* Citi reports that firms saw a revenue jump of 2.7 percent in the third quarter. Revenue has now finally outpaced expenses for the year. Let the good times roll? [The AmLaw Daily]
* In regulatory fun, the Comptroller of the Currency issued some regulations on how banks can use consulting firms to comply with enforcement orders. In a nutshell, consultants should do their jobs rather than be a rubber stamp for the banks. Once again regulation arrives long after common sense required it. [Washington Post]
* A new company called Fantex Holdings might turn your fantasy football chatter into insider trading when it starts securitizing athletes. Now TacoCorp can endure an SEC investigation just like real companies. [Corporate Counsel]
* Microsoft’s IP counsel is opening a new office of Shook, Hardy & Bacon. Congratulations of the Ctrl+Alt+Deleting your career as an outside counsel. [Corporate Counsel]
* Harvey Updyke, the Alabama fan who destroyed Auburn’s landmark trees, owes $796,000 according to a judge. Roll Tide. [Courthouse News Service]
* Veterans applying to law school should take these tips to heart. [Blueprint Prep]
* The Amanda Knox trial has a ton of experts involved. No defendant, but a ton of experts. [The Expert Institute]
* Judge Ellen Huvelle has ordered the government to turn over to her an executive order that the feds claim is subject to executive privilege. Judge Huvelle rejected the administration’s argument that privilege exists because, “we don’t want to give it to you.” [Politico]
* Pepper Hamilton has joined the greener pastures of Silicon Valley, opening an office with three partners poached from Goodwin Procter. [Reuters Legal (sub. req.)]
* Speaking of poaching, Martin Dunn, former deputy director of the SEC and O’Melveny partner is joining Morrison & Foerster. [The Blog of the Legal Times]
* And while we’re at it, M&A partner Sean Rodgers has left Simpson Thacher to merge with Kirkland & Ellis. [The AmLaw Daily]
* Publisher ALM (The American Lawyer, Corporate Counsel, The National Law Journal, The New York Law Journal) has a new technology partner and hopes to boost its readership. If they want to boost their readership, wouldn’t starting a new law school be a better investment? [Talking Biz News]
* Conservative groups are miffed about video of this Democratic party lawyer “attacking” a Republican at the polls and trying to “steal” an election. It seems like he put his hand over the lens of a camera phone, but sure, this is exactly like telling minorities the wrong day to vote. [Bearing Drift]
* “How do we find a new inventory of high net worth clients?” The answer for Kelly Drye was really quite simple: it seems that pro athletes are willing to pay just about anything to keep themselves from going bankrupt. [Capital Business / Washington Post]
* “I don’t know why it’s better to use a bigger firm.” When it comes to the latest law firm mega-mergers, some say that it’s not the size of the boat, but the motion of the ocean. [Wall Street Journal (sub. req.)]
* It’s like Groundhog Day for these Biglaw attorneys: Apple and Samsung are preparing for the “patent trial of the century,” part deux, and both MoFo and Quinn Emanuel have enlisted new lineups. [The Recorder]
* SAC Capital’s general counsel is okay, “[a]ll things considered.” His painful appendectomy is nothing compared to the $1.2 billion his hedge fund has to pay the government. [DealBook / New York Times]
* Ted Cruz might be an “AASS,” but he’s done at least one awesome thing in his life. He once drank so much Everclear that he completely ruined a play put on by the Harvard Law drama society. [Boston Globe]
* The fiscal impasse in our nation’s capital is over! The government shutdown is over! Obamaphones for everyone!!!!! [Washington Post]
* Tim Geithner was recently deposed as part of a lawsuit alleging that the government bailout of AIG was unconstitutional. Muammar Gaddafi was less recently deposed as part of a coup alleging that his female bodyguards were unconstitutionally sexy. [Fox Business]
* Cory Booker (Yale Law ’97) won a Senate seat last night, promptly bumping Lat from the cover of the next Yale Law alumni magazine. It was the Halloween issue — the annual Boo Haven edition. [ABC News]
* Mark Cuban was acquitted of insider trading charges yesterday. In related news, this basset houndloves fans. [CBS News]
* Brooklyn Law faces a possible debt downgrade from Standard & Poor’s. The school’s unemployed graduates, substandard and poor, have yet to weigh in. [Crain's New York Business]
* If the government shuts down and then defaults on its debt, Wall Street worries that it would “shake the foundations of the global financial system.” Hooray for political asshattery! [DealBook / New York Times]
* At least six of the Supreme Court’s judicial precedents are up for reconsideration in the upcoming Term, and high court commentators think the resulting decisions could be a mixed bag. [National Law Journal]
* Apparently low-income New Yorkers’ legal problems are “not worthy of a ‘real lawyer,’” or at least that’s the message that will be given if non-lawyers are allowed to provide legal services. [New York Law Journal]
* Sorry, lady, not enough prestige. A Brazilian journalist was allegedly on the receiving end of some “extremely violent” police behavior at Yale Law School after attempting to interview Justice Joaquim Barbosa at a private event. [The Guardian]
* Mark Cuban’s insider trading case is heading to trial today, but we genuinely wonder how he’ll be able to convince a jury that he’s “humble and affable,” rather than the “master of the universe.” [Boston Herald]
Here’s some friendly advice: when you’re drunk, try to keep your mouth shut. Or at least keep your work-related thoughts to yourself. This is certainly true for junior lawyers, but it goes for partners as well.
According to a complaint just filed by the Securities and Exchange Commission, an IP partner at a leading law firm had a few too many drinks, then got a little “TMII” — “too much (inside) information” — with his investment adviser. That adviser then traded on the material, nonpublic information, the SEC alleges….
“For example, on or about July 29, 2009, a recently hired SAC PM (the ‘New PM’) sent an instant message to [Steve Cohen] and relayed that, due to some ‘recent research,’ the New PM planned to short Nokia when he started work 10 days later. The New PM apologized for being ‘cryptic’ but noted that the head of SAC compliance ‘was giving me Rules 101 yesterday – so I won’t be saying much[.] [T]oo scary.’”
Possibly the weirdest part here is that new hires got compliance lectures two weeks before they showed up at the firm? But maybe not; the DOJ takes a pretty dim view of SAC’s hiring process generally, and if you believe the DOJ that SAC’s main hiring criterion was “is good at insider trading,” then you could imagine the need for a little pre-start-date warning in email etiquette:
* It’s just business as usual: Amid accusations of liberal court-packing, D.C. Circuit nominee Nina Pillard faced questions on abortion and religion during her testimony before the Senate Judiciary Committee. [USA Today]
* Biglaw isn’t as dead as we’ve been told and made to believe. Some of the largest firms are actually doing quite well, says American Lawyer’s editor-in-chief, who’d like her job to retain some meaning for now. [Am Law Daily]
* Fried Frank knew that it’d take a banker to pull the firm from its monetary funk, so it picked up David Greenwald, deputy general counsel of Goldman Sachs, to act as co-chair through 2015. [New York Law Journal]
* With the change in SEC policy, from allowing companies to use neither-admit-nor-deny language, to forcing them to admit guilt in “egregious” cases, lawyers may soon be very busy. [Corporate Counsel]
* Raj Rajaratnam is a firm believer in the “three strikes and you’re out” theory of law. A month after the Second Circuit affirmed his insider trading conviction, he’s asking for a rehearing en banc. [Bloomberg]
* The D.C. Circuit has banned the import of Sodium Thiopental, putting a crimp in the plans of any state looking to administer lethal injections. This is where Delaware has it right… no one is going to outlaw rope. [The Volokh Conspiracy]
* Steve Cohen didn’t read 89 percent of his emails. In his defense, “I think I’m guilty of insider trading” and “I am a Nigerian Prince” are probably both getting caught by the spam filter. [DealBreaker]
* “Just as Justice Scalia predicted in his animated dissent, by virtue of the present lawsuit, “the state-law shoe” has now dropped in Ohio.” [USA Today]
* Wire Lawyer is running a competition among law school alumni to see which schools are the most technologically progressive. What do you know, people from Seattle and California are winning a technology competition. [Wire Lawyer]
* Hall of Famers Art Monk and Darrell Green have joined the movement to get Washington to stop using the ‘Redskins’ name. [ESPN]
* Pass the ammunition? After facing a court-mandated deadline from the Seventh Circuit, Illinois is now the last state in the country to have legalized the concealed carrying of firearms. [Chicago Tribune]
* Now that SCOTUS has punted on the question of gay marriage, other plaintiffs are stepping forward to sue for the right to wed. Next up, a challenge to Pennsylvania’s ban on equality. [Legal Intelligencer]
* James “Whitey” Bulger let f-bombs fly across the courtroom during his trial yesterday when his former partner took the stand to testify against the mob boss. Once a Masshole, always a Masshole. [CNN]
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.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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