Monday, April 21, 2014

Flushing a Vile Green Turd: Moody’s Wipes Its Ass With Vermont Law School


http://vtdigger.org/2014/04/17/moodys-downgrades-vermont-law-school-revenue-bonds/

The Commode is Downgraded by Two Categories: On April 17, 2014, the Vermont Digger published Anne Galloway’s piece, which was entitled “Moody’s downgrades Vermont Law School’s revenue bonds.”  Take a look at this epic opening:

“Moody’s Investors Service, an investment assessment services company, downgraded Vermont Law School’s $10.3 million in 2011 revenue bonds this week. Moody’s lowered its rating for the school’s bonds from Baa2 to Ba1 this week.

The downgrade drops Vermont Law School by two rating categories. (See chart at end of article.)

TD Bank holds the bonds, which were issued by the Vermont Educational and Health Buildings Finance Agency.

Moody’s gave the school a negative outlook because a covenant written into the debt service contract requires that the school maintain a rating of Baa2 or higher. TD Bank could demand an accelerated repayment of the debt, according to Emily Schwarz and Edith Behr, the Moody’s analysts who authored the report.

The downgrade is based on “substantial declines” in law school enrollments because of reduced national demand for juris doctorate programs and an expectation that revenues from student tuition will be lower at Vermont Law School. This loss of revenue, Moody’s says, will put pressure on the school’s cash flow and debt service coverage.” [Emphasis mine]

You’re welcome, bitches!  This truly is remarkable news.  Hell, four years ago, ball-less shills kept saying that critics of “legal education” were wasting their time “crying” about the law schools.  Now, we have turned the tables on the bitches and hags.

https://www.moodys.com/research/Moodys-downgrades-Vermont-Law-School-to-Ba1-outlook-negative--PR_297223

Nuggets From the Report: On April 14, 2014, Moody’s Investor Service released a rating action labeled “Moody's downgrades Vermont Law School to Ba1; outlook negative.”  Check out this gem:

“The downgrade to Ba1 reflects continued substantial declines in JD enrollment given reduced national demand, expectations for lower net tuition revenue that will pressure cash flow and debt service coverage, and modest projected headroom on a financial covenant that may require an extraordinary release of net assets to remain compliant in the near term.

The Ba1 rating captures Vermont Law School's adequate liquidity coverage of demand debt and financial resource cushion for debt and operations, as well as management's demonstrated ability to manage through the past few years' weakened law school demand while maintaining stable cash flow. The rating also incorporates the school's small size and niche position as a standalone law school, modest financial resources, and high dependence on student charges.

The negative outlook reflects the potential for future erosion of the school's market position leading to weaker operating performance and erosion of financial covenant headroom that could jeopardize orderly access to the market or raise concerns about debt acceleration.” [Emphasis mine]

Did that info penetrate your tiny gray matter, Lemmings, shills, and law school pigs?!?!  Moody’s sees this toilet as a bad bet.  They specifically mentioned the status of the free-standing law school, as well as its limited cash flow.

If you were unable to comprehend the analysis above, then check out the following synopsis, under the category labeled Challenges:

“*VLS's very small operating size ($28.2 million in revenue for FY 2013), combined with a high dependence on tuition revenue, makes the school vulnerable to even a small decline in enrollment. Operating revenue declined 4% in FY 2013 and is projected to decline further in FY 2014.

*Provisions of the Letter of Credit and Master Trust Indenture introduce potential acceleration risk. Downgrade to below investment grade permits the letter of credit bank to accelerate $3.4 million in demand bonds. While we do not anticipate a financial covenant breach in the near-term, two consecutive years of below 1.0 times debt service coverage is considered an event of default.

*Net tuition per student has stagnated or declined for four years, and is projected to decline further in FY 2014 and FY 2015.” [Emphasis mine]

In sum, get used to the idea of “early retirement,” cockroaches.  You vile bastards have been claiming for years that you are business enterprises.  For $ome rea$on, the academic thieves “forgot” to mention that they were being propped up by the federally-backed, student loan $y$tem.  Now, that potential applicants have caught onto the scam - thanks to the concerted efforts of many people - the money is getting tight for the law school swine.

http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/law-rankings/page+6

Ranking: According to US “News” & World Report, VermonTTT Law $chool is rated as the 129th greatest, most stupendous and amazing law school in the land.  In fact, it “only” shares this distinction with five other ABA-accredited cesspools.  What a prestigious in$TTTiTTTuTTTion of “higher education,” huh?!?!

Conclusion: VermonTTT Law Sewer is in financial trouble.  If you attend this trash pit, then you will likely end up using your law degree as toilet paper.  That is about all it will be worth shortly.  When employers hear the name of your school, they will recognize that this filthy commode has had staff cuts, faculty buyouts, and has had its revenue bond rating flushed two levels by Moody’s Investor Service.  Good luck finding decent employment coming out of this pile of rancid excrement.  The garbage heap already had a reputation lower than whale excrement.  By the way, no one gives a damn if VL$ supposedly has the “best environmenTTTal law program” in the country.  That is a mere marketing ploy to lure in naïve fools.

60 comments:

  1. This dump is a classic tuition driven institution. Once that dries up this school is indeed in deep trouble. Hence their recent alliance with historically black colleges to secure a more consistent inflow of lemmings.

    They can probably renegotiate this debt but the long term future remains bleak for this institution. Layoffs should be starting soon (if not already underway).

    ReplyDelete
    Replies
    1. Yes, watched the same thing happen at the trash pile I attended.

      Law schools are reaching down into undergraduate institutions, looking for victims...Black victims, white victims, asian victims, any victim as long as he or she has to characteristics: s/he can take a student loan out, and s/he is not aware of what is happening "on the ground" in this noble profession.

      The betrayal eventually becomes apparent.

      These kids will find themselves in this new place. The world of FOURTH CLASS CITIZENS:

      (1) Deeply in debt and without the credit the "middle class" depends upon for survival, due simply to the fact that the loan burdens they carry are too high.

      (2) Unemployed; while their school continues to pump in more and more grads with the same credential thereby making the degree they earned more and more worthless.

      (3) Left to deal with the bar exam on their own, possibly unable to pass it, or to even be able to afford to take it.

      (4) Categorically exempted from bankruptcy protection even though the only disclosure given to them in entrance counseling for Stafford and GradPLUS: "this loan may be dischargeable in bankruptcy."

      (5) Categorically exempted from overtime and minimum wage laws.

      (6) Categorically exempted as an "unpaid" intern from laws forbidding sexual harassment.

      (7) Categorically exempted from fair debt collection practices.

      (8) Categorically exempted from the protections of Social Security Disability Insurance should they become disabled, because the federal government will garnish benefits to pay student loans.

      (9) Categorically exempted from laws forbidding creditors from adding arbitrary amounts of principal to loans that are defaulted.

      (10) Discriminated against in the tax code: interest deductions capped at $2,500./ year, while the "not-for-profit" schools pay no corporate income tax, no property tax, and the gentry landowning "professors" get a mortgage interest deduction.

      (10) Unable to ever buy a home; unable to get married, because of debt and the threats it poses to the other spouse's income; unable to have children. Sterilized and isolated.

      (11) Members of a political minority, trapped by the tyranny of the majority, effectively deprived for a voice or a vote in this so-called democracy.

      It isn't called "debt slavery" for nothing. The stripping of rights mimics slavery. The creation of a class of lesser citizens, lesser persons, mimics slavery.

      Is Vermont a law school or a plantation?

      Delete
  2. I remember a couple of years ago, this school tried to cut expenditures by firing janitors and support staff. This was a short-sighted move since I am sure the salaries for those workers was paltry compared to the extravagant salaries "earned" by the law professors and Dean. They should have offered buy-outs back then to the law professors and hired adjuncts on the cheap to pick up the slack.

    If these law school deans and faculty can't run a "non-profit" business correctly, what makes them think they could fare well in the private sector? I mean, you have that Oregon law professor saying he could be easily making a 7 figure salary every year. Why not offer buy-outs to the professors who I am sure can go back to SullCrom and become a master of the universe?

    This school will be lucky if it gets 50 new customers for the Fall. Vermont Law School is my first pick for the first ABA accredited (what a joke) law school to close down.

    ReplyDelete
    Replies
    1. Good points.

      I remember that too. Those articles about cutting support staff are probably easily found via web search.

      The profs are full of it.

      Most couldn't manage their way out of a paper bag. And the claims of martyrdom by taking "public service" employment at these "non-profit" law schools (Debt Money Machines) are equally as ridiculous.

      Delete
  3. The law schools are so desperate to put asses in seats that they are trying to indoctrinate 3rd graders into thinking that law school is pathway to a prosperous future:

    http://www.malibutimes.com/malibu_life/people/article_c7432de4-c5a6-11e3-815d-0019bb2963f4.html

    Pepperdine law school must be really reaching for "lint" if it's sending lemmings into 3rd grade classrooms to try to socially engineer these cherubs into thinking law school from early childhood. Beware the desperation of a scared law school dean...

    ReplyDelete
    Replies
    1. VileShithole Vermont Law Skewl is doing something similar, sending out clueless 2L(emming)s to try to brainwash 8th graders:
      http://www.vnews.com/home/11669670-95/the-verdict-bethel-students-on-john-browns-legacy
      We already know that VLS is reaching for lint, stray pubes, anything...

      Delete
    2. They can try to indoctrinate all they want. But guess what is more powerful? The voices of tons of unemployed law grads working doc review if they're lucky w/ $135,000 worth of debt on their backs will always trump some genteel counselor telling third graders how proud their mummies and daddies will be if they go to law school.

      Delete
  4. Nando, why do you continue to display that disgusting picture of two turds at the top of your right-hand column? As wonderful as your blog is, there's no excuse for such public indecency as that.

    When are you going to reconsider using these juvenile scatological tactics? Be a man and take that picture down.

    ReplyDelete
    Replies
    1. Give it up. This is Nando's blog. Stop hijacking the message with your futile insistence. Mr. Infinity's picture deserves to hang on Scamblog's Wall of Shame.

      Nando, don't change. You have been doing this for 5 years now. The law school propaganda machine needs to be compared to feces because what these schools are doing is pure unmitigated evil (i.e., advancing their own avarice at the expense of enslaving today's and tomorrow's generation of student debtors).

      Delete
    2. Mr. Infinity said he would destroy the scambloggers. His ugly mug is deterring normal people from visiting this site, so it looks like he was right.

      Delete
    3. Maybe Painter just wants his own picture up there.

      Delete
    4. Painter/Adams-

      Enough trying to get Nando to take down the picture of Adams. I love seeing that picture there. I use his name as much as possible on this site so to guarantee these posts are the first thing you see when googling him.

      I hope him and his family struggling forever. He deserves all the adversity in the world for consistently coming on here and telling 0Ls/lemmings to not listen to the better angels of their nature and NOT enroll in law school. He always tried to water that seed of doubt in 0Ls that maybe law school would work out. Who knows how many people he might have tilted towards enrolling based on his positivity bullshit over the years. Fuck him. Let him rot in the pacific northwest in debt up to his eyeballs struggling to support his family. I love it and pray for him to fail in every endeavor. Keeping that picture up is a public shaming and it makes me happy.

      Delete
  5. VLS is, was and always will be a toilet. If it goes out of business, you can call it the out of order toilet.

    ReplyDelete
    Replies
    1. I laughed too. Sometimes the simplest things are the funniest.

      Delete
    2. LOL. That was funny! Maybe we should create a new blog once the toilets start failing, called "Out of order toilets" blog. And then, we can write an obituary for each failed toilet. May they rest in peace when they get flushed.

      Delete
  6. It would be nice if this ViLeShithole is the first domino to fall. Maybe Carbozo after that, then we can see how far this thing goes.

    VermonTTT's closure definitely would give potential lemmings something to think about before taking the plunge.

    ReplyDelete
  7. How much debt does Vermont have?

    Moody's says "roughly" 1/2 operating revenue. 10.3 MM in 2011 rated bonds, and then an addition 3.4 MM unrated with a letter of credit from TD Bank.

    13.7 MM in debt on 28 MM in operating revenue? Or more?

    Moody's notes that "two consecutive years of below 1.0 times debt service coverage is considered an event of default," under the letter of credit with TD, but apparently that $3.4 MM could be called anytime, because the rating is so low already.

    "VLS is developing new revenue streams by introducing new master's programs to boost enrollment, and seeking new grants and gifts. " Attention, "Masters" students, VLS is looking to you FOR-PROFIT.

    " WHAT COULD MAKE THE RATING GO DOWN
    A downgrade could result from continued enrollment declines leading to weaker cash flow and debt service coverage, erosion of financial resources or liquidity, or debt acceleration."

    https://www.moodys.com/research/Moodys-downgrades-Vermont-Law-School-to-Ba1-outlook-negative--PR_297223

    ReplyDelete
    Replies
    1. Notice that they don't consider their degree programs to be honest products that they sell in a competitive marketplace. Instead, they call them "revenue streams." Meaning entitlement. Meaning they won't hesitate to lie to keep the revenue streaming in.

      Delete
  8. VLS will not close. The TTT LS will be bought by the University of Vermont. Talks and meetings have already begun.

    ReplyDelete
    Replies
    1. Unfortunately, the talks are likely to be conclusive. U Vt will assume the assets and liabilities of VLS and keep it running. A few deans at VLS will probably get exorbitant buyouts for negotiating such a wonderful outcome for their students. And eventually a new "green" building will be built in Burlington or Montpelier to house the law school, which by that time will be enrolling 60 public-spirited debt receptacles every year.

      Delete
    2. I am sure the salaries for those workers was paltry compared to the extravagant salaries "earned" by the law professors and Dean. They should have offered buy-outs back then to the law professors and hired adjuncts on the cheap to pick up the slack. To get more info at event management institutes

      Delete
    3. Not so sure about this. Why the hell would a solvent university want to buy a debt-laden, failing, and useless law school? Law schools benefit universities when they are cash-cows and revenue streams. I am not sure one is going to be able to argue that VLS fits the bill.

      Delete
  9. http://time.com/67168/law-school-college-tuition/

    What Law Schools Can Teach Colleges about Lowering Tuition

    Hmmm, law schools can teach colleges that not so many people want to take a six-figure gamble, when they are truly informed about the train wreck that is the legal job market.

    ReplyDelete
    Replies
    1. It can tell you that Effete, Aristocratic Nomenklatura in all forms (Lord North, the Tsar, the Politburo, and the Tenured Turd-cademics) do not respond to logic, reason, pleas for mercy or even their own long-term survival. Only raw, immediate force registers in their minds. Law grads have been struggling for year, and nobody gave a damn. Then, kids turned away from Lawscam and all of a sudden there was a Crisis! No jobs for Grads = Who Cares. No Money for Professors = Crisis!

      Delete
    2. ^^^^^^^^^^ This ^^^^^^^^^^

      There was no crisis when an individual graduate, strapped with hundreds of thousands in non-dischargeable debt could not find a job or was severely underemployed. Times thousands of people.

      Now, suddenly, there is a "crisis" in legal education. Note the wording the media uses: legal education. Translation: We profs need our high-salaries, pension benefits, paid sabbaticals, and 6-hour workweeks funded.

      Now, you see, there is a crisis.

      Delete
  10. Looks like Mr. Insanity's blog is back up again. What a delusional fool.

    http://lawschoolfail.blogspot.com/

    ReplyDelete
    Replies
    1. There's this priceless quote from his 4/25/14 post: "When people ask me what I have done, I get a lot of respect for having went to law school. I think in the end, even if I do not get a legal job, my law school experience is going to be worth it."

      Denial's not just a river in Africa! Mr. Insanity should be aware of that, being a world traveler.

      Delete
  11. http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-law-schools/grad-debt-rankings

    Average Law Student Indebtedness: USN&WR lists the average law student indebtedness - for those members of the Nova $ouTTTThea$TTTTern JD Class of 2013 who incurred debt for law school - as $139,000. Furthermore, 87 percent of this commode’s 2013 class took on such putrid debt. Remember that this figure does not include undergraduate debt – and it also does not take accrued interest into account, while the student is enrolled. What a bargain, huh?!?!

    http://www.thefacultylounge.org/2013/04/a-cleaner-ranking-of-schools-long-term-full-time-employment-minus-law-school-funded-jobs.html#more

    On April 10, 2013, Dan Filler posted a Faculty Lounge entry entitled “New Law School Rankings: Employment Data Cleaned Of School Funded Jobs” This article is based off of each ABA-accredited diploma mill’s Class of 2012 ABA Employment Report.

    As the text and title make clear, the figures pertain to JD Required positions that are full-time, long term - and exclude law school funded jobs. Scroll down to see how well VLS places its grads in decent legal positions.

    http://www.nationaljurist.com/content/cooley-nyls-have-largest-enrollment-declines-2010-2011

    On February 17, 2014, the NaTTTional Juri$TTT published an Alicia Albertson piece entitled “Cooley, NYLS have largest enrollment declines since 2010-2011.” From her opening:

    “The drop in law school applications during the past three years has had a profound impact on enrollment, according to a new study by The National Jurist.

    Law school enrollment has dropped by an average of 99 students per school from 2010-2011 to 2013-2014, with only 16 schools enjoying an increase in students.

    Eighteen law schools saw enrollment drop by more than 30 percent, led by University of La Verne (down 66.2 percent) and Thomas M. Cooley Law School (down 40.6 percent). Cooley Law School, with five campuses in Michigan and Florida, dropped from 3,931 students in 2010-2011 to 2,334 students in 2013-2014, the single largest drop in raw numbers.”

    Go to the chart at the end of the article. It is labeled “25 law school's with largest enrollment declines by percent.” You will note that VermonTTT Law Sewer’s enrollment declined by 30.5 percent, since 2010-2011. That is a tremendous accomplishment.

    ReplyDelete
    Replies
    1. And all of those, assuming they did not enroll at any other law school, or otherwise, are lives literally saved from the financial destruction of student loan debt. Let's not mince words, that's the bottom line.

      Delete
    2. Yes, that's a tremendous accomplishment. Many precious lives have been saved from professorial incompetence and government-sponsored debt slavery. Congrats to all who did their part.

      We can't get complacent, though. Things could turn around quickly if JRA ever gets his blog up and running.

      Delete
    3. I've got to give Chem some credit for that statement. That's how things are supposed to work. What he doesn't realize is that UC Irvine is itself a weak competitor, a new entrant with uncertain prospects, inadequate funding, and poor student inputs in a very competitive market.

      UCLA and USC will drive UC Irvine out of business within five years. At least they can repurpose that cheap-looking law building for something else.

      Delete
    4. UC Irvine appears to be still only provisionally accredited.

      They get full accreditation if they meet the standards after 5 years from the time the provisional accreditation was granted. The provisional was granted in 2011. So...will UC Irvine meet all the targets for full accreditation?

      My Magic 8 Ball has a special message for "persons" who go shill in the NY Times when their law skewl only has provisional accreditation..."Outlook not good."

      Delete
  12. It looks like law schools are getting it from every angle...real estate liquidation, layoffs, buyouts, salary decreases, huge enrollment drops, lowered admission standards, alumni lawsuits and now downgraded credit ratings. It's coming...the first law school to close is on the horizon.

    ReplyDelete
    Replies
    1. In his appalling NYT column, Erwin "California needs a new law school!" Chemerinsky signaled that he knows some law schools are going to close soon:

      "Even if some law schools do not survive the current contraction — though none have yet gone out of business — that would not necessarily be a bad thing. After all, in so many other fields, we rely on market mechanisms to weed out the weakest competitors."

      Delete
  13. Nando, please do an update on Joshua Ray Adams applying for a job at Starbucks. It is a public service to 0Ls to show that the cheerleading lemming of all lemmings is $300k+ in debt and applying for work at Starbucks.

    ReplyDelete
  14. What makes me sad about all of this is that the law schools will end up getting a taxpayer bailout of some sort while we're stuck paying higher interest rates on our student loans. I mean, the scam worked just fine for the too big to fail banks.

    ReplyDelete
  15. This is another example of how the delivery of legal services won't require nearly as many attorneys as what we have now:

    Big box law is expanding in Canada, setting up shop at Walmart stores, offering low-cost legal services.

    http://www.thestar.com/business/personal_finance/2014/04/21/walmart_shoppers_can_now_get_99_wills.html

    ReplyDelete
  16. The April 21, 9:04AM comment was not by painter.

    I gave up on trying to ask Nando to remove the picture of the wife.

    Also the vacation was a Mexican vacation and before the student loans from law school, so the caption is not entirely factually true.

    What did the wife of Adams ever do to any of you to deserve all of this?

    I read her blogs and they gave no indication she had any idea what her husband was up to.

    I have apologized to Adams for the picture of his wife on TTR and made my peace with him.

    There is closure now between us.

    It has all been petty bickering and inconsequential and there are much bigger problems in life and only until some of you start to experience them will you understand.



    ReplyDelete
    Replies
    1. 9:04 AM Comment:

      "Give it up. This is Nando's blog. Stop hijacking the message with your futile insistence. Mr. Infinity's picture deserves to hang on Scamblog's Wall of Shame.

      Nando, don't change. You have been doing this for 5 years now. The law school propaganda machine needs to be compared to feces because what these schools are doing is pure unmitigated evil (i.e., advancing their own avarice at the expense of enslaving today's and tomorrow's generation of student debtors)."

      So yes it is obvious that you didn't make it.

      Delete
    2. Now he's referring to himself in the third person?

      Not good.

      Delete
    3. Painter seems to have a thing for Beverly, even though Mr. Infinity reported in his posting that she knew about what he was doing. What is up with that?

      Delete
  17. A few years ago, Wal-Mart launched a "pro-bono" legal services clinic in Arkansas under the guise of "giving back" to the community. The initiative was really a test run to see how Wal-Mart could integrate offering legal services to its customers. The movie "Idiocracy" featured legal education being offered at Costco. If you think this is all fantasy, wake the FUCK UP. There have been challenges in NY State to allow corporations to own law firms. Mark my words, within 5 years you will see lawyers working on aisle 9 drafting wills, healthcare proxies, leases, contracts, etc. while your wife is looking at flat screen tvs and your kids are getting slurpees. I suspect the lawyers that will be employed by Costco will be paid about $15 an hour and have to wear a name-tag. You will still have to pay six figures for that law degree.

    If you think I am exaggerating, google Wal-Mart and legal services. Do your goddamn research before you throw your life away on this futile and shitty "career."

    ReplyDelete
    Replies
    1. Along with the earlier post, I assume also by you re: Wal-Mart in Canada, if it's gone "Big Box" at this point, future graduates are fucked. More than fucked.

      You are right about NY.

      They could give a shit less, obviously, about the saturation of the market. As long as the State can force a cut from someone in the form of licensing / dues, etc. that's all they care about.

      Whether the people actually make a reasonable living, or any profit or money at all, is immaterial. That's how governments think. They could not care less if you're playing a losing game as long as they get their cut. In that sense, it's a lot like Amway.

      Delete
    2. I agree w/ everything stated above, except it sure as hell won't be lawyers writing that will or whatever the hell it is people will get written. Surely you've seen the recommendations in the ABA report regarding legal education and the crisis? The report recommends opening the field to other 'legal providers' to bring down legal costs. The person earning $15 an hour, wearing a Wal-Mart name tag, and drafting your will in the scenario above will be a kid two years out of high school who realizes he sure as hell doesn't need to pay $135,000 to attend law school to draft a will. I'm telling you, the law schools (and their "gotta have more and more and more" greed) have shot themselves in the foot. They deserve everything they get.

      Delete
    3. I guess that, even if you were a lawyer, you would still have to participate in their demeaning beginning of the workday pep rallies.

      Delete
  18. ^ I *know,* right? In your view, the real "national problem" is that Santa won't pay off your big-ass loan for you.

    Right?

    Go fuck yourself, Paint-turd. Get a fucking job and work for once in your life, instead of demanding a six-figure handout.

    SPEAKING of turds, I noticed that the positioning of "Josh and Beverly" as you call them exactly I mean EXACTLY matches the two turds in the Vermont Law picture. Maybe Nando should put the two pictures side by side. Would you like that, Painter?

    ReplyDelete
  19. It will be a real shame if the already overtaxed residents of Vermont have to prop up this vile feces pit through a State takeover. The State already has its hands full with a heroin and meth epidemic. Hopefully any deal will radically cut the
    tenured payroll and force the porcine professoriate to work more than six hours a week. The physical assets will probably have to be written off as the campus would move to Burlington.

    ReplyDelete
  20. I tried to post one of Nando's articles on Facebook and then after posting noticed the inset photo showed only Adams and his wife so then I deleted. Did not want my Facebook friends to think somehow I knew those dorks. Toilets are actually more attractive.

    ReplyDelete
  21. The Law School Lemmings are still out in full force. These people are next-level delusional if they're going into debt for law degrees.

    Check out this Special Snowflake/Student Loan Conduit:

    I am the 27 year old JD/PhD Student behind this [mostly] running blog with occasional bouts of nonsense and random musings on getting a PhD/JD, triathlons, etc.

    I moved to the Bay Area in August 2010 to start a PhD program in Economics. With a love for racing already brewing in my blood, the move to the land of plentiful races just made my love for it worse stronger.

    Then, in August 2013, I took a leap of faith and moved 3000 miles cross country to the Washington, DC area to start a JD program to fulfill my dream of being a professor of law and economics. [Insert nerd comments here.]

    http://phdstrides.com/about/

    She goes to George Mason and expects to become a law professor of law and economics. What's her background in economics and law? None so far as I can tell other than the degrees she's buying. This girl has a 1% or less chance of becoming a law and econ law professor when (a) she's not going to HYS; (b) law schools are downsizing, laying off faculty, or offering buyouts; (c) there are a small number of law schools that seriously offer law & econ as a concentration. So in an extremely competitive law professor employment market, you're constricting your already limited employment appeal by focusing on a concentration for which there may be 3 job openings per year if you're lucky. Probably fewer. With a George Mason degree, it's going to be hard to get on the doc review circuit.

    More interesting, if you check out GM's faculty, you'll note that only 1 of their full-time professors has a GM degree (almost everyone else has a T14 except for a few Emory, UCLA, and USC grads thrown in with a Wayne State grad thrown in for diversity flavor).

    Shocking that someone could still be this retarded in 2014 when the Internet has abundant and free resources available that richly illustrate why going to law school is a life-destructive choice.

    See GM's law faculty here (and what a good looking group they are!): http://www.law.gmu.edu/faculty/directory

    ReplyDelete
    Replies
    1. Teaching gigs at law schools are more or less reserved for T10 grads at this point. It's their version of Welfare for Teachers or whatever..

      The Old Guard with the dude who was #1 at St. Johns is rapidly being phased out, retiring, or just plain dead. Anyone who's teaching with a lesser law degree these days was a young'un in 1955...

      I agree. The delusion at this point, in 2014, is unjustifiable and equally as incredible to believe.

      Delete
    2. One would think it would be embarrassing or something to be lagging 10 years behind Kanye West in figuring out degrees are a scam. School Spirit!

      Delete
    3. A delusional, self-important dreamer of Nancy Leong proportions!

      What an indulgent blog. Cooking, running and studying for a PhD. She must think of herself for about 99% of her waking hours.

      She's been taught her whole life that she's the most important, most special girl ever. Law school will do her some good by knocking her down a peg or two.

      But I'm sure mommy and daddy will fund the next oh so important dream she has after the inevitable unemployment in academia. What next? Medical school?

      Delete
  22. The future for US law grads unable to find jobs? No country incarcerates a higher percentage of its population than the United States.

    Uganda 'to jail students who fail to repay loans'

    http://news.yahoo.com/uganda-jail-students-fail-repay-loans-150523755.html

    ReplyDelete
    Replies
    1. We certainly have debtors' prisons here in the US. Look at how many people are in jail for inability to pay child support, criminal fines, traffic tickets etc. Adding student loans to the list isnt such a stretch. More debt slavery.

      Delete
  23. http://www.businessinsider.com/which-law-schools-might-fail-2013-1

    Back on January 31, 2013, Business Insider published a piece from Erin Fuchs, which was entitled “The Law School Crisis Could Crush ‘Stand Alone’ Schools.” Look at this epic opening:

    “The New York Times' most emailed story Thursday analyzed the sharp drop in law school applications and the brutal impact it could have on legal education.

    University of Chicago law professor Brian Leiter made the story's most ominous prediction: He estimated 10 law schools would close within the next decade.

    Now, law school closures are rare.

    We spoke with Washington University Law Professor Brian Tamanaha, author of Failing Law Schools, who could recall maybe one law school closure in the 1980s. (He couldn't remember the school's name.)

    But Tamanaha agreed that some law schools could be in trouble now that so many folks seem to be abandoning the notion of getting a JD.

    The law schools whose deans should be freaking out a little are so-called stand-alone law schools that aren't attached to universities, like New York Law or Thomas Jefferson.

    With no university to fall back on, "they run like any other business," Tamanaha said.

    Most stand-alones aren't ranked or have low rankings and are extremely dependant on tuition to operate, says law professor and law school "scam" exposer Paul Campos.

    "They have negligible endowments and almost no other sources of income," Campos told BI. "If their tuition revenues decrease markedly they may become unsustainable operations very quickly."

    These schools also rely on loans to cover their daily operating expenses, Tamanaha pointed out. A dramatic drop in law school applicants might make banks charge them higher rates.

    "To the extent that applications are collapsing, that makes the [stand-alone] schools riskier borrowers," he said.

    Some stand-alones may closing or merge with other stand-alones to stay afloat.”

    I also love how the photo accompanying the story captures VermonTTT Law Sewer. The caption simply reads “Vermont Law School, which isn’t attached to a university.” The image appears to be from Wikipedia. The pigs at this filthy commode must be sweating theirs asses off.

    ReplyDelete
    Replies
    1. It would be a great tragedy if law professors and professional administrators went from high six-figure salaries to pink slips. What an ugly shock to find yourself suddenly on the receiving end of the economic hopelessness you'd been so happily doling out.

      How frightening to have to venture out into the private economy where you might have to meet members of the profession you helped to destroy.

      The self-congratulatory 'prestige' of the academy is a delusion that only flies inside the academy. Outside of the academy the ludicrous things that its denizens have been up to - a resume of straight up embarrassing law review articles and a specialty in not teaching the ABCs of law as well as BarBri - get rightly treated with contempt.

      Justice is Nancy Leong trying to find a job when there are no more law school jobs. Welcome to Civics 103 at the junior college! Let's see if you survive!

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  24. http://www.jdjournal.com/2014/04/16/moodys-downgrades-vermont-law-school-rating/#

    Read Jim Vassallo’s April 16, 2014 piece in JD Journal. It was labaled “Moody’s Downgrades Vermont Law School Rating.” Enjoy the following portion:

    "The reduction in ratings occurred due to the drop in enrollment for law students because of the drop in demand across the country.

    Enrollment at Vermont Law School dropped by 3.5 percent in the fall of 2013 for all of its programs. New students from the JD program dropped by 45 percent from the fall of 2009 to the fall of 2013.

    For Fiscal Year 2013, the operating size for Vermont Law School was just $28.2 million.

    The net tuition per student has dropped or remained stagnant for the past four years. It is projected to drop again in Fiscal Year 2014 and Fiscal Year 2015.

    Right now, the rating will not likely go back up because of the negative outlook for the school and its pressure on operating performance. The rating could continue to decrease if enrollment at the school drops, which leads to a weaker cash flow."

    In sum, the bitches don’t have much room for error. This third tier toilet heavily relies on enrollment and federally-backed student loans. The rodents simply do not have the luxury of being supported by a larger college or univer$ity. Plus, the endowment is pathetic in comparison to other “institutions of higher education."

    ReplyDelete
  25. That is so cute, I would of never thought of that. I am definitely making me one or maybe a few! Lol

    ReplyDelete
  26. Isn't this blog a trifle negative? A certain amount of caution seems appropriate when faced with the prospect of investing $150K on an uncertain career path. But the tenor of this blog sounds like a rant: like you have an axe to grind.

    ReplyDelete

 
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