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Monday, October 1, 2012

2011 Law Grads Paid $3.9 Billion from Student Loans to Law Schools

Matt Leichter, 2011 a Sudden Drop for Law Schools, but Not Their Worst Year Ever:

Hidden on the ABA’s Web site is the remainder of the 2013 edition of the ABA-LSAC Official Guide to ABA Law School, which includes all kinds of tables consolidating the information found on the LSAC’s Official Guide site. This makes inputting the data a lot easier and gives us the opportunity to get a clear look at what happened to law schools between 2010 and 2011. The short answer: a sudden drop for law schools but still not a bad year. ...

You can see that there were more matriculants in 2011 than in the last trough year, 2007. Also obvious is that law schools accepted close to the same number of applications in 2011 as in 2010 even though there were about as many applications as in 2006. ...

By the way, did I mention that 2011 law graduates paid out $3.9 billion or more in student loans to their law schools?

The x-axis in previous versions of the law school debt blob animation stopped at 90 million. I had to redo it this year because in 2011, one law school made more than $101 million off its 999 mostly underemployed graduates: Cooley.

http://taxprof.typepad.com/taxprof_blog/2012/10/2011-law-grads-paid-39-billion-in-student-loans-to-law-schools.html

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Comments

Wow, the 12,000 or so law school employees were paid almost as much via student loans as hedge funder John Paulson made in 2010:
http://www.guardian.co.uk/business/2011/jan/28/hedge-fund-manager-john-paulson-made-5-billion-dollars

I wonder which is the bigger "scam"?

Posted by: Perspective | Oct 1, 2012 3:48:07 PM

In order to qualify for student loans, the schools have to be accredited by the ABA. At this point, is there any doubt the ABA has completely failed in its role of protecting the reputation and qualify of the training system for the legal profession?

$3.9 billion in taxpayer funds to create however many tens of thousands of unemployed law grads is basically just a lawyers-at-the-bottom-of-the-sea joke, on the taxpayers and anyone else who believed in the profession. I'm shocked. (Well, I'm appalled but I guess I can't say I'm surprised - which is worse).

Posted by: Liz | Oct 2, 2012 1:53:47 AM