Thursday, January 31, 2013

And it's only TTThursday!

Steeeerike One

"Avoiding law school in droves" - National Law Journal - January 28, 2013

Steeeerike Two

"Law Schools’ Applications Fall as Costs Rise and Jobs Are Cut" - NY Times - January 30, 2013

Steeeerike Three

Yer out!

This has been a glorious week for everyone whose business model doesn't depend on scamming law students. Two scambloggers not-easily-dismissed publications pointed out that law school applications have cratered, falling at an increasing rate, with around 54,000 lemmings applying this cycle. It took years, but the general public has finally caught on. To put things in perspective, there are around 45,000 seats at ABA schools, meaning that if you can fog a mirror then you will be accepted at one or more fully-acredited insTTTiTTTuTTTions. I am not kidding in the least.

The ABA must be so proud of itself. Anointed by the Department of Education, it has allowed this "profession" to approach a 1:1 ratio of applicants to seats. Sort of like cosmetology school except cosmetology school is a lot cheaper and state regulators more vigilant. The biggest percentage drop comes from the highest LSAT scores as the best and brightest flee and free up seats for mouthbreathers.

Some of the talking heads interviewed expect some law schools to close and most of the rest to shrink. My opinion is the academy can't bail water fast enough to save itself. It will take exactly one marginal school failing to make applicants and current students realize they need to take financial viability into account in deciding where, or even if, to matriculate. That will lead to a self-fulfilling prophecy where schools perceived as weak in fact become weak and wither and die. The push to lower cost of attendance, likely by eliminating the third year of school, will only magnify the damage. Besides students, some other interested parties will be auditors and creditors. It's hard to borrow money if you're not considered a going concern. Oh, and just like karma, those cross-default clauses are a bitch.

Knowledge is power.

Monday, January 21, 2013

Read this inspiraTTTional sTTTory


"A man who wore a three-dimensional Bucky Badger hat when he allegedly robbed an East Side credit union last week told police that he wants to go to prison and needed the money because he has $250,000 in student debt.

An online UW-Madison directory lists Hubatch as a lead custodian at Union South on the UW-Madison campus. University spokesman John Lucas said Hubatch is not a current student but earned a bachelor's in English in 1998 and a law degree in 2004."

Some of you whiners claim your JD weighs you down like a millstone. What you need to do is follow the lead of this "slightly autistic" University of Wisconsin JD and take the bull by the horns mop by the handle. Does this guy sit on his couch all day playing Call of Duty? No! He cleans the damn couch and probably Scotchguards that sucker, too. Thanks to his JD and hard work, he's not just a janitor, he's the LEAD f*cking janitor.

PresTTTige: he haz it.

Now, how to handle his $250K student debt? Some people would IBR it and live happily ever after on a custodian's wages; however, a 49-year-old guy with untreated medical issues will never see the light at the end of the tunnel. Instead, he now gets three hots and a cot, and free medical care, too. Plus, what are his creditors going to do, levy on his prison commissary account?

This is exactly the kind of real-world problem solving you learn in law school. The ABA and UW must both be so proud. As for Hubatch, he may become the best jailhouse lawyer there ever was.

Friday, January 4, 2013

2012 posTTT morTTTem

The gummint says the legal industry added 7,800 jobs in 2012. In brighter news, the number of applicants continued to plummet. I dream that one day only the most special of snowflakes will think taking on six-figure debt to go to law school is a good idea.

A message from the ABA:

Not seasonally adjustedDecember20111,118,800
Seasonally adjustedDecember20111,115,600
Change from Nov-12 to