David Lat

David Lat is the founder and managing editor of Above the Law. His writing has also appeared in the New York Times, the Washington Post, the Wall Street Journal, the New York Observer, Washingtonian magazine, and New York magazine. Prior to ATL, he launched Underneath Their Robes, a blog about federal judges. Before entering the journalism world, he worked as a federal prosecutor in Newark, New Jersey; a litigation associate at Wachtell, Lipton, Rosen & Katz, in New York; and a law clerk to Judge Diarmuid F. O'Scannlain, of the U.S. Court of Appeals for the Ninth Circuit. David graduated from Harvard College and Yale Law School, where he served as an editor of the Yale Law Journal. He has received several awards for his work on ATL, including recognition as one of the American Lawyer’s Top 50 Big Law Innovators of the Last 50 Years; one of the ABA Journal’s Legal Rebels, a group of pioneers within the legal profession; and one of the Fastcase 50, "the fifty most interesting, provocative, and courageous leaders in the world of law, scholarship, and legal technology." You can connect with him on Facebook or Twitter.

Posts by David Lat

Earlier this week, we asked readers to submit possible captions for this picture of an egregious typo sent out by the admissions office of the St. Thomas University School of Law (click on the image to enlarge it):

Now that you’ve voted on the finalists, it’s time to announce the winner of our contest….

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Mathew Martoma

This afternoon, here in Manhattan, a jury found former SAC Capital portfolio manager Mathew Martoma guilty of insider trading. The verdict wasn’t a shock, given the strong evidence against Martoma and the fact that another former SAC trader, Michael Steinberg, got convicted in December on weaker evidence.

The trial involved a number of boldface names of the legal profession. The office of U.S. Attorney Preet Bharara (S.D.N.Y.), one of our 2013 Lawyer of the Year nominees, was represented by assistant U.S. attorney Arlo Devlin-Brown, one of the office’s most prominent prosecutors (and a star of the college debate circuit, for those of you who used to do debate). Martoma was defended by a team from Goodwin Procter that included Richard Strassberg, an S.D.N.Y. alumnus, and Roberto Braceras, another former federal prosecutor — and the son-in-law of Judge José Cabranes. The prosecution’s lead witness, Dr. Sidney Gilman, was represented by Bracewell & Giuliani’s Marc L. Mukasey — son of former S.D.N.Y. judge and U.S. Attorney General Michael Mukasey.

And some of our readers might know Mathew Martoma. He was a student at Harvard Law School back in the 90s, before he got expelled for fabricating his transcript while applying for clerkships.

Here are some notable numbers relating to the Mathew Martoma mess:

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Some large law firms, when announcing year-end associate bonuses, also announce base salaries for the new year. In Biglaw, the salary scale hasn’t budged since January 2007, when Simpson Thacher announced the $160K scale (providing for base salaries ranging from $160,000 for first-year associates to $280,000 for eighth-year associates).

You could view this as a compensation cut, since we have had some inflation (even if not high inflation) since 2007. According to the inflation calculator of the Bureau of Labor Statistics, $160,000 in 2013, the latest year available, had the same buying power as $142,407 in 2007. Of course, law school tuition has climbed quite a bit since 2007 — so even for the lucky souls who land Biglaw jobs, the value proposition of a law degree isn’t as appealing today as it was back in 2007. You’re paying more for a degree that gets you less.

What’s the solution? Work for a firm that will pay you more than $160,000 as a starting salary, of course! Let’s say hello to the newest member of the $160K-Plus Club….

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On Monday, we asked readers to submit possible captions for this picture of an egregious typo sent out by the admissions office of the St. Thomas University School of Law (click on the image to enlarge it):

Let’s have a look at what our readers came up with, and vote on the finalists….

double red triangle arrows Continue reading “Caption Contest Finalists: A Terrible, Terrible Typo”

Elizabeth Wurtzel

* Elizabeth Wurtzel: “I am a lawyer. The first rule of law: All the promises will be broken. Attorneys could not be in business if people did not fail to do what they agreed to do all the time — and lawyers are very busy.” [Nerve.com]

* Laura Ingraham clerked for SCOTUS, so presumably she knows that Puerto Ricans are American citizens — right? [Media Matters]

* Chief Judge Alex Kozinski, known for zero tolerance of prosecutorial misconduct, has written the foreword to a new book on the subject. [Facebook]

* In addition to the one we mentioned yesterday, here’s another petition for the Obama Administration that’s aimed at addressing the student debt crisis. [WhiteHouse.gov]

* Thomson Reuters Concourse keeps getting bigger and better. [Thomson Reuters]

* Appellate law? In California? What’s not to like? Check out these job openings in the California SG’s office. [California Department of Justice; California Department of Justice]

* Want to know the backstory behind the awesome Jamie Casino Super Bowl ad? Keep reading….

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Is the internet good or evil? Well, neither — the internet, just like the information you find on it, is really what you make of it. Some people use information for good purposes, and some use it for bad.

Here at Above the Law, we tend to see the internet as a force for good. We use our bandwidth on the web to entertain and to educate. Our view is that, in general, more information is good. With more information, people can make better choices about their lives and careers. Should I go to law school? If so, which law school? And what about law firms? Which firms are the best places to work?

But you can use the internet for anything, really. For some folks, to quote the popular song from the musical Avenue Q, The Internet Is For Porn — and so much more, from the shady to the downright illegal….

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Where The Wild Things Are (affiliate link)

Grover Cleveland’s excellent book of career advice for young lawyers has a delightful title: Swimming Lessons For Baby Sharks (affiliate link). It nicely captures the competitive nature of the legal profession today.

But the cutthroat competition isn’t for everyone. One high-powered lawyer, coming up on partnership at a top-tier law firm, decided he didn’t want to swim with grown-up sharks. He’d rather go swim with blue whales — quite literally. He’d rather be where the wild things are — and by “wild things,” we aren’t talking about cute drunken paralegals at a post-closing party.

Let’s look at this lawyer’s departure memo — great opening line, or greatest opening line? — and find out how he made enough money to break out of Biglaw’s golden handcuffs….

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Woody Allen

* Woody Allen’s lawyer, Elkan Abramowitz, responds to Dylan Farrow’s account of alleged sexual abuse at the hands of her famous father. [Gawker; Gothamist]

* Sound advice from Professor Glenn Reynolds on how not to increase applications to your law school. [Instapundit]

* What is a “nitro dump,” and will it provide information about who (or what) killed Philip Seymour Hoffman? [ATL Redline]

* “Is Elena Kagan a ‘paranoid libertarian?’ Judging by [Cass] Sunstein’s definition, the answer is yes.” [Reason via Althouse]

* A petition of possible interest to debt-laden law school graduates: “Increase the student loan interest deduction from $2,500 to the interest actually paid.” [WhiteHouse.gov]

* Vivia Chen wonders: Is Amy Chua, co-author of The Triple Package (affiliate link), being attacked as racist in a way that it itself racist? [Time]

* Yikes — journalists around the country have been receiving “a flurry of subpoenas in recent months,” according to Jeff Kosseff of Covington & Burling. [InsideTechMedia]

* Congratulations to Orrick’s 15 new partners — an impressively diverse group, from a wide range of practice areas and from offices around the world. [Orrick Herrington & Sutcliffe]

Amy Chua

As opposed to Chinese Tigers robotically assembling Apple products, isn’t it more wondrous to behold the specter of two Chinese-Jewish Ivy League law ­professor/successful author Hybrid Tigers who’ve fashioned Yale student research (from a 2008 project) into a dull but probably lucrative book? Such are the rewards of our American meritocracy.

Sandra Tsing Loh, writing in the New York Times Book Review about The Triple Package (affiliate link), the new book by Professors Amy Chua and Jed Rubenfeld of Yale Law School.

(Additional highlights from the review, after the jump.)

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Back in December, some associates at Kirkland & Ellis expressed some displeasure about their bonuses. Now, make no mistake, the K&E bonuses still beat the market by a healthy amount; they just didn’t beat the market by as much as they usually do (at least according to some sources; under an individualized bonus system, reactions will vary).

In our bonus post, we wondered about K&E’s financial performance in 2013. Could the firm — which could very well be the nation’s finest law firm — have had a less than stellar year?

Associates might not be the only ones dissatisfied with their compensation. Sources point to a fair number of prominent partner departures over the past few months, in one of K&E’s top practice areas….

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