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  • July 2011
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links for 2011-07-05

  • Quote:"The overall employment rate for new law school graduates of 87.6 percent is the lowest since 1996, when the rate stood at 87.4 percent. The NALP Employment Report and Salary Survey for the Class of 2010 measures the employment rate of graduates as of Feb. 15, or nine months after the May graduation. The employment rate has fallen more than four percentage points since reaching a 20-year high of 91.9 percent in 2007 and marks the lowest employment rate since the aftermath of the last significant recession to affect the U.S. legal economy in 1990-91.

    // That's just unfair, the recession is over and employment prospects for new grad students is getting worse! (see a previous bookmark)

  • Quote:"Unemployment among new law school grads nationwide has risen for two straight years, to a rate of 12 percent for the class of 2009, according to the National Association for Law Placement. Among the employed, one in four jobs were temporary, while one in 10 were part-time. One-fifth of those employed said they were searching for another job, twice as many as in the boom years a decade ago.

    // Think of it! Law school grads (average debt: $85,000) are walking into a 12% unemployment rate…
    A 20.8% underemployment rate.
    A 22% chance they will, even if they find a job, be doing temp work
    And a 20% chance they will be, even if they find a job, desperate to find something else.
    Bad idea, that law school.

  • Quote:"This is the chilly pool into which law school grads are dipping their toes: In April, the Bureau of Labor Statistics reported that the legal sector shed 1,100 positions during the month, which came on the heels of 1,000 lost jobs in March. And between April 2009 and April 2010, the BLS reported that the legal industry has lost a total of approximately 28,000 jobs while the national unemployment rate hovers around 10 percent.

    // It will be interesting to see if these jobs come back. Once businesses see they can do more with less (normally only after they are forced to by hardship) it's not like that knowledge disappears. Smart businesses will continue to do more with less, meaning the competition will be fiercer for new lawyers.

  • // Something else I had never thought of regarding traffic cameras is regression towards the mean. If accidents are, on the whole, random events, then we can expect unusual streaks of accidents in certain areas, just at random. If local authorities see an uptick in accidents in certain areas, and set up cameras, just by regression alone there is going to be a drop in the number of accidents. Which makes the traffic camera issue that much more complicated.
  • Quote:"There may be those among the less than brainwashed lemmingerati out there who have noticed what, as we have pointed out for the past month when reporting on the various manufacturing and regional Fed indices, has been an epic collapse in the appropriate data series. As John Lohman so kindly demonstrates, the two month implosion has been beyond epic, and while certainly the biggest drop in the past decade, may also be the all time worst ever. To the point of this post: the last time we had an economic contraction of this magnitude was back in February of 2008, which was two months into the most acute recession in post-depression history. We are confident that once the groupthink wraps its head around the fact that the auto production based renaissance is not coming, and the economy officially tumbles into the commode of Ben Bernanke's fiat dungeon, the NBER will determine (with an appropriate 12-18 month delay), that the current recession started in April of 2011. "

    // D'oh.

  • Quote:"Minnesota politicans – DFLers all – have blessed the rest of us with three quotes that sum up the difference between conservative and “progressive” politics – and, indeed, the evil of progressivism – more concisely and starkly than all of the Poli Sci PhDs in the world have done through all of history.

    Back in 2007, it was Saint Paul DFL Senator Cy Thao, who said “When you guys win, you get to keep your money. When we win, we take your money!”.

    In 2009? Larry Pogemiller, who said “I think it’s silly to assume people can spend their own money better than government can”."

    // I also like Clark's quote about giving herself a raise.

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