* Did you know that there was a Proposition 9 in California? With all these voter referendums, could somebody please explain again why California even bothers to have a state legislature? [Johnny California]
* A clients caring (about bonuses) roundup. [f/k/a]
* There’s an argument that law firms should double the bonuses from what were given last year. It’s not a good argument. But hey, until some firm steps up to stop the bleeding (please save us S&C) I choose to grasp at the elusive straw. [Law and More]
* How nerdy do you have to be to refer to lawyers as “non-nerdy?” I mean, at that point are you rolling at 1d10 to see if you can “score” with that woman at the bar? [Topless Robot]
According to Connecticut DUI lawyer James O. Ruane, I can’t breathe as well as white people. Based on this “analysis” Ruane has determined that the breathalyzer is a racist device.
Really. I’m not making that up. Ruane represents a black man who got busted for drunk driving:
A breath analysis administered at state police Troop G in Bridgeport found Brown had a blood-alcohol content of 0.188. The legal limit is 0.08.
In a motion filed Tuesday in Superior Court, Ruane asked a judge to suppress his client’s breathalyzer test results, contending the device used by the state police, and most other local police departments, the Intoxilyzer 5000, discriminates against blacks. Brown is an African-American.
I’m all for zealous defense of your clients, but I don’t see why you have to insult thinking people of all colors to make that defense. But Ruane argued:
[T]he lung capacity of a black man is 3 percent smaller than a white man and, therefore, black men’s test results vary from the sobriety standard set by the device.
He said Dr. Michael Hlastala, a lung physiologist at the University of Washington, examined research of other lung physiologists and, based on his studies, has determined the Intoxilyzer 5000 does not effectively test the blood-alcohol content of black men.
“He looked at all the research and came up with the bigger picture and found the common thread,” he said.
Mmm … blanket generalizations about an entire people. I wonder what Michael Jordan’s lung capacity is as compared to Alan Dershowitz?
Former Capitol Hill staffer/sex blogger/author/bankrupt babe Jessica Cutler has taken a husband. According to the Washington Post:
Jessica Cutler, 30, the Hill aide turned “Washingtonienne” sex blogger turned author, to Manhattan lawyer Charles Rubio, 28. … The couple plan to wed at New York City Hall on an early December weekday, followed by a happy-hour reception. (Not pregnant, in case you’re wondering.) How’d they meet? “Randomly in a bar,” Cutler told us. “I wish I had a more romantic story to tell you!”
Isn’t that always the way? You write stories about the exciting escapades of others while you yourself marry a lawyer you met in a bar. Yawn.
Timothy Pohl, part of Skadden’s ruling class, sounds confident that his firm is in the running:
Pohl says Skadden has historically done work for former Chrylser owner Daimler, which sold 80 percent of Chrysler to private equity firm Cerberus Capital Management in 2007 for $7.4 billion. Skadden also does work for Ford, says Pohl, adding that the firm has yet to be contacted by either automaker.
“I’m not convinced that any [of the Big Three] are hiring advisers yet,” Pohl says. “But between us, Kirkland, and Weil, I’d say that the three of us have the largest [bankruptcy and restructuring] groups with a big falloff after that.”
Obviously both Skadden and Kirkland have the chops to handle the work, but isn’t the real question “Why not Weil?”
It’s uncertain whether a potential Big Three bankruptcy might present a similar problem for Weil–and how the firm would manage to juggle its Lehman, Lenox, and other client obligations in the event of such a resource-draining retention. That’s especially true given that it’s unclear whether a potential Big Three filing would proceed on a liquidation track (a la Lehman) or as an infinitely more complicated corporate restructuring.
At some point, Weil has to run out of bankruptcy lawyers. Right?
Is there a pattern developing in Pittsburgh? A few weeks ago we reported that K&L Gates laid off a number of staff. Today, Gina Passarella of the Legal Intelligencer reports that another Pittsburgh powerhouse, Buchanan Ingersoll & Rooney, laid off between 15 and 25 support staffers.
Buchanan Ingersoll CEO Thomas L. VanKirk confirmed the cuts. But in a move that makes a mockery of the English language, VanKirk refused to call the layoffs, “layoffs.” Instead:
VanKirk said that the cuts were not layoffs, but that the positions were being eliminated in order for the firm to get more in line with its goal of a 3-1 lawyer-to-secretary ratio.
Here are some links for Mr. VanKirk, provided free of charge:
The difficult economic environment and the severe dislocations in markets worldwide present unique opportunities, challenges and issues regarding fixed income securities, structured finance, synthetic, and hybrid products, whole loans, and derivatives. Now, more than ever, financial market participants need legal advisors with the knowledge and expertise to navigate the complex array of contractual rights, financial structures, and bankruptcy and regulatory issues associated with such financial instruments.
Well that’s a positive spin on a field of legal work that no longer exists. But hey, they’re Cadwalader. And you know what the firm motto was (from the other side of the T-shirt):
Cadwalader is a firm you can count on from the cradle to the grave (disclaimer: time and placement of the grave may not be of your own choosing). Our tipster reports:
This is a t-shirt (front & back) from Cadwalader (Charlotte)ʼs 2007 Capital Markets summer picnic. It is a size 3 toddler which makes it even more hysterical/ironic/classic.
There’s got to be more stuff like this floating around out there. Please send us your “ironic” firm swag to firstname.lastname@example.org.
As 7th year associates at Half-Skadden and Skadden-Mart come to grips with the fact that they will be getting a smaller bonus than 1st years at Skadden, let’s take a look at a curious article that came out on November 20th. The same day Cravath announced their reduced bonuses (and threatened their people about 2009) Chairman Chesler spoke to American Lawyer:
Evan Chesler, the presiding partner of Cravath Swaine & Moore, stresses that firms do not need lots of offices to be diversified. “It is too easy to confuse geography with geographic reach,” he says. “It is not the same thing.” …
Although Cravath has just one small outpost in London, the firm is highly diversified, Chesler maintains. “We certainly do Wall Street work, but we always have done work for companies not on Wall Street, companies that make things and are located all around the world, and will continue to do so.”
Apparently, for Chesler “it is too easy to confuse” words with deeds. Either the firm is diversified and is in a good position to weather this economic storm, or it is not. I’m sure that Chesler’s employees do not really appreciate Chesler running around publicly talking about the health of the firm, on the same day he sends around internal memos warning:
[A]ssociates should be prepared for the likelihood that the economy and the Firm’s financial performance next year will not show a significant improvement over this year and they may receive significantly reduced or no year-end bonuses next year.
If you want to criticize Cravath associates, don’t call them “greedy and entitled,” instead call them “foolish” for believing their own management. Believing their own firm is a mistake I’m sure most Cravath associates will not make again.
Amid all of the wailing and gnashing about who President Bush might pardon during his last days in office, today’s grant of 14 requests failed to live up to any of the hype. The New York Times reports:
Mr. Bush has been relatively sparing in his use of pardons compared to past presidents, and the latest round of actions continued that pattern. …
Those issued reprieves had been found guilty of mostly garden-variety offenses, like Leslie O. Collier, who was issued a pardon for a 1996 conviction for the unauthorized use of a pesticide in killing bald eagles. Others receiving pardons had been convicted, among other offenses, for income tax evasion, unauthorized acquisition of food stamps, drug offenses and bank embezzlement.
“Stars” such as Michael Milken and Marion Jones (two people whom I never thought would be in the same sentence) have applied for Presidential pardons, but they continue to wait. Meanwhile, there has been a growing worry that Bush would pardon every counter-terrorism official in the land (for crimes not yet made criminal), but that massive Constitutional crisis issue will have to wait for another day.
In the meantime, Bush’s use of the pardon power continues to be more conservative and less objectionable than his predecessors.
… So that makes two sentences I never thought I’d write.
As part of a nationwide tour, Above the Law is coming to the great city of Chicago.
Join preeminent law firm management consultant Bruce MacEwen, Katten Muchin Chicago managing partner Gil Sofer, and JPMorgan Chase & Co. assistant general counsel Jason Shaffer for a panel discussion (sponsored by Pangea3) on the evolutionary and market forces bearing down on the law firm business model. Come on by Thursday, November 20, at 6 p.m., for thought-provoking discussion, food, drink, and networking.
Space is limited and there will be no on-site registration, so please RSVP
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.