Read more and discuss over at Dealbreaker.
U.S. high court grants stay delaying Chrysler sale to Fiat [Dealbreaker]
Read more and discuss over at Dealbreaker.
Ed. note: Have a question for next week? Send it in to [email protected].
I’m a summer associate in Texas (3,500 sq. ft., wife, etc) and I drive to work where I park my car in the office’s parking lot. My car is a 2005 BMW. Should I be concerned about looking like a jackass?
Get Outta My Dreams, Get Into My Car
Dear Get Outta My Dreams, Get Into My Car,
You should always be concerned about looking like a jackass, whether it’s rolling up to work in a Beemer or wearing a fedora at Sunday brunch. In any other year, normal associates might look forward to the summer class arriving; but this year, the summers are viewed as intruders, freshly arrived to snatch associates’ jobs out from under them. Despite the ludicrous scavenger hunts and game nights concocted in your honor, make no mistake; you’re persona non grata at terra law firma, and your goal this summer should be to be as unobtrusive as possible. Your car should reflect your humility as well as your groundling status at the firm, and a BMW, no matter how ancient, will never do that. You’ll need to lease, but what should you get?
Driving up in a car of the Ferrari/Lamborghini/Lotus ilk is obviously out, since you’re not Richard Gere from Pretty Woman and this is not a “dream date” with Jillian on the The Bachelorette. Jaguars are for eccentric billionaires, Ford Probes are for high school sleazebags and Mercury Sables are for drug dealers. Since you’re in Texas, you may be tempted to trade in your BMW for a pickup truck, but I strenuously advise against this since pickups indicate that spend your free time listening to Toby Keith while patrolling the Mexico border with a rifle and Coonhound named Rusty. Toyota Priuses are for wimps, and minivans are for people who drive carpool or own florist shops. DeLoreans, Pintos, GMs and other cars that are dangerous and/or no longer made are always cool.
When I worked as an intern in Newark, I drove a 1997 teal Toyota Camry with Cobra rims (not kidding). The smooth handling and tape deck made many people very jealous, and when someone stole my front left rim, I learned firsthand the dangers of driving flashy cars. Go with something junky, like a Kia or an Isuzu, but if you don’t feel like shelling out the extra cash, your best bet is a Huffy. Get the one with the basket so you can take your laptop home.
Elie loses his sh*t while parallel parking, after the jump.
The big news story for today, as noted in Morning Docket, is the bankruptcy filing of General Motors. Developments on the GM front are being closely covered over at our sister site, Dealbreaker (which also welcomes a new writer today).
There are some legal angles to the GM story, of course. The bankruptcy will generate lots of work for several top firms, as noted by the WSJ Law Blog and Am Law Daily.
But you don’t need a law degree to play a major role in this drama. From the New York Times:
It is not every 31-year-old who, in a first government job, finds himself dismantling General Motors and rewriting the rules of American capitalism. But that, in short, is the job description for Brian Deese, a not-quite graduate of Yale Law School who had never set foot in an automotive assembly plant until he took on his nearly unseen role in remaking the American automotive industry….
“There was a time between Nov. 4 and mid-February when I was the only full-time member of the auto task force,” Mr. Deese, a special assistant to the president for economic policy, acknowledged recently as he hurried between his desk at the White House and the Treasury building next door. “It was a little scary.”
Maybe more than a little scary. But YLS
grads students can do anything, right?
Find out how Brian Deese landed this gig, and take our reader poll asking what should be done with GM, after the jump.
A prominent Park Avenue lawyer was arrested after cops said she got so angry at her young daughters that she kicked them out of her car – and drove off.
Madlyn Primoff apparently couldn’t bear any more squabbling between her 10- and 12-year-old daughters Sunday and booted them out of the car in White Plains, Westchester County, authorities said.
A threat doesn’t carry much weight if you’re not willing to back it up, right? A tipster quips:
So maybe I won’t apply to Kaye Scholer … if their partners are this crazy.
But the 12-year-old demonstrated the dedication required of a future Kaye Scholer associate. She ran after her mother’s car, caught up to it, and got back in. You can’t stealth layoff that kid!
Unfortunately, the 10-year-old went to pieces:
The younger daughter wandered around the corner to Mamaroneck Ave., where a good Samaritan spotted her in tears about 7:30 p.m., bought her ice cream and then approached a cop in a patrol car.
The officer described the girl as “very upset” and “emotional” in the police report.
More discussion — including information about Madlyn Primoff’s $2 million home in Scarsdale, and a reader poll — after the jump.
Californians, as we understand it, really care about their cars — and their parking spots. So White & Case’s latest maneuver out in Palo Alto could mean war:
White & Case’s Silicon Valley office is in a Palo Alto office complex shared with several other firms. Historically, all the parking, including a large parking garage, has been shared among all firms.
Apparently, White & Case used the downturn in the commercial lease market to renegotiate its terms with the management company. Just after the new year, around a dozen primo parking spots in parking garage were rebranded to indicate that they were for “White & Case guests.” This did not sit well with the locals.
But if you think that White & Case backed down, you’ve got another thing coming. Details after the jump.
So should Weil Gotshal associates be rooting against a government bailout of GM and the other big automakers?
GM bankruptcy –> more fees for Weil –> bigger bonuses (which WGM has not yet announced)?
UPDATE (1:00 AM): As of now, it looks like the auto industry bailout talks have failed. This makes a GM bankruptcy even more likely.
But even if GM does file for Chapter 11 (or even Chapter 7), thereby generating thousands of billable hours for Weil associates, it’s unlikely that Weil will pay out Skadden-sized bonuses (although the speculation sure is fun). As noted in the comments, Weil generally follows the market, and the market has settled around Cravath.
Paying above market could create problems for Weil. As one reader previously noted, “Weil will never be a bonus leader because there is concern at the firm that it would seem unsightly by the firm’s bankruptcy clients to lead the market with bonuses.”
That concern seems warranted. As GM director George Fisher told Bloomberg last week, “We are fearful, very fearful, of a prolonged [bankruptcy] proceeding that would just destroy our brand in the marketplace and therefore that is not considered a viable option…. These Wall Street geniuses and law firms are coming up with all these solutions that make them a lot of money.”
FURTHER UPDATE: As noted in the comments, as well as the original WSJ article, GM has also retained former Weil partner Martin Bienenstock, now at Dewey & LeBoeuf, to help it become a “futuristic” automaker for the 21st century. Good luck with that.
GM Hires Advisers to Weigh a Bankruptcy Filing [Wall Street Journal (subscription)]
GM Hires Lawyer Bienenstock to Reconfigure Automaker [Bloomberg]
The future of the Detroit’s Big Three is looking grim, as Congress has turned tight-fisted in response to the automakers’ request for $34 billion to stay alive. Chrysler is getting ready to throw in the towel, and has chosen Jones Day to do the throwing.
From the Wall Street Journal (subscription):
Chrysler LLC has hired the prominent law firm Jones Day as bankruptcy counsel, according to several people familiar with the matter. The firm was hired several weeks ago to help the ailing auto maker prepare for a possible Chapter 11 bankruptcy filing.
Jones Day bankruptcy maven Corinne Ball, a partner in the New York office, will lead the effort should Chrysler fail to secure a $7 billion capital infusion by the end of the year.
Jones Day co-head of restructuring Corinne Ball is handling the case, said the people familiar with the matter. She has worked on other automotive bankruptcies, such as that of auto-parts supplier Dana Corp., and many cases involving the United Auto Workers union. She represented GM in its acquisition of Korean auto maker Daewoo.
AmLaw noted the possibility for this major coup for the Jones Day team. This will be a massive deal. Sad for Detroit and the general economy. But what’s not these days?
To Handle Potential Bankruptcy, Chrysler Taps Jones Day [WSJ Law Blog]
Chrysler Hires Jones Day As Bankruptcy Counsel [Dealbreaker]
Labor Day is behind us. You know what that means: no wearing white, no gin and tonics, and no qualms about sending summer associate stories to ATL. If you have an SA story to share that we haven’t previously covered, please email us.
This latest tale, posted below, puts the “MoFo” in Morrison & Foerster. These kiddies are badass. As always, please don’t name or provide additional identifying information about them. Thanks.
This summer MoFo hosted a firm-wide retreat in Napa, first-class all the way — every attendee stayed in a private one-bedroom condo at the host resort, people got spa treatments, went on wine tastings, open bar every night, etc. Once the bar closed, the real troopers would head over to someone’s condo for an after party. The firm covered minibar tabs, so people would stop by their own places and stock up on drinks to bring along. Nothing out of the ordinary, as far as big firm summer blow-outs go.
The only problem with the trip was the tremendous size of the resort. The condos were scattered all across a large compound. Some rooms were miles away from others. The resort provided shuttle service, but often (especially late at night) the shuttles were slow in coming. Very slow. It was definitely a nuisance.
A couple of days into the retreat, two or three summers apparently got sick of waiting for a shuttle to take them to their far off condos at the end of the evening’s after party festivities. One of them was sick and vomiting or something, so they had a sense of urgency. In a haze of drunken entitlement (or perhaps a twisted sense of altruism: their friend was sick!), these summers decided to “borrow” a car from the resort’s valet to drive home.
They busted into the valet key box and swiped the keys to an Audi A6 — first-class all the way! — got into the car, and started it up. Luckily for them, before they could get it into gear and get moving, a recruiter got wind of the operation and came RUNNING AND SCREAMING out of the after party. She got them out of the car; the keys were returned to their rightful place.
But the plans of drunken MoFos are not so easily foiled. Undeterred, they RETURNED to the valet box once the recruiter was out of their way, stole the keys AGAIN, and started up the car once more. This time a MoFo PARTNER saw the situation, ran over to the car, and put a stop to the ill-fated scheme.
What happened to the summers in question? We don’t know for certain, but we’re guessing they got no-offered. While creative problem-solving and taking the initiative are usually desirable qualities for lawyers to possess, stealing cars and driving drunk raise character and fitness issues.
What a colossal d-bag. From the New York Daily News:
A Coney Island businessman is suing the city for damaging the Bentley he was driving when he killed a Brooklyn dad in a hit-and-run accident.
Harry Shasho, who pleaded guilty to leaving the scene of an accident, says the NYPD failed to safeguard the battered black 2005 Bentley GT luxury sedan that was impounded as evidence of the fatal crash. He’s asking for at least $190,000.
It sounds like Shasho needs a bit of a reality check:
Shasho says the Bentley was in “excellent condition … with no noticeable defects or damage” when he turned himself in, according to the suit filed in Brooklyn Federal Court.
The police report tells a different story. It describes the car as crumpled and the windshield “depressed and fractured” by the violent impact with [victim Louis] Couch that left his body parts strewn across the street.
The suit seeks damages from the city, the NYPD and the Brooklyn district attorney’s office.
Not the kind of case you’d like to take to a jury.
Hit-and-run driver claims city didn’t take care of his Bentley after crash [New York Daily News]
Here’s the second half of the “head-to-head” round of ATL Idol. If you’re not up to speed on what’s going on, background information is available in this prior post (or just scroll down the front page to the post immediately below this one).
You can check out the second half of the head-to-head round, featuring the blogging of SOPHIST and FROLIC AND DETOUR, after the jump.