in business, education, Uncategorized

Why Law School Graduates Are Totally Screwed

Apparently, not only are law schools cash cows, they’re also havens for fudging numbers relating to their success. The NYTimes has the in-depth story:

“If you’re a law school and you add 25 kids to your class, that’s a million dollars, and you don’t even have to hire another teacher,” says Allen Tanenbaum, a lawyer in Atlanta who led the American Bar Association’s commission on the impact of the economic crisis on the profession and legal needs. “That additional income goes straight to the bottom line.”

There were fewer complaints about fudging and subsidizing when legal jobs were plentiful. But student loans have always been the financial equivalent of chronic illnesses because there is no legal way to shake them. So the glut of diplomas, the dearth of jobs and those candy-coated employment statistics have now yielded a crop of furious young lawyers who say they mortgaged their future under false pretenses. You can sample their rage, and their admonitions, on what are known as law school scam blogs, with names like Shilling Me Softly, Subprime JD and Rose Colored Glasses.

  • Just to give a sense of how at least 1 law school gets its employment statistics: when I graduated, we were asked to return our cap and gowns in order to receive our actual diploma (a common practice from high school on up). When you turn in your cap and gown, they have you fill out a small slip of paper with your name, where you will be working, title, and a box for checking your salary. News flash: If you are going to be making over 100K – then you OBVIOUSLY have zero problem filling that form out. If you have nothing lined-up, or going to be making less than $65k, then you don't even fill anything out. Obviously, this creates a small sample set from which to report – a fact that isn't disclosed when detailing that a high percentage of graduates are earning over $100k on graduation.