If one of the greater problems of the legal market are some law schools, why don't we just find a way to shut them down! Forum

Lawdork · Post by **Lawdork** » Sat Oct 31, 2015 2:20 pm

Biglaw_Associate_V20 wrote:
Lawdork wrote:If nothing else, getting a law degree allows you to open up your own business with very minimal capital (the degree itself is 95% of the cost). No one is entitled to a salary.
There are a lot of things you can do to make money with no degree and minimal capital.

like work for someone else? Hell even opening a tiny business like buying a food truck is like 50k minimum, which you can't just get a loan for like you can get a loan for law school.

fats provolone · Post by **fats provolone** » Sat Oct 31, 2015 2:22 pm

Lawdork wrote:If nothing else, getting a law degree allows you to open up your own business with very minimal capital (the degree itself is 95% of the cost). No one is entitled to a salary.

Is ~200k in personal debt very minimal capital for a startup? Maybe if you formed an LLC and had it attend law school

84651846190 · Post by **84651846190** » Sat Oct 31, 2015 2:24 pm

Lawdork wrote:
Biglaw_Associate_V20 wrote:
Lawdork wrote:If nothing else, getting a law degree allows you to open up your own business with very minimal capital (the degree itself is 95% of the cost). No one is entitled to a salary.
There are a lot of things you can do to make money with no degree and minimal capital.
like work for someone else? Hell even opening a tiny business like buying a food truck is like 50k minimum, which you can't just get a loan for like you can get a loan for law school.

You're going to need some capital to open your own legal practice. Clients don't pay you on time and expenses pile up. Hell, 50k might not even be enough to start out.

Anyway, it's infinitely easier to start out practicing under someone else in law.

Big Dog · Post by **Big Dog** » Sat Oct 31, 2015 2:26 pm

How do you propose shutting down the bad law schools?

Not the OP, but the simple solution is to cap/eliminate gradplus loans. Sure, that means some won't be able to afford LS, or will have to attend a lower-ranked LS with merit money, but it is the unfettered access to free federal money that enable bottom feeders to exist. Cut off the $$ spigot, and they disappear overnight.

fats provolone · Post by **fats provolone** » Sat Oct 31, 2015 2:29 pm

that's only "the simple solution" if you're the king of America

lacrossebrother · Post by **lacrossebrother** » Sat Oct 31, 2015 2:31 pm

Big Dog wrote:
How do you propose shutting down the bad law schools?
Not the OP, but the simple solution is to cap/eliminate gradplus loans. Sure, that means some won't be able to afford LS, or will have to attend a lower-ranked LS with merit money, but it is the unfettered access to free federal money that enable bottom feeders to exist. Cut off the $$ spigot, and they disappear overnight.

Is it law school particularly that this line of thinking applies to? What should be done with costly and hopeless inner-city high schools?

PeanutsNJam · Post by **PeanutsNJam** » Sat Oct 31, 2015 3:28 pm

lacrossebrother wrote:Is it law school particularly that this line of thinking applies to? What should be done with costly and hopeless inner-city high schools?

You talk as if refusing to give people $250k in loans to attend TTT law schools is detrimental to the those people. The high school kids don't have to bear the cost of tuition.

wolfie_m. · Post by **wolfie_m.** » Sat Oct 31, 2015 5:12 pm

Big Dog · Post by **Big Dog** » Sat Oct 31, 2015 5:23 pm

Is it law school particularly that this line of thinking applies to?

From a public policy perspective, a good case can be made that it is to their benefit to close the TTT's who feed on the poor. (And, not to mention, all of those unemployed PhD's.)

Johann · Post by **Johann** » Sat Oct 31, 2015 5:56 pm

You guys actually think people go to TTTs and are like I'm gonna make bank?! They are like dude I was working in the farm, just got laid off as an airline stewardess, make 12 bucks an hour as a sous chef. 60k sounds amazing to some people.

A. Nony Mouse · Post by **A. Nony Mouse** » Sat Oct 31, 2015 6:01 pm

Which is why people will keep going to bad schools. I know it works out for some people, but I don't think all the TTTT grads being on PAYE takes away the risk.

pleadthafif · Post by **pleadthafif** » Sat Oct 31, 2015 6:14 pm

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mornincounselor · Post by **mornincounselor** » Sat Oct 31, 2015 6:23 pm

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fats provolone · Post by **fats provolone** » Sat Oct 31, 2015 6:24 pm

pleadthafif wrote:The only way to both decrease tuition (which has been rising due to guaranteed unlimited $) and force underperforming school closures is to cease/cap fed loans. It's incredibly simple, but our government doesn't understand basic economics apparently.

silly government!

Johann · Post by **Johann** » Sat Oct 31, 2015 6:27 pm

As lax already, it's not an economic policy. It's Americas philosophy to give everyone the same resources to have a good starting position and then have less social nets that catch people after failure. Nobody actually thinks this is a good economic policy. The founding philosophy of the country trumps economic policy.

pleadthafif · Post by **pleadthafif** » Sat Oct 31, 2015 6:35 pm

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fats provolone · Post by **fats provolone** » Sat Oct 31, 2015 6:37 pm

pleadthafif in 1956: "why would the government build an interstate highway system and not even charge people to drive on it?"

mornincounselor · Post by **mornincounselor** » Sat Oct 31, 2015 6:42 pm

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fats provolone · Post by **fats provolone** » Sat Oct 31, 2015 6:44 pm

i know a lot of you guys were born in like 1994 but we sort of tried that already

84651846190 · Post by **84651846190** » Sat Oct 31, 2015 7:19 pm

lol. if private entities were giving out student loans at the rates the government is giving them out, and if they were doing it so that people could attend TTTs, libtards would be going nuts over "predatory" student loans. but because it's the government doing it, it's benevolent and virtuous.

at least people had houses when banks were giving out predatory mortgages. people taking out student loans at TTTs aren't going to have anything at all

Big Dog · Post by **Big Dog** » Sat Oct 31, 2015 8:10 pm

It's Americas philosophy to give everyone the same resources to have a good starting position

And graduating from a TTT puts one in a "good starting position'?

At least the People's is not eligible, so they keep tuition low:

http://www.peoplescollegeoflaw.edu

PeanutsNJam · Post by **PeanutsNJam** » Sun Nov 01, 2015 1:24 pm

Starting a private loans company to T14 students at 6% interest rates might be a good business model. Who wants to invest in PnJ's Predatory T14 Loans, Inc.?

lacrossebrother · Post by **lacrossebrother** » Sun Nov 01, 2015 1:40 pm

Rate is like 6.5 fixed with option PAYE. You'd have to offer 5 fixed in order to be competitive. Good luck with that

Minnietron · Post by **Minnietron** » Sun Nov 01, 2015 1:42 pm

PeanutsNJam wrote:Starting a private loans company to T14 students at 6% interest rates might be a good business model. Who wants to invest in PnJ's Predatory T14 Loans, Inc.?

Sign me up on two conditions. 1) Change the name to "Prefatory" instead of "Predatory," and 2) I can get a loan to invest in your loan company.

PeanutsNJam · Post by **PeanutsNJam** » Sun Nov 01, 2015 1:57 pm

lacrossebrother wrote:Rate is like 6.5 fixed with option PAYE. You'd have to offer 5 fixed in order to be competitive. Good luck with that

I'm targeting the biglaw crowd. I don't expect PI people to be a profitable investment at all. I think student loan rates are 7%+ fixed. It's gotten worse since you've been in law school.

Minnietron wrote:get a loan to invest in your loan company

Calm down Donald Trump.