Anatomy of a Dissolution: Morgan & Finnegan In Receivership
Yesterday, we reported that JPMorgan Chase was suing Morgan & Finnegan. Today, AmLaw reports that a judge has named a receiver for the defunct IP boutique:
A judge on Wednesday ordered the appointment of a receiver to defunct IP shop Morgan & Finnegan and enjoined it from selling or transferring its assets after the failed New York firm found itself the target of a lawsuit from lender JPMorgan Chase.
Locke Lord is busy washing its hands of this entire Morgan & Finnegan mess:
A spokeswoman for Locke Lord says the firm is aware of the lawsuit, but notes it is not a party to the lawsuit.“The handling of it is totally up to the former Morgan & Finnegan lawyers and their counsel,” the spokeswoman says. Senior partner John Sweeney was not immediately available for comment.
We are about to get a good look at the books of a law firm that couldn’t make it in new economy. We already know that Morgan & Finnegan doesn’t have enough money to pay severance, but what do they have?
JPMorgan says it has seized the firm’s bank accounts, valued at $981,641. University Management, which JPMorgan hired to review the law firm’s books, found the firm had $6.6 million in billable accounts receivables through December 31. About $1.7 million were marked as disbursements.
Who do you think is going to get their money first: JPMorgan, or laid off M&F employees? In the meantime, how much soap do you think Locke Lord is trucking into the office?
Morgan & Finnegan Target of JPMorgan Suit [AmLaw Daily]
JPMorgan Chase v. Morgan & Finnegan.pdf [AmLaw Daily]
Earlier: Anatomy of a Dissolution: Morgan & Finnegan Still Hasn’t Paid Severance
(44) Comments
Comments
anyone have any advice for me on how to be the best sa that's ever lived?
-nervous T-10 1L
soon to be nervous 1L sa
1 - Yeah. Quit being such an annoying idiot. Do the opposite of whatever you think you would regularly do.
First to say that the patent bar is still the way to go for those with a technical background.
T10 1L
Are all IP firms gonna go this way? What about Darby & Darby?
3 - You do not need the patent bar to get a job in a IP firm, it does not matter for litigation.
3 - You do not need the patent bar to get a job in a IP firm, it does not matter for litigation.
Why no post on the Posner benchslap from last week?
7 - scroll down on the ATL front page
2 - so you mean i should do what george constanza did that episode? seems reasonable.
-nervous T-10 1L
soon to be nervous 1L sa
I thought IP was supposed to be permanently safe?
Even though you dont need the patent bar for litigation, your chances of being hired are much higher if one takes the patent bar. All litigation relates to the prosecution of the patent and the patent rules (which are what the patent bar test).
Don't listed to 5-6, just take the patent bar. It will be soooooooooo worth it for you in the long run.
Agree with 11.
5/6: No, you don't need the patent bar, but yes, it DOES help in patent litigation. I know many "patent litigators" that barely know 35 USC beyond sections 102 and 103, and even that knowledge is often based on boilerplate from colleagues' prior briefs. Passing the patent bar means that you are far more familiar with overall patent law, as well as USPTO rules and regulations. It can help tremendously when strategizing a case, or reviewing patent histories for irregularities and attack points. A generic "IP/patent litigator" will often not have these tools at his/her disposal, unless he/she learned them over many years (often from other attorneys who have passed the patent bar).
Agree with 11.
Of course, 5/6 is correct if you're dealing with 'soft' IP (trademarks and copyrights). For patent work (even litigation), having taken and passed the patent bar is a real asset. Of course, you do need a technical degree (or the equivalent) to even sit for the exam. (And no, "political science" is NOT a technical degree!!!)
Thought IP was "fine"?
AAAHHHH HAHAHA HA AH AH AH HA HA HAH AH AH AH HA HA HA AHAH AHA HA HA HA AHA HA HA HA AH AHA HA HHHHHHAHAAAAAAAAAAAHAH AHA HA HA AHH
*COUGHS FROM LAUGHING TOO HARD*
AAAHHHH HAHAHA HA AH AH AH HA HA HAH AH AH AH HA HA HA AHAH AHA HA HA HA AHA HA HA HA AH AHA HA HHHHHHAHAAAAAAAAAAAHAH AHA HA HA AHH AAAHHHH HAHAHA HA AH AH AH HA HA HAH AH AH AH HA HA HA AHAH AHA HA HA HA AHA HA HA HA AH AHA HA HHHHHHAHAAAAAAAAAAAHAH AHA HA HA AHH AAAHHHH HAHAHA HA AH AH AH HA HA HAH AH AH AH HA HA HA AHAH AHA HA HA HA AHA HA HA HA AH AHA HA HHHHHHAHAAAAAAAAAAAHAH AHA HA HA AHH AAAHHHH HAHAHA HA AH AH AH HA HA HAH AH AH AH HA HA HA AHAH AHA HA HA HA AHA HA HA HA AH AHA HA HHHHHHAHAAAAAAAAAAAHAH AHA HA HA AHH AAAHHHH HAHAHA HA AH AH AH HA HA HAH AH AH AH HA HA HA AHAH AHA HA HA HA AHA HA HA HA AH AHA HA HHHHHHAHAAAAAAAAAAAHAH AHA HA HA AHH AAAHHHH HAHAHA HA AH AH AH HA HA HAH AH AH AH HA HA HA AHAH AHA HA HA HA AHA HA HA HA AH AHA HA HHHHHHAHAAAAAAAAAAAHAH AHA HA HA AHH AAAHHHH HAHAHA HA AH AH AH HA HA HAH AH AH AH HA HA HA AHAH AHA HA HA HA AHA HA HA HA AH AHA HA HHHHHHAHAAAAAAAAAAAHAH AHA HA HA AHH AAAHHHH HAHAHA HA AH AH AH HA HA HAH AH AH AH HA HA HA AHAH AHA HA HA HA AHA HA HA HA AH AHA HA HHHHHHAHAAAAAAAAAAAHAH AHA HA HA AHH AAAHHHH HAHAHA HA AH AH AH HA HA HAH AH AH AH HA HA HA AHAH AHA HA HA HA AHA HA HA HA AH AHA HA HHHHHHAHAAAAAAAAAAAHAH AHA HA HA AHH AAAHHHH HAHAHA HA AH AH AH HA HA HAH AH AH AH HA HA HA AHAH AHA HA HA HA AHA HA HA HA AH AHA HA HHHHHHAHAAAAAAAAAAAHAH AHA HA HA AHH AAAHHHH HAHAHA HA AH AH AH HA HA HAH AH AH AH HA HA HA AHAH AHA HA HA HA AHA HA HA HA AH AHA HA HHHHHHAHAAAAAAAAAAAHAH AHA HA HA AHH
*PASSES OUT FROM LACK OF OXYGEN*
"We are about to get a good look at the books of a law firm that couldn't make it in new economy. "
Me fail english? that's un-possible!
Allen & Overy UK Layoffs
http://amlawdaily.typepad.com/amlawdaily/2009/03/bad-news-from-the-uk.html
"A glossy admissions brochure for Brooklyn Law School, considered second-tier, reports a median salary for recent graduates at law firms of well above $100,000. But that figure doesn't reflect all incomes of graduates at firms; fewer than half of graduates at firms responded to the survey, the school reported to U.S. News. On its Web site, the school reports that 41% of last year's graduates work for firms of more than 100 lawyers, but it fails to mention that that percentage includes temporary attorneys, often working for hourly wages without benefits, Joan King, director of the school's career center, concedes.
Ms. King says she believes the figures for her school accurately represent the broader graduating class. She says the number of contract attorneys is "minimal" but declined to give a number."
http://online.wsj.com/public/article_print/SB119040786780835602.html
THe stupidity of comments such as "don't need the patent bar to do lit" is proof that 90% of the commentors on this website are 1Ls and 2Ls. Of course you don't NEED it technically, but you do NEED it to get a job.
Don't just post information on crapt you don't really know anything about. We try to help you law students on this website, and you all just ruin it for each other. SHUT YOUR LIP!
Hoo-boy. Not looking good for me.
*anxiously looks for any kind of employment this summer*
-anxious T-10 1L
soon to be anxious underemployed 1L for the summer
For patent work (even litigation), having taken and passed the patent bar is a real asset. Of course, you do need a technical degree (or the equivalent) to even sit for the exam. (And no, "political science" is NOT a technical degree!!!)
__________________________________________
I'm sure all those Morgan & Finnegan associates who passed the patent bar and have technical UG degrees ("no, not politcal science) feel so much better now.
Does the patent bar teach you how to collect a bad check?
The ship be sinking...
23,
I bet they are having a much easier time finding a new job then some corporate transactional attorney with 2 years of doc review under their belt and a 4 year degree in Medieval history.
You're a douche.
MRR, I just want to say that I appreciate your shtick. .
25 nailed it. And yes, 23 is a douche. Where is the Douche Patrol when we need it?
23 is definitely pissed off he's not getting a 1L summer associate gig at his Tier 1 lawschool this year and thought he'd be top of his class and has come to realize he's mediocre.
23 is definitely pissed off he's not getting a 1L summer associate gig at his Tier 1 lawschool this year and thought he'd be top of his class and has come to realize he's mediocre.
23 is definitely pissed off he's not getting a 1L summer associate gig at his Tier 1 lawschool this year and thought he'd be top of his class and has come to realize he's mediocre.
30 - do you think that 23 is definitely pissed off he's not getting a 1L summer associate gig at his Tier 1 lawschool this year and thought he'd be top of his class and has come to realize he's mediocre?
IP is not immune, but Morgan was ripe for failure. high billing rates at a large, bloated law firm spell trouble.
30 - do you think that 23 is definitely pissed off he's not getting a 1L summer associate gig at his Tier 1 lawschool this year and thought he'd be top of his class and has come to realize he's mediocre?
32 here - sorry, was thinking of Fish (ha ha!!).
31, epic failure when you post more than once while criticising someone for posting more than once.
DOUCHE!
31 = manager of a Redass Lobster in Toledo, Ohio
31, epic failure when you post more than once while criticising someone for posting more than once.
DOUCHE!
31, epic failure when you post more than once while criticising someone for posting more than once.
DOUCHE!
23,
I bet they are having a much easier time finding a new job then some corporate transactional attorney with 2 years of doc review under their belt and a 4 year degree in Medieval history.
You're a douche.
__________________________________________
Gee, I have still have a job for the time being--maybe because I went to a school that offered more than two majors: electrical engineering and the apocryphal "Medieval History."
Sorry that your "I'm safe" fantasy world has been shattered. Since I live in reality, I don't worry about what law firm partners will or won't do, since I know they would fire any and everyone (including me) regardless of their so-called "pedigree" is soon as piss on them.
Wow...37 and 38 had the same thought at the same time. Douches.
Anyway, this entire thread is beyond boring and silly.
The receivables information points out a problem a number of firms are encountering----bills being questioned and clients unable to pay or deferring payment.
I find the comments addressing the relative pros and cons of taking the Patent Bar Exam interesting in that several focus narrowly on whether obtaining a PTO registration number makes (or does not make) one a better litigator of patent cases.
I understand the precarious state of the economy and the importance of simply having a job or making oneself more marketable to get a job. But, if you're interested in pursuing a career in IP law, it makes sense to take the exam simply because it just may make you, in the long-run, a more marketable IP professional to potential clients. Certainly, if you're already a good IP litigator, taking the exam won't make you any worse.
A longer-term strategy of attracting and keeping clients would seem the surest bet in achieving a stable, productive career. Besides, you wouldn't be at the mercy of begging for work from other partners who actually have business. Doesn't hurt to start down the road to self-sufficiency early.
Let's get back to the original question. Who's gonna get paid first -- the laid off employees or the bank?
42, your analysis seems correct, but it ignores that most law students don't have the ~$2000 required to pass the patent bar lying around. Though the benefits probably outweigh those costs long-term, that doesn't make it any easier to come up with the money short-term.