"Law Firms Hiring!" by JD Journal (June 25, 2013)
Money Quote: "Law school graduates can expect better returns, better job opportunities, and overall more hiring by larger firms."
Wait for it.
*****
"Large Firms in a Hiring Mood Again," by Karen Sloan (National Law Journal, June 24, 2013)
Money Quote: "The country's largest law firms are wading deeper into the new associate hiring pool -- a welcome development after years of recruiting declines."
Wait for it.
*****
"Mass Layoffs at a Top-Flight Law Firm," by Peter Lattman (New York Times DealBook, June 24, 2013)
Money Quote: "'While we have been able to avoid these actions in the past, and it is very painful from a human perspective, the management committee believes that these actions are essential now to enable our firm to continue to excel and retain its historic profitability in the new normal,' Barry M. Wolf, Weil's executive partner, wrote in a firmwide e-mail."
"The 'new normal,' in the view of Weil's management and echoed by legal industry experts, is that the market for high-end legal services is continuing to shrink. Dan DiPietro, chairman of the law firm group at Citi Private Bank, said he believed that the profession could experience a wave of job cuts. He said that there were too many lawyers at the country's largest firms, estimating the excess capacity at as much as 10 percent of the lawyer population."
Boom. So much for "Law Firms Hiring!"
*****
Money Quote: "It comes down to this: firm leaders know that regardless of how they treat young lawyers, numerous replacements wait for their turns in the increasingly fragile big-law barrel. Meanwhile, the profession's existential crisis continues as intergenerational antagonisms fester. Except for the relatively few partners at the top, this can't end well."
No, this is not going to end up well. Expect an uptick in our readership soon. Very soon.
*****
Money Quote: "University of Cincinnati trustees are expected to approve a big cut tomorrow in out-of-state tuition for the College of Law. It's an effort to attract more students from around the country. Tuition will be more than 30-percent lower, almost 29-thousand dollars less per year. Applications to law schools in Ohio have declined 27-percent since 2008. There are only nine law students at UC currently paying out-of-state tuition."
I'd be fairly pissed if I were a recent out-of-state UC Law grad. Just sayin.
*****
"Is Law School Right for Me? A 4 Question Guide," by JD Journal
Money Quote: "Many prospective law students want to get rich. They cannot be blamed. There is the consideration of high salaries down this career path. However, not every lawyer will find his or herself making a $500,000 salary within a year of graduating. Many lawyers enjoy median incomes, and this fact should definitely be appreciated. Salary alone and its lovely prospects should never be the only reason one joins a field."
I can think of quite a few more questions to ask myself.
*****
"Feds Flag 126K in Student Loan Fraud Crackdown," by Newser [linking to Wall Street Journal (paywall)]
Money Quote: "'What we find are very poor students academically that are borrowing to the max, getting the maximum in their Pell grant and just going from school to school,' says a financial aid director at Maryland's Anne Arundel Community College. Adds another: 'We have individuals that told me, 'I spent all this money on graduate school. I can't get a job. I can't afford to live, I need the money.' It's not so much about the education, it's the money.'"
These students obviously should have enrolled in POV 575 Lawyers in Poverty to assist with their transition into poverty living.
*****
"So Now You're a Harvard Lawyer -- Now What?" by Jeffrey Toobin (Commencement Speech Edited by LawFuel Editors)
Money Quote: "2013 is not the greatest time in history to graduate from law school. The legal economy is changing, and it's hard to think it's getting better. There are no guarantees anymore, not even for Harvard lawyers."
Especially for Harvard lawyers at Weil Gotshal.
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