIONS IN RELATION TO INCOME”

http://www.nextstudent.com/articles/guide-to-responsible-borrowing.asp


“Bad credit can keep you from being approved for a car or home loan, it can make a landlord choose not to rent to you, and it can even affect whether a potential employer decides whether or not to hire you.”

It is comical that this private, piece of trash “education funding company” provides advice on “responsible borrowing” – but does not engage in responsible lending.



“If you thought that we were nearing the end of the housing crisis, think about the fact that the new generation has too much debt and too few job prospects. Where is the next generation of home buyers going to come from? Having mortgaged their future to the educational establishment young people are not soon going to be in the market for new homes.” [Emphasis mine]

Such crippling student loan debt causes many young people to postpone milestones such as marriage, having children and buying a home. This WILL have long-lasting repercussions. Furthermore, the U.S. economy is predicated on consumer spending. How the hell are we supposed to jump-start the economy when MILLIONS of college graduates are paying $800-$3000 a month in student loan payments for the next 15-30 years?!?! This is a mortgage payment that is not going to pay for a house or other necessities of life. How are legions of graduates – MANY of whom are making $25K-$45K per year – supposed to support a household, pay the bills and raise children on those pathetic salaries, when they are burdened with these liabilities?!?!

If you are reading this as a prospective law student, take heed of these words and stories. Do you have SERIOUS connections or the financial means to go to law school? If not, then you should not pursue a “legal education” in this country. There are simply too many law school diploma mills producing FAR TOO MANY graduates – for the available number of positions. Tuition has been skyrocketing for decades, and the banks own Congress. If you need to take out private student loans to finance your “education,” you will almost certainly regret the decision to attend law school. Remember, you cannot walk away from student debt.

http://abclocal.go.com/kabc/story?section=news/consumer&id=6058241


Also, if you default, you can count on employers finding this on your credit report. Do companies want to hire someone who is not “responsible” enough to keep on top of their student loans? Even the U.S. military is now performing credit checks when making hiring decisions.



Furthermore, banks do not exactly want to extend a mortgage to someone who has $200K in outstanding, NON-DISCHARGEABLE student loan debt. Student loans can have life-altering repercussions.

In the last analysis, we need to work together with our allies at http://alleducationmatters.blogspot.com/ and Alan Michael Collinge at http://studentloanjustice.org/ to truly bring this issue to the forefront. While Cryn Johannsen and Collinge refrain from using pictures of filthy toilets and puke-covered Dumpsters, we are largely on the same page when it comes to student loans. After all, this is an issue that is DIRECTLY affecting millions of young people.

Saturday, September 25, 2010

Profiles in Pure Insatiable Greed: David J. Sargent


If you read the previous TTR entry, you may be familiar with David Sargent’s lavish compensation as Suffolk University president and “law professor.”

http://www.guidestar.org/FinDocuments/2009/042/133/2009-042133255-05f8bf12-9.pdf

On page 43 of Suffolk University’s 2009 IRS Form 990, you will see that university president and “professor of law” David J. Sargent made $832,782 in TOTAL COMPENSATION for 2008. Yes, that is one premium salary, isn’t it?

On page 45, the breakdown is as follows: $463,479 in base compensation; $89,816 in bonus and incentive compensation; $47,173 in other compensation; $211,136 in deferred compensation; and $21,178 in non-taxable benefits.

http://www.boston.com/news/education/higher/articles/2008/11/17/suffolks_sargent_tops_pay_scale_for_college_presidents/

Sargent's compensation in 2006-2007 totaled $2.8 million, according to The Chronicle of Higher Education's annual survey, released today.” [Emphasis mine]

The article goes on:

“Sargent, 77, has worked at the Beacon Hill university since 1956, the last 19 years as president. He will earn a $1.1 million bonus for never taking a sabbatical over that time.”

http://www.guidestar.org/FinDocuments/2007/042/133/2007-042133255-04a8b55b-9A.pdf

To confirm this amount, we go to Suffolk’s 2007 Form 990. We see on page 38 that David Sargent made $2,818,456 in TOTAL COMPENSATION for 2006. Yes, TWO MILLION, EIGHT HUNDRED AND EIGHTEEN THOUSAND, FOUR HUNDRED AND FIFTY-SIX DOLLARS in total, for one solitary school year. He made $872,000 in compensation; $1,928,461 in contributions to employee benefit plans & deferred compensation; plus $17,995 in expense account and other allowances – apparently, because he needed “other allowances.”

http://www.guidestar.org/FinDocuments/2008/042/133/2008-042133255-0510e396-9.pdf

On page 18 of the school’s 2008 Form 990, we see that David Sargent only made $1,521,928 in TOTAL COMPENSATION for 2007. This little piggy made $972,280 in compensation; $524,313 in contributions to employee benefit plans & deferred compensation plans; and $25,335 in expense account and other allowances – for this year.

It looks as if David graduated from $uffolk’s sewer of law in 1954, and returned in 1956 to “teach law.”

http://en.wikipedia.org/wiki/David_Sargent

“He returned as an adjunct professor in 1956 and soon became a full professor. From 1972 to 1989, Sargent directed the Law School as dean. Sargent assumed the university presidency in 1989. The Sargent building (1999) which houses Suffolk University Law School is named after him.”

Look at how this reads like a press release/paid advertisement from the school:

“In its November 17, 2008 compensation survey, The Chronicle of Higher Education listed Sargent as the highest paid college or university president in the United States. They mistakenly claimed that Sargent's compensation in 2006-2007 totaled $2.8 million, however, this was a one time check made to his retirement account. Sargent's compensation is roughly on par with most other college presidents, about $400,000 per year.” [Emphasis mine]

The poor "educator" had his total compensation mistakenly reported, huh?!?! Well, this same entry goes on to state that this was a one time made to his retirement account. Apparently, he received, or will receive, the funds in question – but whoever wrote the Wikipedia entry is more interested in playing semantics.

In the last analysis, this man is truly an academic, in every sense of the word. He starting teaching in the law school two years after graduating from the institution. He then “served” as dean of the law school from 1972 to 1989, whereupon he was named president of the university. He has been in this position ever since, and his current contract expires in 2013. The man is now in his early eighties. Apparently, this school does not have a policy on retirement age for faculty members or administrators. After all, most people start slipping mentally in their mid-70s, if not sooner.

Furthermore, Suffolk JDs will continue to be pummeled by their counterparts from Harvard, Boston University and Boston College - in terms of “prestige” and meaningful job offers. Yet, the sewer of law still sees fit to charge its full-time students $41,100 in annual tuition.

We see recent attorneys who are selling cupcakes out of a truck , people who are licensed to practice law in New York and Connecticut making $7.50 an hour at Radio Shack, and lawyers serving lattes - also for $7.50 an hour. And, yet, “educators” and “professors” such as David Sargent - who are DIRECTLY CONTRIBUTING to JD overproduction - can rake in HUGE sums of money annually.

Sunday, September 19, 2010

Suffocating, Smoldering, Stifling Stench Pit: Suffolk University Law School



Tuition: For the 2010-2011 school year, a full-time law student at Suffolk will be charged $41,100 in tuition! Those in the “evening division” will only be charged $30,824.

Total Cost of Attendance: In the worst-case scenario, i.e. a full-time student living on his own, the school estimates the total COA to be $66,333. Yes, SBA fees, health insurance, books, average loan fees, and living expenses for such a student add another $25,233 to the annual tab.

http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/rankings/page+5

Ranking: The cost to attend the school is prohibitive, and living expenses in Boston are high. Well, certainly the law school’s sterling reputation justifies such costs, right?! Well, some publication called U.S. News & World Report had the audacity to list this school in the third tier of American law schools.

http://www.law.suffolk.edu/offices/career/service.cfm

Career Prospects: Apparently, paying $41,100 in tuition does not entitle one to employment or starting salary figures of recent graduates. But that’s okay. After all, the school provides links to online job databases. Yay! And students at this school have exclusive access to Simplicity! Wait a minute – so do law students at any other commode.

http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/grad_debt

Average Student Indebtedness: According to USN&WR, the average indebtedness of 2009 Suffolk Law grads who incurred law school debt was $108,557. This publication also reports that 87 percent of this commode’s 2009 graduating class incurred law school debt.

http://www.guidestar.org/FinDocuments/2009/042/133/2009-042133255-05f8bf12-9.pdf

Faculty and Administrator Salary Info: Go to page 43 and 45 of Suffolk University’s 2009 IRS Form 990. On page 43, you will see that university president and “professor of law” David J. Sargent made $832,782 in TOTAL COMPENSATION for 2008. Yes, the president and “law professor” of a truly decrepit TTT institution made EIGHT HUNDRED, THIRTY-TWO THOUSAND, SEVEN HUNDRED AND EIGHTY-TWO DOLLARS in his role as an "educator"!!

But that’s not all.

http://www.boston.com/news/education/higher/articles/2008/11/17/suffolks_sargent_tops_pay_scale_for_college_presidents/

The Boston Globe reported the following on November 17, 2008:

“College presidents' earnings continue to climb, and a new survey put Suffolk University's David J. Sargent at the top, as the most lavishly paid leader at any US institution.

Sargent's compensation in 2006-2007 totaled $2.8 million, according to The Chronicle of Higher Education's annual survey, released today.” [Emphasis mine]

Going back to the Form 990, on page 45, we can see how many other “law professors” at this in$TTTiTTTuTTTion were paid lavishly. The following figures are total compensation for Suffolk “law professors” in 2008: Barry Brown, $266,697; Marc Perlin, $255,870; Bernard V. Keenan, $254,235; and Robert Smith, $236,956. These people are essentially paid these large sums for teaching “legal theory” to students who are being asked to compete against law students and graduates from much higher ranked schools such as Harvard, Boston University, and Boston College.

Conclusion: In the final analysis, this school is a sweltering, stifling, stink-hole that charges Ivy League prices for a TTT product. If you are not prepared to take out $130K in loans and face putrid job prospects, then DO NOT ATTEND this commode. If you are shooting for Biglaw, you are at the wrong place.

http://www.law.suffolk.edu/highlights/stuorgs/transnat/homepage.html

I will remind you that legal and non-law employers do not give a damn about your “incredible writing experience” at the Suffolk Transactional Law Review. In fact, it is best to leave this off your resume entirely. The same applies to those of you who were “fortunate” to land on The Journal of High Technology Law. In lieu of listing these activities, post your hobbies.

http://www.jhtl.org/about/index.html

Again, avoid this over-priced sewer pit as if your life depended on it. Unless, of course, you think that you will be better off with $110K-$190K in NON-DISCHARGEABLE debt for a degree that qualifies you to wait tables at the Battery Park Bar and Lounge.

Thursday, September 16, 2010

Flushing Futures Down the Commode One Class at a Time: Western New England University School of Law


UPDATE: In June 2011, the school changed its name to Western New England University.  It is still a FOURTH TIER DUNG PIT.

http://www1.law.wnec.edu/prospective/index.cfm?selection=doc.6690

Tuition: Full time students at this diploma mill will be charged $35,582 for the privilege of attending this law school for the 2010-2011 academic year. Those attending this diploma factory, as part of the part-time program will only be charged $26,686 for the same school year. I mean, who doesn’t have $26,686 saved up, right?!?!

Estimated Total Cost of Attendance: According to this same document, the school estimates that fees, books, room & board, personal expenses, and transportation, will add another $21,431 to the annual tab. So under the worst-case scenario, a full time WNEC law student is looking at a total annual COA of $57,013. And, not so fast! You see, for $ome rea$on, the school is only counting 9 months of room & board, personal and transportation costs. This must have been an oversight, huh?!

Seeing that actual students will need to eat, sleep and live for twelve months out of the year, and not a mere nine months, a more accurate COA would be $60,423 for one year at this school – for a full-time student.

Ranking: So the school is expensive. No need to worry. After all, you are making a wise investment in yourself. Now, let’s see where U.S. News & World Report lists this prestigious school in its most recent law school rankings. WHAT!?!? Is someone at the publication pulling a fast one? The publication shows that the school is drifting in the fourth tier. How can this be?

http://assets.wnec.edu/14/2009_stats.pdf

Employment and Starting Salary Figures: The school asserts that 140 out of the 170 graduates from the Class of 2009, for whom employment status is known, are either employed or in graduate school. Using these figures, the school comes up with a placement rate of 82.3% for this graduating class. However, 9 of those 140 are in graduate school. This would give us an employment rate of 77.1 percent, not 82.3%, i.e. 131/170. That is REALLY impressive, isn’t it? I mean, these students are DEFINITELY getting their money’s worth, right?!?!
Furthermore, out of the 131 JDs who reported being employed, only 49 responded to the salary info to the school - including only 23 out of 64 JDs who reported being hired as private lawyers. The overall median salary is listed as $50K, and the mean salary is $54,323. Did you notice something strange about this chart? The median and mean salaries for lawyers in private practice is lower than the overall figures. The median salary for private practice attorneys is $40K, and the mean is $52,430.

http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/grad_debt

Average Student Indebtedness: According to USN&WR, the average indebtedness of 2009 We$TTTTern New England College Sewer of Law grads who incurred law school debt was $94,496. And fully 62 percent of this commode’s 2009 graduating class incurred law school debt.

http://www.guidestar.org/FinDocuments/2009/042/108/2009-042108376-05f5d888-9.pdf

Look at page 38 of the university’s 2009 Form 990, to see highest paid employees. We can see that “law professor” William G. Baker made $197,909 in base compensation; $18,500 in other compensation; $19,605 in deferred compensation; and $6,419 in non-taxable benefits – for a grand total of $242,433 for 2008. And look, dean and “professor of law,” Arthur R. Gaudio made $283,134 in TOTAL COMPENSATION for 2008. Eric J. Gouvin also made $195,596 in TOTAL COMPENSATION; Frederick D. Royal “earned” $232,582 in TOTAL COMPENSATION as “professor of law and director of the LL.M. program"; and ‘law professor” Samuel Stonefield made $218,759 in TOTAL COMPENSATION for this same tax year. Higher education does pay off – for the “professors” and administrators, that is.

Conclusion: This school is such a sweltering pile of dung, even the flies and cockroaches would be wise to avoid this place at all costs. A law degree from this pile of rot WILL NOT increase your "marketability." In fact, this school's reputation is so putrid, that legal and non-legal employers will toss your application and cover letter in the trash IMMEDIATELY. They will be offended that an idiot who shells out $130K in student loans to attend such a sewer has even wasted their time. At least, if you attend Syracuse or Pittsburgh, the employer will know the university by its sports teams. What does this un-redeeming piece of filth have to offer?!?!

Remember what our friends at FinAid have suggested as a reasonable amount of student debt:

http://www.finaid.org/calculators/scripts/loanpayments.cgi

“A good rule of thumb is that your total education debt should be less than your expected starting salary. If you borrow more than twice your expected starting salary you will find it extremely difficult to repay the debt.” [Emphasis mine]

Doing the math, does anyone still think that it is wise to take out $100K-$170K for a realistic chance to earn $30K-$45K upon graduation - very likely in a job that does not require a law degree?

Sunday, September 12, 2010

Fourth Tier Pile of Moist Excrement: Touro College Jacob D. Fuchsberg Law Center




Tuition: For the 2010-2011 academic year, a full-time law student at Touro will be charged $40,950 in tuition!! What’s that you say?! Part-time law students will only pay $30,660 in tuition for the same school year? Yes, that must be a big relief to these students.

http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/rankings/page+8

Ranking: This rotting pile is floating in the fourth tier of American law schools, according to U.S. News & World Report. Now that we have a firm grasp of the obvious, let’s move on to some brutal analysis.

http://www.tourolaw.edu/CareerServices/

Employment and Starting Salary Statistics: Apparently, the Career Services Office at Touro feels that it would be better not to publish/post employment or starting salary figures of its recent graduates. Or could it be that the school is so modest, that it would be embarrassed to post median starting salaries of $100K and a 98.1% placement rate?!?!

http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/grad_debt

Average Student Indebtedness: Average indebtedness of 2009 TTTTouro graduates who incurred law school debt was $94,680. U.S. News also reports that 92 percent of this commode’s 2009 graduating class incurred law school debt. This is one hell of a price to pay for a useless TTTT law degree.

Upside of a TTTTouro “Education”

http://www.tourolaw.edu/Academics/?pageid=76

Unfortunately, the PI lawyer hack who is interviewing you does not care – in the slightest – about your experience on the Journal of Race, Gender and Ethnicity. Likewise, the insurance defense mill down the block is not concerned with your editorial/management style on the International Law Journal. (In fact, this school is such a festering toilet, it probably doesn’t matter if you are a member of the Touro Law Review.)

http://www.tourolaw.edu/AboutTouroLaw/?pageid=59

At the bottom of this page, you can see that the school offers its law students free parking!! Yes, you read that correctly – free parking. (All they need is a fax machine, and this school may find its way into the third tier – in next year’s law school rankings.) Well, why didn’t you list this on your home page?!?! Can Harvard or Yale offer their students free parking?!

Also, towards the top of the page, you can see that “Letters of recommendation are optional, though encouraged.” Are shirts and shoes required for attendance?

http://www.tourolaw.edu/pdf/Fall2010Schedule.pdf

Take a look at this TTTT’s offerings in its Fall 2010 Class Schedule. You can take courses in the following: International Sales Law, International Human Rights, Advanced Legal Research, Global Conflict Resolution, and Rights of Children. Yes, because Touro Commode Jacob D. Fuchsberg Law Center produces so many “international lawyers,” U.S. ambassadors, globe-trotting diplomats, and other heavyweights in the U.S. State Department, right?!?!

http://tourolawcso.blogspot.com/

What a great blog, huh?! How can anyone hope to compete with this blog from TTTTouro’s Career Services Office? This may explain why the CSO does not provide employment and starting salary figures.

Criticisms

http://www.notolawschool.com/2010/08/fourth-tier-bottom-feeders.html

For some reason, the school is described as a fourth tier bottom feeder.

http://www.notolawschool.com/2010/08/oh-crap-another-dean-speaks.html

Look at the comment, posted on 8/24/10 at 6:07 pm. Sounds like a gem of an institution, doesn’t it?!?! I wonder why the school does not include such remarks on its website or marketing materials.

http://www.halfsigma.com/2009/08/reader-king-obama-sent-me-a-blog-post-about-how-much-it-sucks-to-be-a-temporary-document-reviewer-in-new-york-city.html

Wherein Touro Law School is described as the “special ed” of law schools, by a commenter.

Conclusion: This in$TTTTiTTTTuTTTTion of “higher learning” is an overpriced diploma mill. A person could easily rack up $130K in NON-DISCHARGEABLE student debt - just for tuition. If you know ANYONE - family member, friend, co-worker, old flame, bus driver, your mortal enemy, the guy who takes your lunch order, et al. - who is considering attending this festering, sweltering dump, do the humane thing and refer them to this entry. You may save someone $180K in student debt - along with a lifetime of debt servitude, anguish, misery, depression, and debilitating stress. Remember, the stench of this place will stick with its graduates for a lifetime.

Thursday, September 9, 2010

Indelible Toilet Stain: Indiana University Robert H. McKinney School of Law





[I was inspired by an emotional midget/moron to post an entry about this second tier, third-rate toilet.]




Tuition: For the 2010-2011 school year, Indiana residents will be charged an estimated $19,871 in tuition and fees. For non-residents, the bill comes out to $43,465 – for one damn year of “legal education”!

http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/rankings/page+4

Ranking: According to US News & World Report, this school is ranked as the 86th most amazing, astounding, exhilarating, breath-taking law school in the land! Yay! Their mothers must be so proud. Then again, the school shares this presTTigious honor with six other diploma mills.

http://indylaw.indiana.edu/career/empstatus.htm

Employment and Starting Salary Statistics: According to the school’s Office of Professional Deception, I meant to say “Professional Development,” 91 percent of its JDs from December 2009, May 2010 and August 2010 was employed within nine months of graduation. Sure they were, and actress Lauren Graham just locked her ankles around my waist and bit the hell out of my left shoulder – right after I gave her ten tremendous, spine-tingling, mind-numbing orgasms in a row!! Guess what, OPD drones?! NINE MONTHS HAVE NOT PASSED SINCE MAY OR AUGUST 2010!

The toilet of law goes on to claim that the median law firm starting salary for this recent class is $82,500. For Business, this figure is $55,800; Government $44,500, Judicial Clerks make $50,000; Public Interest $46,000; and Academic is listed as $51,500.

Furthermore, this document lists the median starting salary as $75K for those who leave the state; $72K for grads working in Indianapolis; and $60K for those JDs who stay in Indiana but work outside of Indianapolis. You may want to take these figures with a grain of salt, as the school does not list how many people responded to the salary info.

http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/grad_debt

Average Recent JD Indebtedness: According to USN&WR, the average indebtedness of this commode’s 2009 graduates who incurred law school debt was $80,718. And 87 percent of this graduating class incurred law school debt.

http://www.indystar.com/data/government/state_salaries2008_results.shtml

Faculty and Administrator Salary Info: According to the Indianapolis Star, for 2008, dean and “Gerald L. Bepko Professor of Law”, Gary R. Roberts made $271,691 – making him the sixth-highest paid public university employee at this branch of Indiana University.

If you go into the database further and look up incomes in the $100K-$250K range, you can also see the following salaries for 2008: Paul N. Cox, “vice dean and Centennial Professor of Law” – whatever the hell that is – “earned” $186,330; Norman Lefstein, “Professor of Law and Dean Emeritus” made $176,497; and Judith Ford Anspach, “Professor of Law and Director of the Ruth Lilly Law Library” made $172,415.

http://indylaw.indiana.edu/law_revs/index.htm

What’s that you say?! You will make yourself stand out in this cluttered job market by earning good grades and landing on law review?! Well, for some reason, most legal employers – and pretty much ALL non-legal employers – do not give a damn if you were Notes Editor of the European Journal of Law Reform. Who knows? It may have something to do with the fact that Indianapolis is roughly 4,000 miles from the westernmost part of Europe. Likewise, potential employers do not care about your experience writing for the Indiana International & Comparative Law Review. Honestly, how does your esoteric, tangential understanding of international affairs benefit a toiletlaw firm?!

Conclusion: Indiana Univer$iTTy $ewer of Law-Indianapoli$ is a middling, trifling institution that will NOT provide the bulk of its students and graduates with strong job prospects. Unless, of course, you consider the following jobs appealing for a recent JD or lawyer with an additional $80K-$120K in NON-DISCHARGEABLE debt: insurance adjuster for Allstate; bouncer at Club Paradise; night manager at Denny’s; or as a customer service representative at TeleServe in Indianapolis.

If you are considering this commode of law, you need to ask yourself whether it is smart to invest three years of your life and $100K of NON-DISCHARGEABLE student loans for a realistic chance to earn $40K upon graduation. Lastly, check out the bi-modal salary distribution of recent lawyers and JDs, from the Class of 2009, put out by our friends over at NALP.

http://www.nalp.org/salarydistrib

In fact, the mean, adjusted mean and average figures do not tell us much, as 34% of those who reported their income made between $40K and $65K. And 25% or 4,878.25 graduates reported incomes of $160,000 or more. So, if you do not land Biglaw – and there is not much chance of that happening from this dirty toilet – you are looking at making $35K-$45K, NOT $60K or $72K.

Wednesday, September 1, 2010

Follow Up Letter to the Delusional JD Class of 2013



Reality is not always pretty. In fact, it is often brutal and harsh. This blog is about the ways things are, not the way we wish they were. So, dear lemming, you can curse my existence – but at least listen to the message. In the end, whether you take out $150K in student loans to attend law school does not add one cent to my student debt.

http://www.finaid.org/loans/studentloandebtclock.phtml

Look at the Student Loan Debt Clock, put out by Mark Kantrowitz. TOTAL OUTSTANDING STUDENT LOANS ARE FAST APPROACHING $850 BILLION. See, “higher education” does pay off – for the student lending cartel and school administrators. (This is counting all private and public student loans, and is not limited to law school debt.) Law grads are taking on massive debt, while facing a shrinking job market.

http://amlawdaily.typepad.com/amlawdaily/2010/06/legal-sector-sees-bump-in-jobs-in-may.html

“The legal sector gained 300 jobs in May after experiencing losses in the hundreds during the previous month, according to the latest employment report released by the Bureau of Labor Statistics. However, the industry has still lost 400 jobs since March, and a total of 22,200 legal jobs have disappeared since May 2009.” [Emphasis mine]

http://cityroom.blogs.nytimes.com/2009/06/16/unemployed-and-struggling-lawyers-seek-solace/

“This was not supposed to happen. The path: become a star in college, get into a top law school, make law review, then take the job at a cushy law firm (maybe after a clerkship or two). Life was supposed to be a regimented ladder to the vacation home, insulated against economic down and up cycles.


The recent wave of legal layoffs, rescinded job offers, and even bankruptcies has created the ugliest market for lawyers — particularly in Wall Street-fueled New York City — in more than a quarter century. The bankruptcy opportunities that were supposed to be anti-cyclical to the mergers-and-acquisitions work never materialized.”

So much for getting into a top school and earning solid grades, I guess. Wait, at least the ABA is starting to take some of the blame for this mess.

http://www.msnbc.msn.com/id/30196250/

“Tommy Wells, president of the American Bar Association, said the increase in lawyer layoffs is partly the legal industry's fault.”

Wow! You think that may be the case, Tommy?!?! Could the fact that the ABA Outsourcing Opinion, i.e. ABA “Ethics” Opinion 08-451, allowed U.S. law firms to hire foreign attorneys and non-lawyers have any effect on lawyer layoffs here?! Is it possible that the 200 ABA-accredited law schools – with more in the works – could be producing too many JDs?!

http://www.denverpost.com/news/ci_15908209

To be fair, it is somewhat hard to fault lemmings when Sonia Sotomayor is parading at the University of Denver’s Sturm Commode of Law, and shilling for the industry:

“She encouraged the students to pursue their education even if it means going into debt.

"Education lets you fly without a plane," she said. "Get the best education you can at whatever cost it takes to pay."

However, one should remember that she earned her undergraduate degree from Princeton before obtaining her law degree from some place called Yale Law School. Also, take into consideration that college and law school was a hell of a lot cheaper in the 1970s. How many of you are going to Yale Law School? A “stubborn streak” is not going to help a TT or TTT grad, when law firms will not even look at his resume.


“Not only are college numbers spun. Some are patently spurious, says Richard Sander, a law professor at UCLA. Law schools lure in minority students to improve diversity rankings without disclosing that less than half of African-Americans who enter these programs ever pass the bar. Schools goose employment statistics by temporarily hiring new grads and spotlighting kids who land top-paying jobs, while glossing over far-lower average incomes. The one certainty: The average law grad owes $100,000 in student debt.

"There are a lot of aspects of selling education that are tinged with consumer fraud," Sander says. "There is a definite conspiracy to lead students down a primrose path." [Emphasis mine]

This is coming from a law professor, not a scam-buster. What does that tell you?!

http://www.abajournal.com/magazine/article/the_job_seekers

Look at this! Recent lawyers who supplement their $1000 monthly income by selling exercise equipment and jewelry on Ebay, attorneys who work 10 hours a week for two different sole practitioners, and JDs who manage moving and storage companies.

http://abovethelaw.com/2010/08/ex-lawyer-of-the-day-cupcake-queen-is-not-above-the-law/

You are free to ignore this advice. In three years, you can always “use” your law degree to sell cupcakes and pastries from the back of a truck – just as several others lawyers have done. Is it really worth it to take on $120K+ for a chance to earn $35K-$40K – if you are even lucky enough to even break into the field?
 
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