Sunday, April 3, 2016

March 2016

No comment needed.

Not seasonally adjustedMarch20151,112,900
Seasonally adjustedMarch20151,116,600
Change from Feb-16 to

Saturday, March 26, 2016

TTToilets continue to run the table

Four years ago I wrote about Anna Alaburda after the attractive TJSOL grad filed a class action suit against her alma mater. As I anticipated at the time, she just lost; the case is now notable only for being the first suit against a school to make it to trial. TJSOL celebrated with the customary toilet victory dance.

Its lawyer, who, you're not going to believe this, is not a TJSOL grad, was quoted thusly.

This is not, you know, Trump University. It is so not that. It is such a really excellent law school.

I wasn't ambitious enough to research if his firm employs any of its really excellent graduates.

Friday, March 4, 2016

February 2016

The numbers are essentially the same month after month, season after season, year after year. I need this to handle posting.

I’m what ISIS law school doesn’t need.

Not seasonally adjustedFebruary20151,112,000
Seasonally adjustedFebruary20151,118,300
Change from Jan-16 to

Sunday, February 7, 2016

January 2016

Win some, lose some. Despite a substantial downward revision of December's figure, January employment still dropped as Legal Industry workers relocated to Home Depot to sell snow removal supplies. As the year progresses, thousands of migrant JDs will sojourn in the fertile fields of Jackson Hewitt and then move on to their summer gig, with a newly-minted crop of graduates following. Just an ebb and flow with the seasons, never changing much.

A number of bloggers have noted updated BLS projections for lawyer employment 2014-2024. Charitably, they suck. There will be approximately 4,400 jobs openings annually due to growth and another 11,400 due to "retirement." So, mid-30-thousandish graduates competing for fewer than half that in available jobs. TLS posters can put that in their pipe and smoke it.

I increasingly question some of the BLS numbers, particularly the median annual wage. When I took economics I was introduced to the concept of perfect competition. The professor used owner-operator truckers as an example. I would update the example to be lawyers.

  • There is free entry and exit for different firms operating in this market. The only hindrances to entry are firm’s related constraints like costs and lack of raw materials.
    Comment: the gummint will lend you all the money you need, at which point you only need to pass the bar. Toilet law schools are working hard to remove that obstacle.
  • The goods sold in this market are homogenous. Homogenous means that the products are almost identical and the consumer does not prefer one product to the other.
    Comment: sad to break this to you, special snowflakes.
  • The perfect competition market has also a very large number of buyers and sellers. This way there is no individual firm in the market that can influence the prices of goods and services.
    Comment: any questions? Really?
  • The individual firms are price takers and have to accept the prices set by the laws of demand and supply.
    Comment: supply for decades roughly twice as many lawyers as the market needs, add outsourcing and automation, and tell me how wages won't fall through the floor?
  • In a perfectly competition market there is no information asymmetry and Perfect information is available to the buyers and sellers.
    Comment: I won't argue that perfect information is available, but the internet has gotten us much closer than when I was in school.

To reiterate, if you're going to shovel excess lawyers into the market unceasingly then their wages will drop. I haven't seen that with the BLS numbers; either they're wrong or the oversupply isn't as bad as they say.

Not seasonally adjustedJanuary20151,107,500
Seasonally adjustedJanuary20151,115,200
Change from Dec-15 to

Sunday, January 10, 2016

December 2015

8,000. That's a pretty good number … for a North Korean nuclear test. Speaking of an entity that publishes a hagiography to each new leader, depends on an outside government's support to sustain its moribund economy, and focuses solely on self-preservation and keeping the peasants in line while espousing otherworldly, yet high-minded ideals, read about the AALS meeting here. Next step is to set up re-education camps and charge $50K tuition.

Not seasonally adjustedDecember20141,124,200
Seasonally adjustedDecember20141,120,000
Change from Nov-15 to

Wednesday, December 30, 2015

November 2015

Wishing everyone a happy New Year.

Not seasonally adjustedNovember20141,121,200
Seasonally adjustedNovember20141,119,200
Change from Oct-15 to

Monday, November 30, 2015

Valvoline Dean becomes RuTTTgers Athletic Director

Rutgers just shitcanned both its athletic director and its head football coach. Read all about it here.

The AD position vacant and the university's program in shambles, only one man could step in to save the day. That man: Patrick Hobbs, Dean Emeritus of Seton Haul Law Skool. Though Dean Hobbs needs no introduction, I've reproduced Scott Bullock's.

For those new to Big Debt, an explanation: Hobbs was long ago nicknamed the "Valvoline Dean" by none other than yours truly. Of course, all law school deans are shysters and born liars (see Rothenberg, Karen), but Hobbs has elevated pseudo-sincere "slicksterism" to a form of high art, an oleaginous tour de force of toilet law puffery. His persona is a cross between a used-car salesman and a Tammany Hall politician, with a touch of creepy Catholic-priest piety thrown in for good measure.

If Hobbs does for Rutgers what he did for Seton Haul, his legacy will live on forever.