Been a while since I posted on the law school scam but here goes.
Across the country approximately 50,000 students have begun their law school education. Congratulations, idiots! You couldn't have picked a worse time in recent US history to attend law school as you're all buying into a overpriced product with little in potential yield. Back in the fall of 2006 when my class was beginning we at least had a booming economy (or so we thought) as a backdrop in support of our decisions. Scam blogs did not exist and the mainstream media was in love with law schools. Enter 2011 and there is a world of notice that attending law school at the present time is a terrible financial decision.
By simply googling "law school" you will see link after link trashing American law schools as a scam and a ripoff. Even conservative articles question the decision to attend law school at these nosebleed prices. JD Underground has been trashing law schools for years but most recently the word has spread to Top Law School Forums, a place where the lemmings congregate and discuss their futures as biglaw associates working on complex matters regarding intergalactic trade between the Milky Way and Andromeda galaxies. But let me tell you inter-galactic space law is thought provoking and challenging. Han Solo was at my latest deposition and was telling me how the black-hole quasar Appeals Court was introducing new methods to assist with different languages amongst attorneys from different worlds. It was great.
Back to reality. In three years from now after you have graduated and taken the lovely bar exam, you will begin to get your first loan payment letter. And you better have the money otherwise you will be stuck in the terrible hell of student loan default where your credit will get shot and the only car loan you can dream of getting qualified for will be for one with 20% interest. Of course there is the option of IBR, but do realize that the government only subsidizes federal loans, not private loans. If you ever do make decent money, expect to pay a monster principal as the interest accrues during hard times. The other day I spoke with a old classmate that had his loans down to 80k, hit a 2 year rough patch of unemployment, and is now staring at 200k in debt. There goes any dream of buying a house or a decent car.
So have fun reading about the rule of perpetuities and future interests. Don't forget about the fun stuff you will learn in Civil Procedure I with "personal jurisdiction" being a personal favorite. The next time I file a rear end complaint I will add that personal jurisdiction requirements have been satisfied, in honor of you law school lemmings that will further enrich the pockets of the greedy professorship which thrives off your ignorance. And the next time you cower in fear over being "called" in class on a case, try reading lawprof's blog as he clearly states that half of them don't know much more about the subject they are teaching other than the information on the outline they have been reading from for the past decade.
For those that are attending the lower tiered schools with no scholarships or financial backing, you are by far the biggest retards of all. Have fun graduating with over $150,000.00 in debt with absolutely horrid job prospects. If you haven't taken your heads out of your asses, three law schools have already been sued in class action lawsuits for fraud and cooking the books re employment data and there will be more to follow. Surely you say to yourselves "well they must be losers, I am different and will succeed." Sure, some of you will, but many will join the dustbin of student loan default hell and in the end you will join the rest of us in bashing the system. I'm confident by the time you graduate that the law school cartel will be in complete disarray as federal funding will get cut when it is widely known that default rates at this third tier toilets are north of 30 percent, if not more.
Most of the members of my class did not have notice. You young fools on the other hand have a world of it. Just open your eyes and do some simple research and see that if you have to finance law school, especially a lower tiered one, you are not only wasting your precious time, but also are risking your financial and emotional well-being. All for what, to have your chance in the courtroom? Or to work as a director at a Fortune 500 company supported by your law school credentials? Give me fucking break. Instead, you will probably work on the low end of the legal caste system, not that there is anything necessarily wrong with that but with debt north of 150k you wont be able to pay back your loans. In fact, the only salvation this class will have is if the loans are obliterated in hyperinflation which high priest Bernanke may possibly bring upon us with his madness. But even then you will have wasted your time as demand for legal services in this country will continue to fall.
Congratulations for buying at the very top of the law school bubble. But there is still time to get the fuck out of the law school trap. Some will run for their lives. Most will stay. Economic Darwinism is at play motherfuckers.
You have been warned