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Legal Careers Lose Their Allure, Drop to Dentistry Status Posted Jan 7, 2008, 05:52 am CST By Debra Cassens Weiss College grads who want wealth and social status are passing up law and medicine for careers in investment banking. A career at a hedge fund or private equity firm can offer financial rewards that outpace earnings at even the biggest law firms. Partners at the nation’s largest 100 firms made an average of $1.2 million in 2006, but many senior investment bankers will take home an average of $2.25 million to $2.75 million in bonuses and salaries, the New York Times reports. But even more important than money are the glamour, control and quick path to financial rewards in investment banking, according to the article. Lawyers no longer enjoy the prestige they once held, and the quest for billable hours has taken away the notion of law as a noble profession. Doctors and lawyers “have slipped a notch in social status, drifting toward the safe-and-staid realm of dentists and accountants,” the story reports. The change is reflected in the number of students applying to law schools. The number of applicants dropped 5.2 percent in 2005 from the year before, and another 6.7 percent in 2006, when 83,500 applied to law schools.

NY-based Kaltura has received a good bit of buzz since I first reported about their presentation at the NY Video Meetup last April. Since then they have gone on to win the people's choice at Techcrunch40 and have launched a useful Facebook application. I had a chance to grab a coffee with co-founder Ron Yekutiel and here are my notes: Ron describes Kaltura as "wiki meets YouTube". He believes there is a movement going on from text publishing to video publishing and that collaboration in the video space is where Kaltura leads the pack. Kaltura is seeking to empower other social networks by their use of the Kaltura application. Ron says that while Kaltura.com is a destination site, the real power is how other sites use the tool within their framework. What I get about Kaltura is that small contributions can equal big productions where everybody has a vested interest in the final product. Ron spoke about four reasons people collaborate on video: For social progression and to see interaction Text is dead (Allen's note: I sure hope not!) The number of contributors help to decrease the barriers to contribution The swarm effect of advertising - he sees this as the new model where instead of a 1-1 advertising or many-many, companies will use collaboration to reach their desired customer The Kaltura team has four co-founders, two are in New York and the other two are in Israel. The team totals 25 people and are in Israel. From what I gather, the leadership of Kaltura might be the most educated group I have come across. Lots of post-graduate degrees from Ivy League schools. We spoke about the Kaltura business model which is largely based on rev share. It's an interesting model because it puts the trust in the sites using the application to report the income back as they use their own advertising not Kaltura's ad platform. For sites that don't have their own advertising platform, Kaltura can provide one with strong advertising players involved. Ron left me with some juicy bits about the future for Kaltura but he asked me not to share them at this time. He said they are coming very soon and as soon as I can share with you, I will.