The law school bubble continues to grow. Applications for the LSAT and law schools are at all time highs. Because LS is such a small sector of our economy, it does not get much attention. Nonetheless, public perception is largely positive on law school and many of the younger people that I know are thinking that LS will be a good investment and will lead to a great career for the future.
It is a fucking scam and people are getting killed out there. MAKE NO MISTAKE IF YOU DO NOT HAVE THE CONNECTIONS WHEN YOU GET OUT OR IF YOU HAVE TO PAY TUITION IN STUDENT LOANS THE ODDS ARE THAT YOU WILL LIVE A MISERABLE FUTURE. And when I say GOOD CONNECTIONS i mean some fucking strong connections. My family is wealthy and know many businessmen, some local politicans, DA's, and other influential people. I have had no luck getting a job despite hundreds of phone calls, meetings and other efforts. Ive been forced to live off their support and scramble for some personal injury cases that will probably pay well but not for 1 to 3 years. Come ask the rest of my class mates that DONT HAVE THE SUPPORT. I have met with many of them and they are in horrible shape. It truly is a mind fuck, watching their demeanor change so abruptly. In law school, other than exam stress, they were laid back, always down to party and have a good time, joking and smiling. Now its deep and heavy sighs, black rings under their eyes, depression, insecurity, and shattered hopes and expectations. I know for many of my class mates their futures will be ruined unless they pull off some crazy shit. Ive been telling these guys to go get their brokers licenses in California so they can cash in on the short sale boom. There are going to be hundreds of thousands of short sales in the ex housing bubble states so there is some money to be made doing this bullshit.
A buddy of mine which happens to be a TTT 08 grad is starting a "law group" with another 08 TTT grad. They have actually managed to hire 2 licensed attorneys to work for them FOR FREE. Yes people it is that bad out there. 4 yrs of college, 3 yrs of law school, the california bar exam which costs 4k to take (fees, classes) and you get to work for FREE. Obviously these chaps wont stay there long as their trying to fix up their resumes but it shows just how fucked the legal market is. Shame on them for not even paying these guys.
I concede that i have it easier than many other fellow TTTT grads but it still sucks balls to live with my parents (mom being a borderline) at the age of 28 with my wife also living at home with us. True, i have a place to stay and dont have to worry about student loans (yes im an asshole as i tell dad to pay them off because he was so adamant about me being a lawyer hahahahahahaha) but it still fucking sucks not having any independence. Still no job, just a few cases i have split with some really cool attorney. Once they settle ill have enough money to rent a small pad. Fuckin a.
Im very curious to see how the class of 2010 is going to fare. They graduate in one month. They take the bar in July and presto the new flood of applicants get to join the party of the unemployed. As bad as recent esq's have had it these guys will owe EVEN MORE as tuition continues to explode higher. My tier 4 one of the lowest law schools in the country tuition continues to grow at a 7% a year rate. Now it costs over 37k a year to go to a law school than couldnt even crack 47% first time pass rate on the california bar exam. It cost me 33k my first year at TTTT. What a fucking con.
Because the gov is either to stupid to investigate the facts or are in bed with the ponzi scheme, the student loan market continues to allow LS's to inflate tuitions. I believe the class of 2010 will be so utterly crushed that noise will be made from even the T14 grads. More likely than not by the time the class of 2011 will graduate law schools will be having a serious PR problem as the word will get out that many law grads will enjoy the label of subprime. Too much debt with not enough earning capacity to service said debt.
In addition, as the marco economic picture will continue to darken law grads will no longer be so scared to cause some trouble. By trouble, im talking about picketing law school orientations and holding signs, passing out fliers with some REAL STATS, and basically telling the new 1L's to run for their lives. The sooner the bubble pops the better. However, as the saying goes, "the market can stay irrational longer than you can stay solvent". Unfortunately, too many law grads will be insolvent by the time the law school market implodes. But implode it will.
Again, for struggling lawyers who happen to live in the ex housing bubble states. The stage is being set for a big boom in short sells in housing. The gov is giving $3000 to homeowners that short sell their homes for "relocation costs". In addition, the tax liability on phantom gains is being forgiven. Lastly, banks are beginning to work through their massive shadow inventory of homes in default. Get those brokers licenses and get in the game.