Well, CLS's deadline is tomorrow (March 10, 09), so I wonder if the admitted students have decided whether to (i) attend the program, (ii) withdraw the offer; or (iii) pay the seat reservation fee until they get a final decision on where to go.

I paid the fee this morning, since I have already decided to go to Columbia. The city of New York counted in the decision. Best Regards!

Don't think I am going to attend Columbia, at least right now. I actually met a current (unemployed) LLM student over the weekend and he said the job placement is pretty grim.

I don't see the point of paying $70,000 to be unemployed. Doing an LLM in a year or two would be great. but right now it looks like a nightmare rather than a dream since graduating with massive debts and no job is pretty scary. And unfortunately that's the rule rather than the exception right now.

I'm sorry for you, man. From mine perspective, it is a moment of intense academic activity, especially because of the crisis, and I'll take the LL.M even without good employment perspectives.

Correct me if I'm wrong, but haven't the job prospects for international LLMs always been pretty dire, way before the crisis kicked in? It's not like the amortization in the way of a subsequent 130.000 USD NYC biglaw job has been guaranteed until 2007 - the LLM investment and its repayment was always a "risky business" - from the mere financial point of view.

I always regarded the LLM as an academic but also financial LONG term investment, which is certainly still the case, no matter what country you'll return to. Then again, I totally understand that thinking long-term, financially, is a luxury many people simply cannot afford, especially nowadays.

I agree with Grugani. This is a rich period for academic discussions and there is no better place to be than in an top american university . Sometimes, oportunities apear even in times of crises, but I understand your point TwelfthMonkey.

I agree with Grugani too. Even though the world is collapsing, it's an interesting time to be debating things. But paying 60k to 70k to debate this financial mess seems like a steep price to pay, especially since these issues will still be debated in two years, when things are hopefully better and LLMs have at least some hope of finding a job.

Definetively an expensive investment, but being in the heart of the problem is surely an opportunity, especially because it will make us capable to think about the reflexes of the crisis in our home countries and maybe help addressing solutions...

Believe it or not, I'm even more interested in the LLM now than in other times.

Moreover, we must hope that by mid-2010 things will be better already and job perspectives may follow this tendency. Although, no assurances...

That may be true, but the prospect of being unemployed and having a loan collector at your front door seems all to real right now.
Personally, I don't think things will be much better next year and will probably even be worse since more companies are going out of business and unemployment keeps rising. Some niche areas of law may do okay when unemployment is rising, but mostly the legal profession suffers.

There is no reward without risk...the higher the risk the higher the potential reward...the whole system (yes the one which is currently collapsing) is based on this simple rule. The same principle should guide us for investing in education and LLMs...or should it?

Koala,

You are right. Risk and reward. But right now, the risks seem to far outweigh the rewards. The reward, a job, will be almost impossible to find. The risk, $70,000 in debt, is guaranteed.

I just read that a major US law firm is deferring 60% of its 2009 associates to start in 2010. If firms keep deferring their 2009 class to 2010, this means there won't even be any jobs for LLMs (or JDs) to compete for since firms have already spent a bunch of money recruiting their deferred hires and will just stop recruiting for 2009-10.

Reward on the long term?...

anyone who is betting on getting a job in the US as a foreign lawyer should stop dreaming for at least 2 years... its just the way this crisis effects "us"... sorry for the pessimism :(

MAP2009,

I completely agree with you. I don't understand why it is so difficult for people to understand how bad the job market is right now.

MAP, you probably hit the nail. I am so concerned about the economy now and in the fear that I may not regain my current position after LLM. Call it utterly pessimism, too, but the partner in NY said he estimates full recovery of US economy be achieved in 8-10 years...mine!

If we go back to the subject of this thread, I am wondering how the admitted students responded to the CLS offer to see the chances of the applicants applied in the regular cycle. Thanks!

What I've heard is that more people are applying this year, but less people are going to enroll because of lack of finances and poor job prospects.

I've paid the seat reservation fee to secure my place...

I have also paid the fee...