Author Archives: Michael Froomkin

More About Starting Salaries

The comments to University of Miami Law Tops Florida Bar Pass devolved into a discussion of the employment prospects of our graduates.

In the course of that discussion, questions were raised about the data the law school publishes in its Viewbook. In particular, commentators questioned the claim made there that the average starting salary for UM grads who work in firms is over $100,000. I wondered about that myself, as the breakout data later on the same page seemed to suggest something lower.

Could the law school have made a (convenient) error in the viewbook?

I took my concerns to the law school administration, who responded by giving me a full data dump and a full explanation. I don't have the energy to try to type in all the data, so I'll just try a simplified version of the explanation. [If you really have to have more, or have further questions, the Dean of Career Development, Marcy Cox, mcox@law.miami.edu (305-284-2668), says she's happy to address them.]

According to Career Development Office, the reason why the both $104,500 number and the more detailed but somewhat different pie charts accompanying it are accurate has to do with response rates, differing data sets, and national reporting standards.

Not everyone who responded to the law school's survey about what they were doing immediately after graduation chose to disclose their salary. Thus, the charts about firm size, for example, are based on a bigger data pool than the salary number. In 2007 we had 378 JDs. Of that group, 346 had replied to our survey at the time the Viewbook was produced. Of that 346, however, not all worked for firms — and of the group that worked for firms only about 46% gave us salary data. So the average salary number of $104,500 is based on the data provided by that 46%.

Since firm size and starting salary are related, you might reasonably object — as I did — that it would be more reasonable to pro-rate the responses of the people who gave salary data on the assumption that the people who didn't fill in that part of the survey earned similar amounts by comparable firm size. And I still think there's something to that. But I'm told by the Career Office — and I believe them — that the average salary data is presented the way it is because that's how all law schools do it and the goal is to provide prospective students with numbers that can fairly be compared to what is provided by other law schools.

The Career Development Office avers that it collects the data and reports it in accordance with ABA and NALP guidelines, using the same methods that every other accredited law school in the country uses. Were the law school to do something else, the administration notes, it would no longer be reporting to students in the way it reports to the ABA and NALP. That would mean our data would have an asterisk. And even if we were doing it in order to provide better data the inevitable conclusion that most people would draw is that we were trying to hide something. So the Catch-22 is that we have to do it this way, possibly sacrificing some statistical excellence and even accuracy, or else we'll look like we're engaged in some sort of cover-up. And, of course, in addition to having an asterisk, we'd be harming our competitive position since we'd have gone to some trouble to calculate and report a lower number which would harm marketing and recruiting.

It seems to me that UM is between a rock and a hard place here. I would prefer that we use the best statistical techniques, pro-rate the data we have, and let the chips fall where they may. Following the national standards will, I believe, tend to cause this (and apparently almost every other) law school to report a number as “average” that is in fact likely to be higher than the reality. By my back-of-the-envelope calculations, what UM — following a methodology its competitors use — reports as an “average” salary for graduates in firms, is most likely closer to what someone in the 75th percentile of the salary distribution gets. And given the law firm salary structure is now a notoriously double-humped curve (see Starting Salaries For Law Students are BiModal — If Not Bipolar for more details), this is a fairly severe truth-in-advertising problem.

Students nationally have some right to be upset. On the other hand, it seems pretty hard to ask UM to engage in unilateral disarmament in the recruitment wars: this is a job for the ABA or the AALS to resolve on a national level. (It also means that students thinking about a law career and hoping for the giant salaries offered by the biggest firms should really understand what that double-humped curve means to their prospects.)

Meanwhile, however, I've asked the Career Development Office to include something in the next edition of the Viewbook that makes clearer the relationship between the various data sets it uses. They've agreed in principle, and we'll thrash out some language when time comes to do the next edition.

Posted in Law School, Law: Practice, U.Miami | 3 Comments

White House Fear-Mongered With Threats of Martial Law???

According to Rep. Brad Sherman, speaking on the House floor, the administration sought to whip House members into supporting the original bailiout by threatening not just economic collapse but — in some cases — suggesting things would get so bad we'd need martial law.

Here's the YouTube clip:

As far as I know, Rep. Sherman is not one the House's notorious loons. On the other hand, his testimony is hearsay. Plus, he's not saying that the Administration was threatening anything nefarious, rather the White House was just painting disaster scenarios — but that's bad enough, thank you.

There are some rays of light in this gloom. I gather that someone slipped into the redrafted bill the power to demand equity stakes from the banks feeding at the federal trough. That doesn't address the pricing issue, and it's just an option not a requirement, but it's something.

Then again, so far the markets seem to have shrugged off the value of this move. “$700bn and nothing doing” is much worse than “400 channels and nothing on”.

Posted in Econ & Money: Mortgage Mess, Politics: Tinfoil | Comments Off on White House Fear-Mongered With Threats of Martial Law???

Last Day to Register to Vote in Florida

Today is the last day to register to vote in Florida.

You must either mail (with today's postmark) or hand deliver a completed application to any Supervisor of Elections' office in the state, a driver’s license office, a voter registration agency, an armed forces recruitment office, or the Division of Elections.

And if you are a US citizen who is a Florida resident and is not already registered, you must do it today — or miss out on what will undoubtedly be the most important Presidential election since we re-elected the current disaster. And maybe even more than that.

Posted in Florida | 3 Comments

Best Pie Chart Ever

Just sayin', but Emergent Chaos has the best pie chart ever.

I think even Ed Tufte would approve.

Posted in Food and Drink | Comments Off on Best Pie Chart Ever

Palin Plants Shiv in McCain’s Ribs — Starts 2012 Campaign

How sharper than a serpent's tooth it is
To have a thankless child!

–Lear, 1.4.312

After the economic news — we are now practicing some form of vulgar big-ticket corporatism while hoping the roof doesn't fall in — the biggest news yesterday had to be the fault lines suddenly appearing in the McCain-Palin ticket.

Contrary to the 'straight talk' by McCain about how he routinely consults Palin, it is obvious that she is very much the eighteenth banana when it comes to the decisions that matter: campaign strategy. Thus it was no surprise to learn that McCain's tactically understandable but strategically stupid decision to visibly abandon Michigan was made without Palin. (Tactically, McCain has no hope of carrying Michigan, so every dollar spent there is a waste. And dollars are very rationed given the decision to rely on federal funding. That said, strategically this was no time to be seen to waving a white flag, and the political cost – embracing the stench of failure – will outweigh any financial benefits.)

So long as Palin was a political basket case — cf. the Couric tapes — she had to hunker down and hide behind McCain's skirts. But if the debate changed next to nothing in the electoral math, we can now see that it changed everything in the McCain-Palin relationship.

As the Palin-invigorated Gail Collins put in the New York Times, 'The Republicans were euphoric over Sarah Palin’s debate performance, particularly the part in which she stood tall and refrained from falling off the stage.'

That turns out to win almost no new votes, but it did make the base — pretty much the same people who drove the economy over the cliff — feel a lot better.

And thus, at least within the GOP, Palin moves from political basket case to political barracuda. And the first chomp comes out of McCain's hide: Palin can read the polls. They polls all say that she is not going to be Vice-President next January. So McCain becomes another body for her to step on. If the ticket is dead, the real game becomes the Presidential nomination in 2012. And it's therefore critical for Palin to sow the seeds of a narrative that it was Not Her Fault but rather that of the old, tired, impulsive, stupid McCain and his crew.

An so here it is. Act One of our modern Lear:

Decision On Michigan Questioned By Palin. Sarah Palin questioned Republican presidential candidate John McCain's decision to abandon efforts to win Michigan, a campaign move she said she learned about Friday morning when she read it in the newspapers.

In an interview with Fox News Channel Friday, the Alaska governor said she was disappointed that the McCain campaign decided to stop competing in Michigan. In an indication that the vice presidential candidate had not been part of the decision, she said she had “read that this morning, and I fired off a quick e-mail” questioning the move.

“Todd and I, we'd be happy to get to Michigan and walk through those plants of the car manufacturers,” Palin said. “We'd be so happy to get to speak to the people in Michigan who are hurting because the economy is hurting.”

Of course Palin would love to go to Michigan. There are no electoral votes there for the current ticket, there's nothing in it for McCain, but Palin's argument, no more specious than many others, will be that she has a chance to stitch together the Reagan coalition in 2012, and the lunchpail vote is critical element of that coalition. But saying so out loud only harms McCain. Which is why she did it.

I await, sans bated breath, the stories in Sunday's paper about rivalry and dissension at the top of the Republican ticket.

(Kindred spirit: Emptywheel, Mich-Again)

Posted in Politics: McCain | 21 Comments

$5000 Reward for Leads to Croc Killer

CompUSA (CompUSA???) has offered a $5,000 reward for information leading to the arrest of the UM Croc Killer.

Why CompUSA? According to the Miami Herald,

''The students are good customers of ours, and we want them to know our concern over this incident,'' said Gilbert Fiorentino, the company's chief executive officer, in a news release.

(No sign of the press release in the CompUSA press release archive.)

Send croc-related tips to Miami-Dade Crime Stoppers at 305-471-8477 or the FWC Wildlife Alert Hotline at 888-404-3922.

Posted in U.Miami: Crocs | 3 Comments