Julian Assange looks way too much like Julian Sands.
* A Spanish woman has claimed ownership of the sun. Similarly, my father would womanize, he would drink. He would make outrageous claims like he invented the question mark. [Daily Mail]
* Yesterday, Eric Holder said that the Justice Department was conducting a “very serious” investigation into insider trading on Wall Street. Rachael Ray’s going down. [Bloomberg]
* The Justice Department is also investigating whether WikiLeaks founder Julian Assange violated the Espionage Act. The Espionage Act is, of course, a euphemism for “two Swedish ladies.” [Washington Post]
* Critics say the arrest of Mohamed Osman Mohamud was the result of entrapment. The government, however, says Mohamud was given several opportunities to scrap his War on Christmas Trees. [New York Times]
* Greenpeace has accused two chemical companies of corporate espionage. Make up your own joke. I don’t care about the environment. [WSJ Law Blog]
* A mortgage-fraud trial will be in recess next week so that a lawyer can attend his grandson’s bris. Hey circumcision warriors…you mad? [New York Post]
Martin Luther dropped out of law school -- and so can you.
Lat and I have already had a spirited debate about whether or not a 2L should drop out of law school. Predictably, Lat argued that the 2L should stick with it, while I extolled the virtues of running away and quitting. And the readers weighed in too: 66% of you said that the 2L should hang in there and finish law school.
Well, what if the student is a 1L? What if the student is just in his first semester of 1L year and can get out before incurring even another semester’s worth of debt? Does that change your opinion?
As I said earlier this month, I’m done worrying about the soon-to-be-failed careers of many prospective law students. If you won’t research basic employment information before you commit three years and $100K, nobody can help you.
But I guess I still have a soft spot for people who have to physically see law school for themselves before they realize the gravity of their choices. It’s taken this 1L less than four months to realize that law school / the legal profession presents a challenging value proposition.
Now that he has this information, albeit late, what should he do?
* Lest you think xenophobia was a purely American invention, Switzerland moves to automatically banish foreigners who commit crimes. [Legal Blog Watch]
* Do you want to be a judge? Are you sure? It’s one of ten high-paying jobs that doesn’t have a future. [Money Watch via ABA Journal]
* Michael Vick’s second chance seems to be going quite well. Put me down as a “no” vote on the “should dog killers be allowed to re-enter polite society” referendum. Of course, reasonable people will disagree with my marginally hypocritical overreaction. [Simple Justice]
* In a matter of time, the legal battle about whether two men can marry will be concluded, and three men whom you’ve never met will try to offer you an explanation as to the constitutional validity of gay marriage. For my part, I’ve done as much as I can do to bring the truth to light. And the truth is this: gay marriage is only an open question because good people haven’t been strong enough to stand up for equal rights. Always, Lieutenant Colonel Matthew Andrew Mystal. [WSJ Law Blog]
Which lawyers are important at large law firms? Let’s set aside for a moment the guy who controls the tickets to the loge at the Lakers’ games, and think more generally. Who matters at law firms?
First, partners with big clients. Those folks have power. They influence decisions within the firm, have the capacity to push new people into the partnership, and have work to share with others, which keeps the others busy.
Partners with clients count. Who else counts?
Great lawyers. Sometimes, you just need a really smart person to help you solve a problem for a client. Good lawyers are generally adept at identifying great lawyers. If you’re a great lawyer, your colleagues at a big firm will come to you for advice.
(Sometimes, the lawyers with big clients are also great lawyers; sometimes, not. That should be self-evident. It is, in any event, grist for some other mill.)
A small law-firm bonus, or a small-law-firm bonus?
While Biglaw types may or may not have had something to be thankful for over the holiday weekend, many small firm lawyers were feeling the Thanksgiving love via the SoloSez list serve.
There were numerous magnanimous emails coming through about what small firm lawyers are thankful for. I found myself wondering whether these warm-and-fuzzy feelings resulted from pure happiness — or whether they might reflect cold hard cash, in the form of small-firm bonuses.
So let’s gather some data about bonuses at small law firms….
There was a time in this country where the holiday season was a time to be rewarded for a good year of work. People received bonuses. People received pay raises, so their salaries could keep pace with their growing experience and maturity (or at least keep up with inflation).
The America where that kind of stuff happened now only exists in memory. In post-recession (or mid-double-dip-recession) America, the holidays are a time when the people at the top jealously guard their wealth, while everybody else tries to figure out how to make “sacrifices” for the greater good.
Usually, this type of thing can be seen most clearly in the private sector (click here for Above the Law’s coverage of bonus season). But today the Obama administration is getting into the holiday spirit by freezing salaries on federal employees for two years.
So, if you’re a J.D. holder who joined the Department of Justice or another federal agency to escape the Biglaw recession, the pay cut you thought you were signing up for just got bigger.
And it probably also means that a few federal attorneys will be trying to get back into the private sector — which will be great, because it’s not like the market for attorneys is oversaturated or anything….
The latest firm to announce that it’s matching the market — which, at the current time, is embodied in the Cravath bonus scale — is Weil Gotshal. According to the memo, from executive partner Barry Wolf, Weil associates “will be paid 2010 bonuses that are commensurate with bonuses paid by peer firms.”
We assume this is Weil-speak for Cravath bonuses — or higher, if another “peer firm” decides to best Cravath. The Weil bonuses will be paid on December 23.
The full memo — available after the jump, along with reactions from Weil sources — contains good news, and bad news….
It’s time for a brief postscript on one of this month’s juicier (and well-trafficked) stories: the dismissal of three women associates from litigation powerhouse Boies Schiller. We have a few additional tidbits that we can share with you.
But this is probably the last story we’ll be doing on this drama, since we don’t expect anything else to emerge. One piece of information we’ve received is that the associates were offered severance pay — “very generous” severance, in the words of one source — but had to release any claims against the firm in exchange. All three took the deal, including the expectant mother. So don’t expect any “Aaron Charney for pregnant women”-type lawsuits.
What other details can we reveal about the situation?
Welcome back from your long weekend. I trust everybody is ready to put in a lot of hard work through the holiday season in order to finish the year off strong.
Ah, what’s the point? Based on the early bonus news, it seems that Biglaw managers are going to go with stingy bonus payments for the second year in a row. And while we’ve reported that hours appear to be up this year over last year, hours aren’t back to 2007 levels.
If firms are going to keep bonuses at 2009 levels until their profits get back to 2007 levels, well, then maybe it’s time to kick back and do some shopping on Cyber Monday…
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.
It’s the legal profession’s equivalent of a long-term relationship.
When Michelle Waites, Senior Patent Counsel for Xerox Corporation, attended The LGBT Bar’s Lavender Law conference several years ago, she wasn’t sure what to expect. She left having forged a lasting business relationship that still endures today.
It was during The LGBT Bar’s event – an annual gathering of more than 1,600 lesbian, gay, bisexual, transgender and allied legal professionals – that Waites first met Marla Butler, a partner at Robins, Kaplan, Miller & Ciresi LLP, who specializes in patent law.
Today, the two are still close friends as well as professional colleagues. Butler’s firm continues to work with Xerox – a business partnership forged via The LGBT Bar.
On November 19th, The Bar will present its first-ever conference outside the United States. Dubbed “A Lavender Law Experience for Europe,” the day-long Business Legal Conference will replicate programs such as the one that brought Waites and Butler together for legal professionals in Europe.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: