I’ve always been awestruck by tax lawyers. They are the dudes.
As a transactional attorney, you can’t make a move without a tax guy. M&A is based on IRS consequences. It’s the tax guy who hands you a chart with boxes and arrows, holding companies and off-shore limited partnerships buying and selling and re-selling and issuing and repurchasing and spinning off. Everything starts there.
Tax lawyers do stuff no one else would attempt. They swagger out the door at 5 pm.
“Don’t start with me. I’m in tax.”
Way back when, I took an advanced tax course in law school – to see if I could roll with the gangstas. I even took it the wrong semester, so instead of JD students, it was tax LLMs snickering at my desperation. I received my lowest grade ever. I also discovered tax law is like higher mathematics: there is no big picture. Tax is not intuitive or guided by overarching principle; it’s a mess of staggering, intimidating complication.
What I’ve come to realize lately, as a therapist working with tax lawyers, is that these seemingly unapproachable superstars are human. And being “the expert” can exact a toll….
Judging from the comments section of our last story about Gerald Ung — which is still active, like a volcano — many of you are still interested in talking about the Temple Law student shooter. Even though Ung was quickly acquitted of all charges arising out of the January 2010 shooting of Edward DiDonato Jr., the trial goes on — in the court of public opinion.
We’ve selected a handful of stories from the avalanche of news and blogosphere coverage that we believe merit your attention. You can check them out — one of them reveals what Gerald Ung’s future plans are, while another has the reaction to the verdict of Eddie DiDonato’s father, a prominent partner at Fox Rothschild — after the jump.
One of my favorite law firm names is Freshfields — Freshfields Bruckhaus Deringer, to be precise, but I prefer Freshfields. It makes me think of rolling green hills, crisp laundered linens, or a dairy, producing the creamiest milk in all the land.
As it turns out, Freshfields is a law firm — a top international law firm, a member of the elite Magic Circle. And this Freshfields is rolling out the green, doling out crisp bills, and ladling out the cream — to its associates. As reported earlier today by Am Law Daily, yesterday Freshfields announced spring bonuses, on the top-of-the-market Cravath scale.
Freshfields isn’t alone. This afternoon, Cadwalader, which was publicly toying with the idea of spring bonuses, announced that it too would pay them, again on the Cravath scale.
These two moves are significant — far more significant than the earlier spring bonus announcements….
* A “barroom brawl” between law firm partners results in one partner leaving the firm. WEAK. Men should be able to beat the crap out of each other, shake hands when they’re finished, and still be able to do business together. [ABA Journal]
* A public defender got a TRO against a judge who allegedly slammed her to the ground. WEAK. Women should be able to get body slammed by enraged judges, receive treatment for their injuries, and go back to work without needing a TRO. (Dude, that’s the last time I try this “intellectual consistency” BS; it just makes me sound stupid.) [Penn Live]
* Why should I even try to be intellectually consistent when South Dakotans are so addled that they can’t see the flaw with caring about the sanctity of human life so much that they’re willing to kill innocent people to protect it? [Mother Jones]
* According to a recent survey, way too many of you are hooking up with people you work with. When two of you end up plastered all over ATL, go on and cry in your coffee, but don’t come bitching to me. [Vault]
* Protip for law profs: creating hypotheticals that involve killing your dean is probably not a good idea (even if it might be protected academic freedom). [Althouse]
* For those playing along at home, putting cocaine extract in your soft drink is okay. But putting alcohol in your soft drinks constitutes a grave danger to young people all across the country. [Gizmodo]
* A Turkish company wins the public vote to make the new yellow cab for New York City. They’re the only ones where every cab will be handicap accessible. You like free markets? Then don’t complain when young Turks are just better. [Alt Transport]
We received an overwhelming number of responses – 3,700 – to last week’s Career Center survey on debt and how it contributes to your decision on where to work. We will introduce an overview of the results today, and present a more detailed analysis later in the week.
Overall, 93% of respondents report being in some kind of debt. And for the vast majority of them, that debt plays a role in their decision on where to work:
38% of respondents said they considered debt about as much as other factors.
37% said they considered debt more than any other factor.
24% said debt contributed very little or did not contribute at all.
Well that didn’t take long, did it? The jury in the case of Commonwealth v. Ung began deliberations at 11:32 a.m., and it just returned a verdict of “not guilty,” around 4 p.m. Eastern time. Gerald Ung, the Temple Law student who was charged with attempted murder in connection with a January 2010 shooting in the Old City section of Philadelphia, has been acquitted.
This news might not come as a huge shock. In our reader poll, over 90 percent of you said you’d vote “not guilty” if you were jurors.
In the comments to Elie’s Sugar Mama post from yesterday, which chronicles the woes of a female Biglaw associate who is being harassed by coworkers for affiancing (KABLAM: Princeton Review Hit Parade) a Starbucks barista “peasant,” Bonobo_Bro wrote:
Not bad big guy (other than the usual typo issues which must be intentional); however, I really think you should’ve handled this pls handle thx style because I’d love to see Marin’s opinion of women with lower income life partners.
Rex and either thirty-six other anonymous internet trolls or one troll logging on from 36 different computers liked this comment. My mandate was clear. The people thirsted for my response…
I’m not trying to compare the claims of Jaime Laskis, a former associate at the prominent Canadian law firm of Osler, Hoskin & Harcourt, with those of Charlene Morisseau (a legendary Lawyer of the Day honoree, from 2007). But we’ve got two stories vaguely related to alleged employee harassment and discrimination in the legal profession, and I wanted to click them both off so I have something to change the subject with when Sweet Hot Justice asks me if she’s a cougar when we meet for drinks tonight.
Let’s start with Jaime Laskis’s story, which is a bit more newsy. Laskis was an associate in the New York office of Toronto-based Osler, who claims she suffered various forms of sexual harassment while she worked there. One partner allegedly said that Harvard University was full of “pretty women pretending to get an education.”
I know, I know, that’s sounds like a man who has never been to a Harvard party. But Laskis makes other allegations….
Ed. note: This is the latest installment of Size Matters, one of Above the Law’s new columns for small-firm lawyers.
Valentine’s Day was yesterday, and everywhere you turned, someone was trying to spread the message of love. Rachel Ray was on Good Morning America, showing us how to cook breakfast in bed. Every grocery store was hawking roses. There was a marathon of Millionaire Matchmaker on Bravo all weekend.
But the most interesting way to say “I love you” is the Pajamagram. While watching Patti Stanger yell at some wealthy old man trying to date a woman who is way too young for him, I saw the Pajamagram commercial. The commercial featured an attractive woman emerging from her bathroom in a “sexy” pair of pajama pants and a tank top covered in hearts. And, according to the Pajamagram people, if you really want to show her you care, then get her a Hoodie-Footie. Apparently, nothing says you are in for a romantic evening like a giant pink-velour onesie. If watching multiple episodes of Millionaire Matchmaker was not enough, seeing these commercials has convinced me that no one is feeling the love this year.
The ABA Journal disagrees. The February 2011 edition is devoted to discussing how lawyers can find happiness — even love — in their legal careers. In Why I Love Being A Lawyer (Seriously), several practitioners share the reasons that they love being a lawyer. Most of the quotes refer to the lawyer’s ability to make the world better or the freedom that comes with practicing law (for those who own their own firms). Unfortunately, I could not relate to any of those happy lawyers.
There was another article in the Journal that struck a little closer to home. In Hunting Happy, Becky Beaupre Gillespie and Hollee Schwartz Temple chronicle the happiness movement in law — specifically, how lawyers can be happier. The article discusses The Happy Lawyer, a book by Professors Douglas O. Linder and Nancy Levit of the University of Missouri-Kansas City, in which they conclude that the path to happiness comes from working at a small firm.
Or, at least, the path to being happier than people at big law firms….
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: email@example.com.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!