i The Frugal Law Student | 2006 | October

Law School
Frugality
Personal Finance
Productivity
Nutrition

Daily Report

Written by The Frugal Law Student

No money was spent today. I’m still trying to figure out ways to increase our income. I’m kind of limited right now because of school. Maybe donate plasma? I thought about recycling stuff, but all the recycling centers that pay money are on the other side of town. The amount I would spend in gas, would probably negate any money I made from the effort. I guess I’m stuck recycling for altruistic reasons. Damn.

However, Mrs. Frugal Law Student received her fat pay check today, so we’ll be making some payments on that loan and investing.

Your internship went to some guy in India

Written by The Frugal Law Student

American corporations have already outsourced most of our manufacturing jobs. Now, according to an article on cnn.com, pressure to outsource white collar jobs is increasing. This is scary. I’ve read that many hospitals are already outsourcing jobs like x-ray analysis and blood tests to companies in India. With the Internet, all a hospital has to do is e-mail the data, some workers on the other side of the world look at the data (for half the price of an American lab technician), and they send the report back so it’s ready the next day.

This could easily be done with legal research jobs. Because of Westlaw and Lexis, a big firm could easily assign memos to an outsourcing firm in India. The workers get online, pull the research, bust out a memo, and e-mail it back to the firm. All for less then half the price an American intern would be paid doing the same thing.

Of course, the problem with outsourcing is the quality of work would probably decrease. You would need to hire people in India who were educated in the American Legal system. Of course they could get a “top quality legal education with the convenience and power of the Internet,” at Concord University.

Damn good for nothing Michael Friedman Flat World.

Law School Debt Round Up

Written by The Frugal Law Student

A chronic migraineur cringes at the law school debt she took in.

Diana talks about how she loves the law, but she hates her career. It seems like this is common among attorneys. Many take high paying jobs that they don’t like because they need to pay off their student loans. This doesn’t sound very beneficial to the practice of law. Attorneys who hate their job aren’t going to give good service. Additionally, many talented and motivated lawyers who would rather work in the public sector won’t because they can’t make payments off their student loans. Thus, we’re doing a big public disservice by loading individuals with insane amount of student debt.

1L Job search

Written by The Frugal Law Student

Over on Nuts and Boalts a discussion is going on about the job opportunities for 1L’s. Check it out.

Law 2.0

Written by The Frugal Law Student

I’ve seen the future and the future is run by Web 2.o sites. I love Web 2.0 sites. They’re so simple yet so amazingly useful. For those of you who don’t know what Web 2.0 means, it’s basically the next step in the Internet. Instead of merely displaying info, Web 2.0 sits actually let you use programs on the Internet or they have simple tools that allow you to do cool things. More familiar web 2.0 sites are MySpace.com and Facebook.com. Pandora.com is another Web 2.0 site. Not only do Web 2.0 sites let you do cool stuff on-line, it’s usually free to use! This should help with my crippling student debt.

Over at Top Law Student, Mr. Top Law Student has devoted a section to Web 2.0 sites that can help any law student.

My favorite:

Save Money by Living with the in-laws

Written by The Frugal Law Student

Part of my plan to mitigate my law school debt is living with my in-laws. For many, this would be the equivalent of stabbing yourself in the eye repeatedly with a hot ice pick. For me, the experience has been surprisingly wonderful.

My in-laws are great people. They’re fun and super nice. Because they live in two story home, they gave the upstairs to us. There’s so many extra rooms up there, that my wife and I each have our own office to do work. Pretty nice.

Here’s a list of the perks of living with the in-laws.

  1. No rent. We’re saving about $500 a month
  2. No utilities. That’s probably saving us about $200
  3. Free cable and Internet. Savings: $75
  4. Free laundry.
  5. Big family dinners once a week.
  6. The in-laws take us out to eat every once in awhile.
  7. I can talk football with father-in-law
  8. My wife has someone to talk to when I’m gone all day at law school

It’s not like my in-laws aren’t getting anything out of this deal either. In return, my wife and I have taken on the chores my in-laws did not like to do. I mow the yard, rake the leaves, and take the recyclables to the recycling center. Mrs. FLS vacuums the house, makes dinner every once in a while, and does the dishes. Mother in law even said she’s going to miss us when we move out. We just might have to spend another year here.