
Why Philly-area law schools are seeing more applicants
The big picture: Observers say more people paying attention to the courts and law in this presidential transition year, plus changes to the LSAT exam, have encouraged more applicants.
Applications to nearly 200 law schools nationwide have jumped 20.5% compared with last year, the Wall Street Journal reports.
Zoom in: Some reasons hit closer to home, school officials tell Axios.
Pennsylvania was one of the states with the most lawyers in 2024. So Philly is a great landing spot for newly minted members of the bar because of its vibrant mix of corporate and public-sector jobs.
State of play: Temple's Beasley School of Law has had about 2,900 applicants — a 38% increase from last year — for roughly 220 seats. A large slice are first-generation college grads and students of color, dean Rachel Rebouché tells Axios.
Plus, it has the No. 4 part-time law school program in the country — an attractive option for people with established careers looking to make a change.
Drexel's Thomas R. Kline School of Law, one of the region's smaller law schools, has received more than 2,300 applications — up 42.6% from last year, law school dean Daniel Filler tells Axios. The school admitted about 550 students this year but aims for future classes to be between 150 and 160 students.
Drexel's reputation has surged nationally since graduating its inaugural class in 2009, Filler says, with many students now turning down offers from Philly's heavy hitters to become a Dragon.
What they're saying:"At moments like this, we see law and the courts and lawyers on center stage," Filler says. "That gets a lot of people thinking, if they want to make an impact in the world, then law … is a path that's a pretty obvious way to do that."
Rutgers Law School had about 4,300 applicants this cycle, a 25% increase over last year. It admits about 430 students for its full-time and part-time students at its Newark and Camden campuses, dean Matt Saleh tells Axios.
He says people often go back to school during economic downturns to firm up their credentials for when the economy rebounds.
The University of Pennsylvania didn't return Axios' request for comment.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Forbes
an hour ago
- Forbes
TCV's Top European Investor John Doran Relocates To Silicon Valley
Revolut investor John Doran helped setup TCV's Europe operates but is now relocating to help head up its Bay Area headquarters. TCV Spotify, Netflix, and Zillow investor TCV was one of the first growth equity funds to set up an European operation. Now, John Doran, who helped open the fund's London office as a general partner, is now relocating to San Francisco to head up its operations. Doran has made a string of late-stage bets on fast-growing startups like British digital bank Revolut which was last valued at $45 billion, Swedish fintech Klarna and classified marketplace Adevinta since joining TCV in 2012. He became the fund's co-managing partner, along with TCV cofounder Jay Hoag in 2022. The move also lines up the next stage for the fund, which just celebrated its 30th anniversary and is one of the oldest of Silicon Valley's so-called crossover funds, investing in larger startups and public tech companies. Hoag continues to co-lead the fund and make investments, but Doran has emerged as the successor for the veteran investor. 'Having John here will be huge because he's very hands-on and brings a global perspective to America,' said Hoag. 'I think we really want to up our game for the next 10, 20, 30 years at TCV. I doubt I'll be celebrating the 60th anniversary in 30 years. But someone here will.' Doran's relocation doesn't mark a retreat from Europe for TCV, with partners Michael Kalfayan and Muz Ashraf now leading the London office. 'The technology market here is incredibly deep and vibrant, and with the AI revolution there's a ton of innovation happening,' Doran told Forbes . 'We see tremendous opportunity here in what's been our traditional headquarters.' Doran is one of three partners who call the shots on new investments, along with partner Woody Marshall, who is known for his 2013 bet on Spotify, now worth $144 billion, and Hoag, whose initial 1999 bet on Netflix led to TCV owning a 43% stake in the company at the time of its 2002 IPO. The streamer has ballooned to a $512 billion market cap in the two decades since, with Hoag as a board member throughout. A new wave of AI startups have helped revitalize San Francisco, but the intense competition poses a challenge for investors like TCV, which has $22 billion in assets. Rival growth funds have made huge investments in loss-making AI model builders like OpenAI, Anthropic, and Elon Musk's xAI that have soared in valuation over the last 18 months. For now, TCV has reservations about the economics of some AI players but is making bets in the application layer, like AI tracking tool Arize. Meanwhile, its existing portfolio companies are investing heavily in AI. 'It feels like a lot of this money going into AI won't have a return associated with it, but a small number will be phenomenal,' warned Hoag. 'As a growth investor, we have to identify the next generation of magical companies like Netlifx, Spotify, or Revolut.' TCV does have the dry powder to fund new AI investments after raising a new $3 billion fund last year, one of the largest fundraises for a tech-focused fund, despite broader funding challenges in the ecosystem. Pitchbook data shows that fund raising from U.S. venture capitalists collapsed to $76 billion in 2024 from its peak of $188 billion in 2021. Venture capitalists rarely disclose fund performance but TCV is backed by several public sector funds like California Public Employees' Retirement System (CalPERS) that do publish summaries of investment returns. CalPERS data shows that its investment in TCV's X fund had generated a net internal rate of return (IRR) of 21.5% and was one of the pension fund's top performing private fund investments. Software company Carta tracks investment data from over 2,500 venture funds, including earlier stage and higher risk funds, and found that funds that started investing in 2019 had a median IRR of 6.7%. CalPERS also invested in TCV's XI fund in 2021 that's currently showing a -1.5% net IRR, which is behind the Carta average of -0.9% for the cohort of funds that started investing in 2021. Other CalPERS tech fund bets from the same vintage have also undershot but it is hard to gauge long-term performance in the early innings of funds that often have a life span of more than ten years. TCV declined to comment but sources close to the fund said that it returned over $4 billion of capital to its backers in 2024 alone, and over $15 billion since 2020, with the latter period marked by a severe drought of initial public offerings and takeovers that left investors, and their backers, often starved of liquidity. Bumper initial public offerings from Coreweave, Chime and Figma this year could signal more potential exits on the horizon for tech investors like TCV. The Menlo Park-based fund has already had one of its investments Hinge Health go public this year in a $3 billion initial public offering (albeit at a 52% lower valuation than its last round in 2021), while Klarna filed to go public on the New York Stock Exchange earlier this year, and Revolut was reportedly in talks to raise at a $65 billion valuation earlier this year. More from Forbes Forbes This Top VC Wants To Use Main Street America As An AI Lab By Iain Martin Forbes For AI Startups, A 7-Day Work Week Isn't Enough By Richard Nieva Forbes Thwarted By Regulators, Vindicated By Wall Street: Design Startup Figma's CEO Is Now A Multi-Billionaire By Iain Martin


The Hill
2 hours ago
- The Hill
What AI means for the future of the job market
Business leaders have offered dire warnings in recent months about the turmoil artificial intelligence (AI) could unleash on the job market, predicting widespread worker displacement and mass unemployment. Experts say the picture is still unclear, with the full impact of the technology yet to be realized. Here's what to know about how AI could change the labor market: What are business leaders saying? The predictions of leading executives on the impact of AI have varied wildly since the technology first took the world by storm in late 2022, with the public release of OpenAI's ChatGPT. Anthropic CEO Dario Amodei warned in an interview with Axios in May that AI could wipe out half of entry-level white-collar jobs, resulting in unemployment rates of 10 to 20 percent within five years. In a note to employees in June, Amazon CEO Andy Jassy said he anticipates that AI will reduce the e-commerce giant's corporate workforce and 'change the way our work is done.' 'We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs,' he said. 'It's hard to know exactly where this nets out over time, but in the next few years, we expect that this will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company.' The International Monetary Fund (IMF) has also warned of a 'painful transition' as AI pushes 'large swaths' of people out of work for extended periods. However, others are a bit more skeptical about claims of dramatic job losses and disruption. 'The hard part about this is, I think it will happen faster than previous technological changes,' OpenAI CEO Sam Atman said on The New York Times 'Hard Fork' podcast in June. 'But I think the new jobs will be better, and people will have better stuff.' 'And the take that half the jobs are going to be gone in a year or two years or five years or whatever, I think that's not how society really works,' he added. Nvidia CEO Jensen Huang similarly acknowledged there would be some upheaval but painted a more optimistic picture of the labor market. 'Every job will be affected,' he said in May. 'Some jobs will be lost, some jobs will be created, but every job will be affected. You're not going to lose your job to AI. You're going to lose your job to someone who uses AI.' What's happening now? For all the forecasting about AI, the impact isn't showing up in the data quite yet, experts told The Hill. 'We are still very much in the early days of AI,' said Daniel Zhao, chief economist at Glassdoor. 'It does seem like every business is experimenting with AI, but there is still a lot of work to be done before it's actually fully integrated into business processes and is really realizing potential that business leaders are seeing.' A recent analysis from the Economic Innovation Group found no meaningful impacts from AI on the labor market across several different measures. The most AI-exposed workers, such as financial examiners, actuaries and budget analysts, saw a slight uptick in unemployment. However, the jobless rate of the least exposed workers rose faster, the analysis found. The data also fails to show that AI-exposed employees are less likely to retire than their peers. They have long moved jobs at a faster pace than other workers, a trend that has not shown any major uptick in recent years with the emergence of public-facing AI tools. Nor have AI-exposed workers moved into less exposed roles, according to the analysis. There's little impact registering at the firm level either, as companies with more exposed workers maintain higher rates of employment than their counterparts. And young workers and recent college graduates are seeing an uptick in unemployment across the board, no matter how exposed their jobs are to AI. 'it's just not there,' said Nathan Goldschlag, director of research at the Economic Innovation Group who co-authored the analysis. 'That's not to say it won't be right. It's just we can't, it's very hard to justify the claim that AI right now is totally, fundamentally reordering the labor market.' Martha Gimbel, executive director and co-founder of The Budget Lab at Yale University, similarly underscored that AI is simply not registering in labor data yet. 'There's no sign,' she told The Hill. 'It is a flat line until kingdom come. If you were at a hospital and you saw that line, you'd go, 'That patient is dead.'' Companies have increasingly pointed to AI as they make job cuts, although some experts are skeptical. More than 10,000 layoffs in July cited AI, according to a recent report from the employment agency Challenger, Gray & Christmas. 'I think it's really important to look in the data, right?' Gimbel said. 'That's for a couple of reasons, not least of which is there's no social returns right to saying, 'We over hired, and we need to let a lot of people go.'' 'There are greater social returns to saying, 'Oh, well, we've done all of this investment in AI, and we're incredibly productive, and so we don't need to hire as much moving forward,'' she added. 'Both things may be true, one thing may be true, but it's much better to look at what is literally happening, as opposed to relying on what people are saying about it.' What comes next? While AI isn't upending the job market quite yet, it may eventually make its presence known, especially as companies throw billions of dollars into developing the technology as rapidly as possible. 'The rate of improvement of AI has been incredible,' Zhao said. 'And so, any prediction about how it's going to impact the job market has to recognize that we don't know exactly how good AI will be two, three, four, five years from now.' 'That being said, I do think that AI has the potential to change how we work pretty fundamentally,' he added. Rather than taking full jobs, AI could take over certain tasks and reshape these roles, said Stephan Meier, chair of the management division at Columbia Business School. 'It's not as simple as robot take over jobs, but it definitely will be a shift in the kind of work people do, and as a result, it will change jobs,' he said. This change will likely depend on how AI tools progress and get integrated into production technologies, a process that may go slower than some people expect, Goldschlag noted. He pointed to the expanding role of electricity in the manufacturing sector in the early 1900s, emphasizing it took time to reorganize the factory floor to integrate the new technology effectively. 'It takes a long time for firms to ingest those things, find ways to make them productive,' he said. While Gimbel suggested the current period of technological change could happen much faster than previous periods, she emphasized that it won't be 'instantaneous.' 'If you invented super intelligence tomorrow, would every company adopt it immediately tomorrow and then fire all of their employees? No, right? It's just not the way companies in the labor market work,' she said. Other labor market forces may also counteract the impacts of AI, even as it begins to make waves. 'You've got to remember that when labor gets displaced, there's forces in the economy and prices that help reallocate that labor,' Goldschlag added. 'It's not a static problem. It's a very dynamic problem.'


Boston Globe
2 hours ago
- Boston Globe
Suffolk Sheriff Steve Tompkins due for arraignment Thursday
Weinberg is a longtime Boston-area defense attorney who's been involved in high-profile cases, including handling the appeals process for Karen Read, the Mansfield woman ultimately acquitted of the killing of her boyfriend. Tompkins has hired Weinberg rather than requesting the court appoint an attorney, according to court filings. Arraignments are typically short court proceedings, in which the defendant enters a plea of not guilty and a judge makes a decision on setting bail. Two weeks ago, Tompkins appeared in federal court in Florida, where he turned himself in after the FBI sought him at his Hyde Park home. Then, a judge released him on $200,000 bail with orders to return to Massachusetts, where his case would proceed. Advertisement Tompkins has served as sheriff since 2013, overseeing the Nashua Street and South Bay jails in Boston and other detention operations in Suffolk County. He was initially appointed sheriff by former governor Deval Patrick, and then won the seat in the following election. Advertisement He has been ubiquitous in state and local Democratic politics, offering up At times over his tenure, his influence-peddling has run afoul of the law. He paid fines in 2015 and 2023 after admitting to noncriminal ethics violations. Now he is charged with pressuring owners of the cannabis company Ascend Mass by threatening to revoke a partnership between the sheriff's office and the company, which was central to its licensing application. In Massachusetts, cannabis companies applying for annual licenses need to show how their business will have a 'positive impact,' especially on communities adversely affected by the nation's war on drugs. For Ascend, the answer ran through Tompkins, with whom they partnered on a program to train and hire people recently released from jail. This partnership gave Tompkins leverage; without it, according to prosecutors, company officials feared they would not have their license renewed to operate a shop downtown. Prosecutors allege that in addition to forcing for $50,000 before the venture went public, Tompkins subsequently demanded he be repaid after the value of his shares sank below his initial investment. Tompkins had not signed any agreement that would have guaranteed a refund on his initial investment, according to the indictment, but the official paid him back anyway. Tompkins has not resigned nor given any indication that he plans to in light of the criminal charges, though Advertisement The only entities with Any elected official sentenced to state or federal prison time is deemed to have vacated their seat, according to state law. If Tompkins is convicted, each charge of extortion carries a sentence of up to 20 years in federal prison. Sean Cotter can be reached at