I recently graduated from a state school in the California State University system as a Philosophy major. My original plan was to go to law school, but I am now thinking I may want to go into accounting instead (due to the terrible job market for lawyers and the 150k debt I’d be faced with).
Particularly, I would like to work at a Big 4 firm. Is this change possible?
— from a question sent into the advice column of Going Concern (the accounting world’s answer to Above the Law). Note the questioner’s less-than-stellar undergraduate GPA.
We are not fans of Crocs here at Above the Law. We stand by this position, even though First Lady Michelle Obama — aka She Who Can Do No Wrong — has been spotted in them.
Apparently we are not alone in our opposition to Crocs. It seems that the people at Porsche — yes, the luxury sports car maker — have sued the footwear folks. In Germany.
Seriously? Yup. The lawsuit was mentioned in the Crocs (CROX) third quarter 10-Q, which is how it came to the attention of our sister site, Going Concern (via Footnoted).
So what is Porsche suing Crocs over? Find out at the links below. Deadline Watch: Porsche Suing Crocs For ‘Cayman’ Use [Going Concern] Porsche vs. Crocs… [Footnoted.org] Earlier: Crocs: Ugly and Dangerous
If at first you don’t succeed, try, try again. From our sister site, Going Concern:
[A] judge in Seattle has allowed a revised lawsuit to proceed that lists “Washington Mutual officers and directors, underwriters, and the auditing firm Deloitte & Touche” as defendants.
The revised lawsuit was trimmed down to a “concise” 267 pages from the original 388 that the judge described as “verbose” and “disorganized”.
“Verbose” and “disorganized” would also describe many lawyers we know. On the defense side, though, it’s an all-star cast. From Am Law Litigation Daily:
The lineup for the defendants includes Simpson Thacher & Bartlett attorneys Barry Ostrager and Rob Pfister for former WaMu officers; Ronald Berenstain of Perkins Coie for former WaMu outside directors; Barry Kaplan of Wilson Sonsini Goodrich & Rosati for former WaMu CEO Kerry Killinger; Peter Wald of Latham & Watkins for Deloitte; and Jonathan Dickey of Gibson Dunn & Crutcher for the underwriters.
If the power to tax is the power to destroy, then shouldn’t we at least try taxing stupidity? They’re thinking about doing it in France. From Going Concern:
Our frog eating friends have decided that they will start taxing people for their stupidity:
“The French Foreign Ministry is proposing a very narrow law requiring citizens foolish enough to wander into international danger zones, regardless of public warnings, to pay at least part of the cost of their own rescue.”
If you wander up a silly mountain and get stuck, it is civilized to have somebody go and try to find you even it was your own damn fault. But that doesn’t mean society should have to foot the entire bill for your weekend warrior shenanigans. Right?
Click on the link below to read — and comment on — the full post. The Solution to All Our Fiscal Problems [Going Concern]
Frank DiPascali, the former CFO — chief fraudulent officer? — for Ponzi schemer extraordinaire Bernard Madoff, pleaded guilty today to a variety of charges, including securities fraud, falsifying records, and international money laundering.
Read more and comment over at Going Concern. Guilty Madoff CFO Update [Going Concern]
And accountants, and investment bankers. Senator Arlen Specter (D-PA) has introduced legislation that, if passed, would make it easier for investors to sue law firms, accountants and investment banks involved in perpetrating fraud. The law would effectively overrule Supreme Court precedent placing limits upon suits against parties with indirect involvement in fraud.
Read more — and comment — over at Going Concern (link below). Arlen Specter Not Pandering to the Bean Counter Vote [Going Concern]
The newest member of the Breaking Media family, the accounting-focused Going Concern, seems to be venturing onto ATL turf today.
Multiple stories on the Going Concern front page are law-related. These are just excerpts or summaries; click on the links to read more (and comment).
1. UK Court Decides it Will Leave the Major Lawsuits to the Americans
“Big 4 firms dodge a bullet in the UK as the highest court dismissed a negligence lawsuit against an accounting firm that failed to detect a fraud that brought down a trading company.”
2. UBS and IRS Probably Have a Deal, No Toblerones Involved
“UBS is going to name names, albeit not all of them, bringing us to ever so close to the bitter end of the whole IRS/UBS standoff.”
3. Ex-BDO Partner Won’t Be on His Boat after Plea Deal
“[Former partners of accounting firm BDO Seidman] that were involved with the firm’s tax shelters are continuing to drop like flies. This time, Mark Bloom, a hedge fund manager and former BDO partner that worked in Tax Solutions group, pleaded guilty to several charges.”
4. California Overtime Lawsuits Update
Ah, California lawyers…. If only you were accountants, you might be entitled to some back pay for overtime. The issue will be decided by the worker-friendly Ninth Circuit at some point in the future.
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 seven years. You can reach them by email: firstname.lastname@example.org.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.