99 Homes and the Law School Bubble: We Got Emotional About JDs

My husband and I recently watched a movie called 99 Homes, starring Michael Shannon (Boardwalk Empire) and Andrew Garfield (The Amazing Spiderman). It’s a thriller about the foreclosure crisis that happened just a few short years ago, and when I say thriller…

I mean thriller.

I went in thinking it would be more of a drama – the streaming service we used billed it as a thriller and I thought, “No way, what could be so thrilling about adjustable rate mortgages?” But there is a dread that hangs over every scene and a tension that pulls the viewer along, all the way to an ending that didn’t quite feel right (watch it and you’ll see what I mean).

In it, Michael Shannon plays Rick Carver, a real estate broker who represents banks that have

"I'm Ten Times Richer Than My Big Brother Bob"

Ever since I quit my law job three years ago, I have noticed a disturbing trend.  People seem to have more respect for unemployed JD’s who are looking for attorney gigs than for gainfully employed JD’s who work in non-legal positions.  I’m not sure why.  Growing up, I got the impression that becoming a “productive member of society” included bringing home a paycheck and paying taxes.   

These days, though, people are preoccupied with labels and appearances.  A few weeks ago, I was at a birthday dinner for an older lawyer.  He got a little tipsy and asked me, “Do you ever wonder what a brilliant attorney you might be today if you just stuck with it?”  I didn’t have the heart to tell him that the more appropriate question was how much happier I’d be today had I quit sooner, or never went to law school to begin with.  The point is, this man didn’t care what I was doing with my life; he was only concerned with what I wasn’t doing – practicing law.  He couldn’t get over the fact that I gave up the "prestigious" title of Attorney.  In his mind, the title should be worth it, no matter how much I hated practicing law with every fiber of my being.  (His line of thinking betrays a deeper insecurity of many attorneys: Why don’t you want to be like me?)

"Don't Pee On My Leg and Tell Me It's Raining"

Can anyone say it better than Judge Judy?  More shenanigans by law schools desperate to inflate job statistics.  The George Washington School of Law is hiring graduates to work in temporary positions for up to 48 weeks.  Well, at least that'll help indebted law grads ride out the legal job market "slump" (which has been occurring for years).  Except that these lucky lawyers will be earning just $15 per hour (up to 35 hours per week).  A little quick math for you - that's $25,200, pre-tax, for the maximum 48-week period.  A graduate with $100K in student loans with a repayment period of 25 years and a 5% interest rate will be required to pay $584.59 per month. On a $25,000 salary, that's 28% of gross pay.  Which is totally doable.  Most people can swing student loan payments that are the equivalent of their housing costs, right? And I'm sure that by the end of the 48 weeks, most of these grads will be gainfully employed.

In other legal news, Northwestern has decided to cut its incoming class by 10% (while still raising tuition).  This is due in part to the declining number of law school applications (slow clap for the early scam bloggers).