Let’s assume for a moment that arithmetic is true.
This means that the average lawyer is average.
And average is actually pretty bad. (As one of my co-clerks said during the first week of a clerkship, reading a Ninth Circuit brief several decades ago: “This is great!”
“What? Is the brief good?”
“No! The brief is terrible. We are not gonna starve!”)
The average lawsuit thus pits Tweedledee against Tweedledum, and, sadly, they can’t both lose. After the verdict comes down, Tweedlewhoever boasts on his website of another great victory and yet more proof of his talent and expertise.
* With the Supreme Court’s term winding quickly to a close, it’s likely that conservative justices will write for the majority in some of the most closely watched and controversial cases. Uh oh. [Washington Post]
* Judge Edward Korman, the man who slapped around the FDA like it owed him money in a ruling over access to the morning-after pill, is actually a very soft-spoken, kind-hearted fellow. [New York Times]
* Wherein a Chicago Law professor and a Vedder Price partner argue that instead of cutting law school down to two years, financial aid should be given out like candy. Hey, whatever works. [Bloomberg]
* Brooklyn Law’s got a whole lot of drama these days: Their president is stepping down, their dean is apparently still a full-time partner at Patton Boggs, and a law professor is suing over alleged ABA violations. [New York Law Journal]
* That’s not the only New York-area law school awash in scandal. Chen Guangcheng has received the boot from NYU Law due to alleged harm done to the school’s relationship with China. [New York Times]
* When questioned about the need for his school, Indiana Tech’s dean says the lawyer oversupply and lack of jobs don’t matter. It’s about the quality of the graduate. Good luck with that! [Journal Gazette]
* This came too soon (that’s what she said). The alleged porn purveyors at Prenda Law will close up shop thanks to the costly litigation surrounding their copyright trolling. [Law & Disorder / Ars Technica]
* Fort Hood shooter Maj. Nidal Hassan won’t be allowed to use a “defense of others” strategy in his murder trial, because not only does it fail as a matter of law, but it’s also ridiculous. [Associated Press]
* Harvard Law grad Cate Edwards, daughter of disgraced pol John Edwards, took a dramatic step away from her father’s tabloid-esque pubic interests by opening her own public interest firm. [WJLA ABC 7]
* Judge Thomas Jackson, well-known for his antitrust ruling against Microsoft, RIP. [New York Times]
We have previously discussed the advantages of voluntary buyouts over layoffs, especially stealth layoffs. Voluntary retirement programs allow employees to self-select, so that employees who are well-situated to enter unemployment can opt in, while employees who need their jobs badly can keep working.
Imagine you’re a legal secretary at one firm who’s married to a high-earning partner at a different firm. You work to keep yourself busy, especially since your kids are all grown, but you don’t need your job that badly. You might take a buyout package and retire a few years early so that one of your fellow secretaries, a single mother with two young kids, can put food on the table.
Voluntary programs are so much better than layoffs — which is why we were happy to hear that rumors of secretarial layoffs at one firm actually turned out to refer to a buyout program. A program with rather generous terms, in fact….
* When SCOTUS cases involve public companies and rulings are misinterpreted, it can lead to some pretty volatile stock performance, as was evidenced by yesterday’s highs and lows for Myriad Genetics of BRCA1 patent fame. [Washington Post]
* The ethics complaint against Judge Edith Jones of the Fifth Circuit has been transferred to the D.C. Circuit after receiving a blessing from the Chief Justice of the United States. Uh oh, that’s serious business if Roberts is involved. [Times-Picayune]
* The number of women working in the NLJ 350 is sad. They make up only one-third of all attorneys working in Biglaw, and we’re stuck celebrating the tiniest positive changes. Sigh. [National Law Journal]
* Proskauer Rose’s former CFO, Elly Rosenthal, settled her $10M disability discrimination suit against the firm in anticlimactic fashion, “without costs to any party as against the others.” [Am Law Daily]
* California is obviously trying to one-up New York with this one. In addition to a 50-hour pro bono requirement, they’re pushing for 15 hours of real-world training before bar admission. [The Recorder]
* Try to stop a man from throwing a pie in your husband’s face and in return you’ll be served with your wifely walking papers a few years later. Aww, Rupert Murdoch is such a kind old man. [Bloomberg]
Many moons ago, around this time of year, I worked as a summer associate at Wachtell Lipton. I enjoyed many a fine meal that summer (although Wachtell’s program is more work-focused and less lunch-focused than many others). One of my favorite occasions was a dinner at Jean-Georges with partner Karen Krueger, her husband, myself, and a girlfriend of mine.
Oh how times have changed. It’s rare to see partners leave the gilded cage of Wachtell Lipton, where annual profits per partner regularly exceed $4 million. But Krueger had the guts to make the jump. She left the practice of law and now works as a nationally certified teacher of the Alexander Technique.
What is the Alexander Technique? If you suffer from pain, perhaps as a result of your stressful law firm job, it could be your salvation. And it might help you with your poker game, too….
Ed. note: This is the latest installment of The ATL Interrogatories, brought to you by Lateral Link. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.
Peter J. Devlin, President and Chief Executive Officer of Fish & Richardson, assumed the firm’s top management position in 2000. Under his leadership, Fish has opened several new offices, expanded its burgeoning international practice, bolstered its reputation as a national firm at the pinnacle of the IP and business world, strengthened its financial performance, and positioned itself for further growth. Mr. Devlin’s law practice emphasizes client counseling in the areas of patent infringement and validity opinions, patent due diligence, product clearance, and licensing; and in U.S. and foreign patent prosecution, focusing on medical device technologies, electronics, and software. Before joining Fish, Mr. Devlin worked for Raytheon Company, first as an electrical engineer and then as a patent attorney.
Ed. note: This is the latest installment in a series from Bruce MacEwen and Janet Stanton of Adam Smith Esq. and JDMatch. “Across the Desk” takes a thoughtful look at recruiting, career paths, professional development, human capital, and related issues. Some of these pieces have previously appeared, in slightly different form, on AdamSmithEsq.com.
Next in our series on a taxonomy of law firms are the capital-markets centric firms.
If you think this moniker roughly translates to the classic New York white shoe elite, move to the head of the class.
But, as much in our world at the start of the 21st Century, it’s not exactly that simple. Here’s what’s different about these firms.
First, recall that we’ve hypothesized seven primary species…
* “Going forward, nobody is going to get everything they want. Not Democrats, not Republicans, not me.” What a way to open the door to debate on the president’s newly endorsed bipartisan immigration bill. [New York Times]
* The ACLU is suing the United States over the collection of Verizon phone records, citing a possible “chilling effect” on the people who may contact the ACLU. What an entertaining (and egocentric) cause of action. [Bloomberg]
* When businesses throw cash at judges’ election campaigns, jurists tend to rule in favor of their donors — which is likely why Sandra Day O’Connor called state judges politicians in robes. [Washington Post]
* If it’s not news of layoffs, it’s news of office closures: Dentons partners will vote on whether to close the firm’s doors in Kuwait, and Curtis Mallet-Prevost already got the hell out of the Gulf. [The Lawyer]
* If you want a law school where professors pat you on the head and give you a treat each time you answer a question correctly, use this method to choose your alma mater. [U.S. News & World Report]
* There’s a pretty high probability that you’re a legal procrastinator, so here are some tips to stop the madness. Apparently alcohol isn’t the answer to your problems. Who knew? [WSJ Law Blog (sub. req.)]
* New York City may be trying to defend a ban on sugary drinks that are larger than 16 ounces, but if your milkshake brings all the boys to the yard, it doesn’t matter how big it is. [Associated Press]
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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 six years. You can reach them by email: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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