Paging the next Aquagirl! Where are you? (Click for the image for the post.)
* Obama might have found out about the IRS scandal “when it came out in the news,” but the Office of White House Counsel knew what was going on weeks ago. Hooray, a new reason for people to lose their sh*t. [Wall Street Journal (sub. req.)]
* Life, liberty, and the pursuit of happiness through ridiculously expensive litigation: making up almost two percent of our GDP, our legal system is the most costly on earth, which isn’t exactly something we should be bragging about. [Corporate Counsel]
* “It’s no surprise these lawyers would want to get off this sinking ship.” It looks like things are going just swimmingly for Steven Donziger now that John Keker’s out as his defense attorney in the Chevron fraud case. [Thomson Reuters News & Insight]
* “Fantasy sports is usually the first and last thing I’ll do each day.” Here’s some proof that there’s such a thing as work/life balance in Biglaw… which is only applicable if you’re a partner. [Am Law Daily]
* Law school enrollment is down, and so is tuition revenue, so the legal academy is now selling new degrees. It’s only a matter of time before they market employment timeshares. [National Law Journal]
* On the bright side, if you’re still looking for a job, our own David Lat has some advice on how to get one (and how NOT to get one). We miss summer associates’ misbehavior. [U.S. News & World Report]
* Congrats are in order for this weekend’s graduates, including the first graduates of LMU’s embattled law school — they won’t let a lack of ABA accreditation rain on their parade. [Knoxville News Sentinel]
* It’s springtime, and the nation’s highest court is getting ready to drop some of its biggest decisions yet. If Tolkien had written this, Justice Kennedy would be the one to bear the One Vote. [UPI]
* But for SCOTUS to maintain legitimacy in the eyes of the people, its justices must do battle against a “modern-day tsunami of special interests.” How well are they doing? [National Law Journal]
* To answer that question, let’s look at their record. Political labels aside, thus far, the Roberts court has shaped up to be “the most pro-business court since the mid-1930s.” [New York Times]
* Meanwhile, Justice Thomas has been busy taking shots at President Obama, noting that he always knew the first black president had to be pre-screened by “the elites” and “the media.” [Mother Jones]
* Sometimes even federal prosecutors are willing to take pity upon rich old white men: Mel Weiss, formerly of Milberg LLP, won’t be returning to jail after his foray into DUI territory. [Am Law Daily]
* “Chevron can afford to litigate this case ‘until hell freezes over.’ But [Steven] Donziger can’t.” As it turns out, clients who can’t pay their bills are problematic for John Keker of Keker & Van Nest. [Reuters]
* “But Daddddddd!!!” Sorry, HealthBridge, but sometimes mom’s word is the law. After RBG slapped down a request to review the constitutionality of Obama’s recess appointments, the rest of the Supreme Court told Scalia to STFU. [Blog of Legal Times]
* “The very idea that she would be headlining a Pepsi event is shocking.” Are Justice Sonia Sotomayor’s days as a judicial darling coming to an end? After attending this event for Yale Law women in April, they may be numbered. [New York Times]
* And you thought they were “Burning Down the House” before! Standard & Poor’s has hired talented trial attorney John Keker of Keker & Van Nest to represent the ratings agency in the DOJ’s $5 billion suit. [Reuters]
* Talk about a soft landing: David Kappos, the former director of the United States Patent and Trademark Office, was picked up by Cravath. He’s only the fourth lateral partner the firm’s hired in 50 years. [Am Law Daily]
* “Axiom simply does it better, faster and cheaper.” The innovative legal services company manned by Biglaw refugees celebrated its thirteenth anniversary with a bang — $28 million in funding. [WSJ Law Blog (sub. req.)]
* Oh noooo! We’re a public school and we don’t have enough students to fill the seats! Let’s raise tuition by six percent, then charge everyone the new in-state price, and pretend like it’s a favor. Yay! [National Law Journal]
Under what circumstances would you see Gibson Dunn and Keker & Van Nest going up against each other? They’re two of the top litigation firms in the country, known for racking up victories in trial and appellate courts across the land. But they don’t come cheap.
Well, what if the issue was the enforceability of an $18 billion judgment, obtained in a foreign jurisdiction, that the plaintiffs are trying to enforce here in the United States? A highly questionable judgment, which the defendants are challenging on the grounds that it was the product of fraud and falsified evidence?
As we move into the weekend, we have a few more associate pay raise announcements to share with you.
After the jump, there’s confirmed compensation news about Arent Fox, K&L Gates, Heller Ehrman, and Keker & Van Nest.
We’ve also heard the rumors about Jones Day (Dallas) raising to $150K, from multiple sources. But we haven’t seen a memo, and neither of our sources is at the firm itself. So even though it’s most likely true, we’re going to hold off on calling it until we hear directly from someone at Jones Day in Dallas (or at least see a memo).
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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