Over the past few months, we’ve offered extensive coverage of Bingham McCutchen, the once high-flying law firm that’s now struggling to survive. Bingham has remained mainly mum during these trying times.
This week, however, managing partner Steven Browne — who took over earlier this year from Bingham’s longtime leader, Jay Zimmerman — has been on a charm offensive. He gave interviews to the Boston Globe and the Wall Street Journal, which along with the American Lawyer ran long pieces on the state of affairs at the firm. We’ll share with you the new and most notable material from all three stories.
Before we get to the substantive stuff, though, let’s check out the Wall Street Journal’s interesting choice of a photo for its Bingham piece….
* Everyone knows Bingham McCutchen is considering a merger with Morgan Lewis, but not many know bankruptcy may be an option. It’s a remote option, but still an option. [Boston Globe]
* When Kaye Scholer moved offices, it left behind most of its library. “It tells you everything you need to know about law firm libraries”: they’re no longer as necessary as before. [New York Times]
* Everyone loves the Sixth Amendment: Thanks to money from Koch Industries, the National Association of Criminal Defense Lawyers will offer better indigent defense training. [WSJ Law Blog]
* The judge in Adrian Peterson’s case won’t be replaced, despite the fact that he called the lawyers involved in the case “media whores.” Meh, Peterson’s attorney says he’s been called worse. [Bloomberg]
* Gilberto Valle, better known as the “Cannibal Cop,” really wants to go to law school. He’s apparently scored quite well on LSAT practice tests. Do law school ladies look delicious or what? [New York Post]
Sometimes, the internet seems to exist largely in order to rate things. User-generated and unverified reviews of everything from movies to cars abound. The thing with this proliferation of ratings, be they on Yelp, or Amazon, or whatever, is that we usually don’t have any idea whether or not the reviewer has any basis for his rating. (In fact, the spoof product review has become its own literary micro-genre.)
Spurious or baseless ratings are not a problem when it comes to ATL’s Insider Survey (17,300 responses and counting — thanks everyone!), in which practicing attorneys and current students evaluate their own schools or employers. Among other things, our survey asks attorneys to nominate firms with over- and underrated practices within the respondent’s own practice specialty. Litigators nominate litigation departments, etc.
Which firms do those in-the-know consider to be better (or weaker) than their reputations?
* The United States is launching air strikes against ISIS in Syria and Iraq, but some have been compelled to wonder whether it’s legal under international law. Of course it’s legal, under the Rule of ‘MERICA, F*CK YEAH! [BBC]
* Dewey know whether this failed firm’s former COO can get out of paying $9.3M to its bankruptcy trustee? Dewey know whether we’ll ever be able to stop using this pun? Sadly, the answer to both questions is no. [WSJ Law Blog]
* Marc Dreier of the defunct Dreier LLP has been ordered to testify in person in his firm’s bankruptcy case in Manhattan, but he’d rather stay in the comforts of his prison home in Minnesota. Aww. [Bloomberg]
* Dinesh D’Souza won’t have to do hard prison time for his campaign-finance violations. Instead, he’ll be spending eight months in a “community confinement center,” which sounds just peachy. [New York Times]
* When it comes to all of the same-sex marriage cases that are currently before the Sixth Circuit, the deciding vote could be cast by Judge Jeffrey Sutton, a Republican appointee. [National Law Journal]
* Weil Gotshal snagged a partner from right under one of its largest competitor’s noses. Ray Schrock, formerly of Kirkland & Ellis, may someday co-chair Weil’s restructuring group. [WSJ Law Blog]
* “I got the reward that most volunteers get — which is I ended up having to read many, many hundreds of pages.” This Ogletree Deakins partner figured out how to undo Obamacare in his spare time, and all he got were these lousy bifocals. [Greenville News]
* On-campus interviewing season is almost upon us, so we’re going to give you all of the tips you can stomach. Here are a few more ways that you can hit all of your interviews out of the park. [The Careerist]
* Albany Law and the University at Albany are shockingly not already affiliated with each other, but they’re exploring an “operational alliance.” Will that mean fewer faculty buyouts, or…? [Albany Business Review]
* Let’s get ready to rumble! Not wanting to be left out of the party, Oklahoma has also asked the Supreme Court to take a look at its same-sex marriage statute which was recently slapped down by the Tenth Circuit. [National Law Journal]
* Dewey know what financial restructuring adviser Joff Mitchell of Zolfo Cooper said to this failing firm’s partners right before it flopped for good? “Look, there is no way here to save this firm.” Ouch. That had to have sucked. [Forbes]
* The examiner who was appointed to monitor law firm billing for the City of Detroit’s bankruptcy is now questioning Dentons’ fees of up to $27K per month to talk to the press. Whoa there… [Detroit Free Press]
* Working Mother and Flex-Time Lawyers have released the latest ranking of the Top 50 Law Firms for Women. Vivia Chen feels “a bit dirty” after reading the list — and you probably should, too. [The Careerist]
* Leisure Suit Larry’s successors are here to stay for a while: Case Western Reserve Law’s co-interim deans will stay on in their current positions for the upcoming school year. [Crain's Cleveland Business]
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.
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: