Friday, January 28, 2011

Bankruptcy Boon - Filings hit new high

Some lawyers (or rather I should say students) get into a particular field with highly idealized ideologies. We want to change the world and be the one to hit the Supreme Court with our stylized or earth shattering changes.

Others are in it for the cash.

Yes, lawyers make tons of cash (well, some do at least).

Lately if you're a bankruptcy lawyer you're raking in the dough. Maybe not through exorbitant fees, but from sheer volume. 2010 saw filing highs exceeding levels in the 90's.

Bush signed legislation changing bankruptcy rules in at the end of 2005, but with the recession continuing to hamper recovery, bankruptcies are hitting all-time highs.

I should actually adjust what I just said, it's not lately lawyers have more than enough volume, but we're seeing levels return to where they were 15 years ago (not that it's necessary a good thing, but someone needs to protect the interests of debtors).

Take a look at this graph for California Chapter 7 bankruptcy filings from 1996-2010



Things look to be slowing, but it will be years till there is a sizable decline in fillings.

So hit the gravy train running......and if you need to get help because you're faced with bankruptcy, the cost of an attorney is sometimes fixed, most give free initial consult, and it's a pitance compared to losing, say, your house.


Some stats compiled from San Diego Bankruptcy Attorney C.Chen.

Friday, January 21, 2011

Luxury Goods Drive Xmas

Lawyers are definitely paid well when you get your practice running (even if you work in a good firm you're hopefully making good coin.) (I should note I am admittedly ignoring the vast number of lawyers who don't work for the big bucks, but less consider you an anomaly for a moment.)

But I don't generally see lawyers driving around in a selection of Bentley's and Rolls Royce's.

Call me poor, but I thought we were tightening the purse strings in this recession. Turns out The recession only applies to almost all of us, but not all...... Accusations of wealth being siphoned from the majority of Americans (98%) and funneled to the pockets of the exceptionally wealthy will pick up as Christmas sales come in. Overal luxury good sales were way way up. Somebody had cash to spend, and they decided to opt for lavish goods over knock off Gucci.

I gotta figure out how to get in on this racket.

Friday, January 14, 2011

iPhone Finally

Get your iPhone 4 from Verizon! ATT has long had a monopoly on all iPhone sales in the US (unless you wanted to shell out big bucks to get the device unlocked).

Apart from techno geeks the majority of us didn't really want to spend the 800+ bucks for an unlocked phone.

At least now we have some competition as Verizon will soon offer the iPhone 4. Maybe even prices will start going down for the devices.... ATT can also take their millions and run, finally we have competition.....

Tuesday, January 11, 2011

The State of our Union

What were your thoughts on the State of the Union Address?

A bunch of talk? Empty rhetoric?

I can say I felt the speech demonstrated a President who inherited a terrible situation. Wars, economy, and declining everything.

It took Bush 8 years to mess it up, and it will take more than 2 years for Obama to fix it.

Let's hope he actually pushes through the major elements he promised, being: economy, health..... yea that about sums it up.

Exams Galore

Why the LSAT? in the UK all they have to do is take some more school.....

Yes here it's exams galore. What a racket to get into if you can swing it. Make all students take exam upon exam.

I know someone who in fact came from the UK after succesfully completing law school. He has to take FIVE exams to cross over, plus all of his bar work, plus articling again.

I suppose that's not so bad since you're changing countries, but seriously, FIVE exams to prove you understand the system? Seems a tad much (the change was from UK to Canada so they're a bit closer than UK to US).