tag:blogger.com,1999:blog-5164886390834386622.post6756655932431651374..comments2023-10-30T08:41:06.178-07:00Comments on Inside the Law School Scam: ForecastLawProfhttp://www.blogger.com/profile/05174586969709793419noreply@blogger.comBlogger56125tag:blogger.com,1999:blog-5164886390834386622.post-76078460871002898442013-01-30T21:10:15.619-08:002013-01-30T21:10:15.619-08:00Nice blog. It's good to read that there has be...Nice blog. It's good to read that there has been so much of surveys regarding scams. Strict law enforcements can stop crime rate up to some satisfactory extent.<br /><br />___________________________<br /><a href="http://lawofficeofkarenross.com" rel="nofollow">Personal Injury Attorney Las Vegas</a><br />Anonymoushttps://www.blogger.com/profile/13209186062051549474noreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-15124064003850161772013-01-23T11:15:26.827-08:002013-01-23T11:15:26.827-08:00The cascade effect is not minimal at top law schoo...The cascade effect is not minimal at top law schools. Effectively top law schools are selling a high unemployment rate several years down the road but are not disclosing it. There would be many fewer people attending law school but for the Citibank Hildebrandt debacale. If large law firms right sized age wise instead of spitting 95% of their lawyers onto the street, the top law schools would not be able to sell high 9 month employment rates at high salaries. They would be selling 8% or 12% employment at high salaries. The rest of the class - maybe 75% would be left with nothing that pays back a law school loan. If the actual mature employment statistics for lawyers were there for first years, law schools would shrink pretty quickly.<br /><br />You can than Citibank and Hildrebrandt for putting fuel into the oversupply of lawyers that the law schools are churning out.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-82914136095872322212013-01-23T07:39:26.042-08:002013-01-23T07:39:26.042-08:00The casecade effect is minimal because the number ...The casecade effect is minimal because the number of lawyers playing the big law game is small.<br /><br />Generally one has to be in the top 10% of their class to even play the big law game. The numbers are even grimmer for the lesser schools.<br /><br />Then figure that the aerage tenure of a biglaw associate is 18 months -- and that was 20 years ago! Maybe 1 in 36 biglaw associates will make partner. Of those, only a handful will be making the big bucks.<br /><br />To really make money, you have to generate enough business to keep a half dozen associates working full time. You don't get the big bucks simply by showing up to work and putting in 80 hour workweeks. Most lawyers cannot generate enough business to keep themselves fully employed.<br /><br />All in all, when it comes to the biglaw game, we are talking about less than 1% of the lawyers.<br /><br />The problem is that law schools have been minting twice as many lawyers than the economy can absorb for over a generation. There simply is not enough legal work to go around.<br /><br />Law students and young lawyers like to indulge in fantasies about winning the big law lotto. But that's all they are: fantasies.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-14478716603664588252013-01-23T07:34:10.813-08:002013-01-23T07:34:10.813-08:00This Hildebrandt Citibank report institutionalizes...This Hildebrandt Citibank report institutionalizes age discrimination. Older lawyers cannot work in jobs in the larger or even mid-sized law firms unless they are partners. The Citibank Hildebrandt group has created a huge underclass of older lawyers from top schools, many of them women and minorities, whose Harvard, Yale and Columbia law degrees are useless. These degrees produce no income because older lawyers cannot get hire and are not retained, even with good hours, based on the Citibank Hildebrandt report.<br /><br />Why not rush to a T4 law school? What do you think your chances of not being unemployed or a solo are after 20 years? If you already went to a top law school and are effectively unemployed, thank Citibank and Hildebrandt for their contribution to the structure of the legal profession.<br /><br />Older lawyers are the new minority group that it is acceptable to discriminate against in the legal profession.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-51793844971197899372013-01-22T14:24:22.366-08:002013-01-22T14:24:22.366-08:00to 9:13
while only relatively small percentage of ...to 9:13<br />while only relatively small percentage of overall students get biglaw, this report is important to all students because of the cascade effects - if the top of the class can't get biglaw jobs, they have to go somewhere - so they will be taking jobs further down the totem pole, pushing out the people just below them; the current mid level people will force out the tier below them and so on until a lot of people get pushed out altogetherAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-17660766978761868182013-01-21T21:13:33.167-08:002013-01-21T21:13:33.167-08:00Interesting. But this report is completely [irrel...Interesting. But this report is completely [irrelevant to 99% of the lawyers out there. Any law student who thinks this is in any way relevant to himself is counting his chickens before they hatch.<br /><br />Ayoung lawyer has a greater chance of being hit by lightening than making big money in biglaw.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-84442445256457421622013-01-21T20:10:45.627-08:002013-01-21T20:10:45.627-08:00And thus Citi's analysis is flawed? The BigLaw...And thus Citi's analysis is flawed? The BigLaw model is doomed. It doesn't take a genius to see that. But it's helpful to have a major player like Citi spell it out so clearly.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-35580068749120274812013-01-21T18:14:19.679-08:002013-01-21T18:14:19.679-08:00I can't believe that flies here. Worcesterites...I can't believe that flies here. Worcesterites are notoriously cheap, even the law school racket has passed us by for lack of marks!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-66101785566687050252013-01-21T17:25:44.462-08:002013-01-21T17:25:44.462-08:00Not every law firm uses Citi for loans. There are ...Not every law firm uses Citi for loans. There are lots of other banks that play in the law firm marketAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-83156804853285241182013-01-21T17:21:20.375-08:002013-01-21T17:21:20.375-08:00Solo here. I wish my clients knew that more than a...Solo here. I wish my clients knew that more than a third of their retainers goes directly to federal income and payroll taxes.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-81686504510735728112013-01-21T10:54:22.752-08:002013-01-21T10:54:22.752-08:00Trolling fail.Trolling fail.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-60032205514616920262013-01-21T09:18:32.761-08:002013-01-21T09:18:32.761-08:00When the rate on Sallie Mae & other loans is 8...When the rate on Sallie Mae & other loans is 8%, and when interest starts accruing from the date of loan disbursement [even though payments are delayed while the student is in school], and particularly when those loans AREN'T DISCHARGEABLE in bankruptcy, I don't know how you can call such loans "free."<br /><br />The "payment date" and burden of the loans may be delayed, but it's still there, and in an ever-increasing amount.<br /><br />BTW, why is there so little attention here to the outrageous interest rate being charged on these "debtors will never get free of them" loans?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-80791030251481512292013-01-21T09:18:02.973-08:002013-01-21T09:18:02.973-08:00I believe CIti, as a lender, is very attuned to th...I believe CIti, as a lender, is very attuned to the business models of Law Firms. <br /><br />In a parallel to the restaurant industry, "if you want to know how likely a restaurant will survive, ask the restaurant's supplier of fish and meats how much credit they are offering."<br /><br />I believe that informing the Law School lenders of the chicanery going on at places like american, and the collapsing applicant pool, will quicken the death of scam schools faster than any reform movement. <br /><br />If payroll checks start bouncing at schools like American before the next round of sweet sweet student loan monies hit the accounts, the end is near. Terry Malloynoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-25409918412147061742013-01-21T08:45:37.828-08:002013-01-21T08:45:37.828-08:00Anon January 21, 2013 at 8:40 AM is correct. Citi ...Anon January 21, 2013 at 8:40 AM is correct. Citi has all the good data from the creditor side, but they also convinced the big firms to share benchmarking data which gets shared back to the firms with the names of other firms removed. Citi knows exactly what's going on.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-52715699011277080612013-01-21T08:42:13.427-08:002013-01-21T08:42:13.427-08:00Agreed. No wonder the Indiana tech guys are so th...Agreed. No wonder the Indiana tech guys are so thrilled. They can count the dollars rolling in.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-41253264418234212592013-01-21T08:40:14.210-08:002013-01-21T08:40:14.210-08:00Citi private bank is the major lender to law firms...Citi private bank is the major lender to law firms. They are basing his report on data they collect from firms. <br /><br />I wouldn't laugh off the idea that flat or small percentage growth is the future for firms. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-66795827165479934022013-01-21T08:34:55.583-08:002013-01-21T08:34:55.583-08:00That's why it is so important to keep this sit...That's why it is so important to keep this site and similar sites alive. There will be too many applicants because of easy credit and irrational optimism. The only thing that has had any effect is the exposure of the real statistics. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-36274164699447806562013-01-21T07:59:23.093-08:002013-01-21T07:59:23.093-08:00Yikes. Worcester should pay people to walk into t...Yikes. Worcester should pay people to walk into the city; it's an armpit of the state (though not as bad as, say, Lawrence or Fall River).Unemployed Northeasternnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-50035132992223492582013-01-21T07:58:32.446-08:002013-01-21T07:58:32.446-08:00@450,
Sure they will.
If you look at the COMEX...@450, <br /><br />Sure they will. <br /><br />If you look at the COMEX price for most commodities, the difference between the bid price and the ask price is often less than a penny. Now THERE's an efficient market for you.<br /><br />If American labor is also a commodity, what is the difference between ITS bid and ask prices? When you're tallying the ask price, don't forget to include taxes, liability insurance, retirement benefits, Obamacare, EO compliance, OSHA compliance, etc., etc. Just makes you want to RUN right out and hire some Americans, doesn't it?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-32903441932641414062013-01-21T07:58:00.746-08:002013-01-21T07:58:00.746-08:00LOL that anyone looks to Citibank to forecast the ...LOL that anyone looks to Citibank to forecast the future. I think in 2010 they predicted the 2008 crash. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-60028619807678071242013-01-21T07:44:18.742-08:002013-01-21T07:44:18.742-08:00The Hildebrandt report reminded me of a George Orw...The Hildebrandt report reminded me of a George Orwell quote that out to be applied to the law firm partners that hire them and take their advice:<br /><br />“Reading Mr. Malcolm Muggeridge's brilliant and depressing book, "The Thirties", I thought of a rather cruel trick I once played on a wasp. He was sucking jam on my plate, and I cut him in half. Hr paid no attention, merely went on with his meal, while a tiny stream of jam tricked out of his oesophagus. Only when he tried to fly away did he grasp the dreadful thing that had happened to him. It is the same with modern man. The thing that has been cut away is his soul, and there was a period - twenty years, perhaps - during which he did not notice it.” MacKhttps://www.blogger.com/profile/10442386017204584747noreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-16399907424986251702013-01-21T07:42:35.609-08:002013-01-21T07:42:35.609-08:00Don't forget the courts vindicated the law sch...Don't forget the courts vindicated the law schools and therefore what the law schools did was entirely correct with no fraud whatsoever just the offshoot of the worst global recession ever and my students do just as well as their number-peers at Stanford because I AM GOG AND MAGOG AND I WILL SLAY THEE WITH DEBT TO PAY MY SALARY.(not quite) Steve Diamondnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-30345770483003855892013-01-21T07:26:38.276-08:002013-01-21T07:26:38.276-08:00This model clearly hurts big firms now. It is not...This model clearly hurts big firms now. It is not clear though that there is room for new boutiques to come in and take over where the big firms are leaving clients dissatisfied. There is oversaturation. A lot of legal work may quite simply be done without in a so so economy.<br /><br />The billable hour method really lives clients at risk of being unfairly charged humongous amounts of money. Anything and everything can happen to jack up the number of hours. The risk here should not all be on the client, mostly on the law firm, which can be efficient and provide fixed fees for specific work.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-69694324299023225712013-01-21T07:23:21.047-08:002013-01-21T07:23:21.047-08:00"if the firm has a “minimum billable hours,” ..."if the firm has a “minimum billable hours,” “target billable hours” or “voluntary target minimum hours” what the target numbers are and the date on which they are calculated - both formal and informal policies (when you do this you see how the associate hours always surge in the 6 weeks before the end of the year.)"<br /><br />Can someone give me an illustration of how this one works? So firms have calculation dates all over the place? (Some in September while others in December?)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-78325203178964556612013-01-21T07:17:33.826-08:002013-01-21T07:17:33.826-08:00Ann, but will they? Will the students stop applyin...Ann, but will they? Will the students stop applying? Nondischargeagle debt= payment stream guarantee. They may not get all of it back, but they will get some.Anonymousnoreply@blogger.com