* Bad news for the big three: the New York Times says Congress “is suffering from acute bailout fatigue.” [NYT]

* There were 13 law firm mergers in the third quarter this year (not unusual). The largest number of combinations (5) were in the southeast. [The Birmingham News]

* O.J. Simpson is finally going to jail. He will be sentenced today in Nevada. This time, he stole back sports memorabilia from two people. Can you think of a more inelegant end to the Simpson saga? [The Associated Press]

* If you break the law in New York, at least you get free day care. Thanks to Judge Judith S. Kaye (New York State’s cheif judge), there are 34 children’s centers across the state in family, criminal, and civil courts. They provide a safe and happy place for children whose parents are involved in legal battles. [NYT]

* The shareholder lawsuit against the merger of Bear Stearns and JPMorgan Chase was dismissed Thursday in the New York State Supreme Court. [Reuters]

* Singapore awarded Clifford Chance, White & Case, and Latham & Watkins licenses to practice law, as part of an attempt to compete with Hong Kong and other cities in China and the Middle East that have benefitted from having international law practices. [Bloomberg]

* Discover is mad at Morgan Stanley for secretly hanging-out with Visa and Mastercard behind Discover’s back. Sounds a lot like middle school, only in the real world, you can sue. [Bloomberg]

The M&A groups at New York law firms have a lot more time on their hands these days, with that whole economic downturn thing, and the disappearance of credit. This article in the New York Law Journal discusses the fall-out so far this year:

Several major firms saw a significant decrease in global M&A activity in the first quarter of 2008.

For example, Sullivan participated in 34 announced deals in the first quarter, down from 46 for the same period in 2007. Deals declined to 44 from 69 at Skadden, Arps, Slate, Meagher & Flom, to 60 from 98 at Clifford Chance, to 17 from 32 at Simpson Thacher & Bartlett.

Hunton & Williams, McCarthy Tetrault, and Sutherland Asbill & Brennan, spurred by the $113 billion spin-off of Philip Morris, took the first-, second- and third-place rankings for global announced deals in the first three months of this year, while stalwarts like Sullivan, Clifford Chance and Skadden respectively came in third, fourth and fifth on the Thomson [Financial] list.

On the upside, maybe some transactional lawyers actually get to see sunlight at the end of their work day. Or maybe not.

A little more, after the jump.

* Clear Channel and private equity firms sue banks they claim are balking on financing their buyout deal; injunctive relief secured. [WSJ Law Blog; AP]

* Lilly settles Zyprexa litigation with Alaska. [New York Times]

* SCOTUS considers pro se rights. [Washington Post]

* Did KPMG “enable” New Century’s collapse? [New York Times]

* Federal indictment: congressmen allegedly traveled to Iraq on Saddam’s dime. [CNN]

* Homeowners protest Bear Sterns bailout. [MSNBC]

* Claim filed by family of woman who died in airport police custody. [CNN]

* Professor Akhil Amar: Obama and Clinton can take turns being president. Say what? [Slate]

* JPMorgan could raise Bear Sterns bid to $10 a share. [New York Times]

* IOC engages in “silent diplomacy” with China on human rights issues. [ESPN]

* Radical hippie mom accidentally released from jail for a few days. [CNN]

* AG Mukasey to argue before SCOTUS tomorrow. [WSJ Law Blog]

While last week’s ATL / Lateral Link survey on hindsight is still open, today’s survey ponders the uncertain future. And Bear Stearns’s effect thereon.

Nathan Koppel has an interesting post on the WSJ Law Blog about which firms might miss Bear Stearns business. Verdict: it’s murky, but probably not that great for Latham, Skadden, Cadwalader, or Weil Gotshal, and a mixed bag for WilmerHale. (Wachtell and Cravath weren’t mentioned in the post, but since Wachtell advised J.P. Morgan in the deal, and Cravath represented Lazard as financial advisor to Bear, they might experience some short-term upside.)

John Carney has an interesting post on Dealbreaker about how the Bear Stearns collapse affected the chairman’s bridge game. Verdict: the guy was playing bridge??

And the litigation’s already afoot (PDF), suggesting that somebody out there is going to get to bill some heavy hours for the defense.

But how will it affect you? Will work slow down as investors circle the wagons, or will there be a regulatory response that actually increases the need for lawyers? Will shareholders’ fear of fire sales increase bankruptcy and litigation work?

Let’s find out, in today’s ATL / Lateral Link survey:

Update: This survey is now closed. Click here for the results.

—
Justin Bernold is a Director at Lateral Link, the sponsor of this survey.

* “Are we headed for another Great Depression?” [McClatchy]

* Quelle surprise: Bear Stearns shareholder lawsuit (filed in S.D.N.Y. by Coughlin Stoia). [Bloomberg; WSJ Law Blog (PDF of complaint)]

* Speaking of Bear Stearns, here are some law firms losing out on BSC business. [WSJ Law Blog]

* Tenth Circuit reverses convictions of former Qwest CEO Joe Nacchio. [AP]

* Harvard Law School will pay the 3L tuition of future students who agree to work for nonprofit organizations or government for five years following graduation. [New York Times via Tax Prof Blog; Harvard Law School (news release)]

* Settlement in Paul McCartney-Heather Mills divorce (more on this later). [Legal Week]

* SCOTUS to hear Second Amendment / D.C. gun control case today (more on this later too). [New York Times; Reuters]