Above the Law

Recent Headlines from Above the Law

 

kirkland RFEarlier this year, we noted a number of departures of private-equity partners from Kirkland & Ellis, a traditional leader in the PE space (and the #2 firm in our new law firm rankings). But K&E has also picked up partners in this practice area as well, including Sean Rodgers and Rick Madden, plus Andrew Calder and Anthony Speier in Houston.

This week the revolving door spins again at Kirkland, with the departure of a lawyer who has served in leadership roles at K&E. Who is he, and where is he going?

double red triangle arrows Continue reading “Musical Chairs: Kirkland & Ellis Loses Another Prominent Private-Equity Partner”

goodbye farewell Ill miss you“Beware the serial lateral partner.” That’s conventional wisdom in some circles of the legal profession. Here’s a pattern you often see: someone who gets poached by one firm, presumably lured by a big pay package, then laterals to another firm after the period of guaranteed compensation runs out, to enjoy another few years of guaranteed comp.

Today’s lateral partner story is a bit different. This high-profile partner is leaving his new firm after less than a year there (surely to the great disappointment of any recruiter who might have been involved in his original move).

It’s a strange story. What could be going on here?

double red triangle arrows Continue reading “Musical Chairs: A Recent Lateral Partner’s Mysterious Departure”

A 60-year-old Navy veteran needed money fast. So he did what far too many people do in that situation and applied for a short-term “payday-type” loan. When all was said and done, he was charged well over 100 percent interest. Seriously. One major player in the industry offered a $2,600, 47-month loan, and sought a total repayment of $20,280.03! That’s a 204.94 percent annual percentage rate!

Most of us realize that short-term lenders make their nut on exorbitantly high interest rates, but states have systematically cracked down on these companies and capped the interest they’re allowed to charge. State regulators have had a good deal of success in recent years securing hefty settlements for citizens victimized under state usury laws.

But our Navy veteran friend wasn’t so lucky. He got his loans from the wrong companies, and the state Department of Banking had to tell him that they were powerless to assist him.

It’s hard to believe a company can so blatantly thumb its nose at the rules, but they have a secret and some Biglaw bigshots on retainer to fight tooth-and-nail to protect their lending practices….

double red triangle arrows Continue reading “The Legal Trick Payday Lenders Are Using To Skirt The Law”

Won’t somebody please think of the children?

That quote comes from the contemptible Helen Lovejoy and probably a bunch of other sanctimonious folks trying to dupe the public into backing some BS agenda armed with the logical fallacy of an emotional appeal. The devil of it is these empty emotional pleas are so convincing to a lot of people. Sadly, lawyers aren’t above pulling this card to snowjob judges and the media.[1]

After the Vergara v. California decision there was a brief volley of commentary before everyone moved on to the next big event. The decision struck California’s teacher tenure law as unconstitutional because granting tenure to experienced teachers could possibly, maybe mean that a “bad” teacher couldn’t be fired fast enough. The decision earned the praise of a bi-partisan peanut gallery from the dwindling posse of Republicans in California to Secretary of Education and NBA Celebrity All-Star MVP Arne Duncan.

Everyone seems to want in on the “education would be peachy if it weren’t for the teachers” movement — including a metric s**t ton of Biglaw bigwigs. Gibson Dunn’s Ted Boutrous and Randy Mastro spearheaded the Vergara case. Ted Olson advised. David Boies is the chair of the Partnership for Educational Justice, a group fronted by former CNN anchor Campbell Brown bringing a similar lawsuit in New York fronted by Kirkland’s Jay Lefkowitzpro bono, of course. Now even Professor Larry Tribe is in the mix.

Stop the sanctimonious love-in. They aren’t championing children, they’re either starstruck or shilling or both. I mean, the Republicans have always wanted to kill unions because it’s easier to gut public schools for fun and profit. Democrats have jumped on board more recently because they want to suck up to tech billionaires like Bill Gates who preach that fixing the public education system that they never really participated in themselves is as simple as building an internet browser (which it is, if you want Internet Explorer).[2]

And all these legal luminaries throwing their reputations behind this effort just highlights how flimsy it is, as a matter of law and policy….

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* When it comes to all of the same-sex marriage cases that are currently before the Sixth Circuit, the deciding vote could be cast by Judge Jeffrey Sutton, a Republican appointee. [National Law Journal]

* Weil Gotshal snagged a partner from right under one of its largest competitor’s noses. Ray Schrock, formerly of Kirkland & Ellis, may someday co-chair Weil’s restructuring group. [WSJ Law Blog]

* “I got the reward that most volunteers get — which is I ended up having to read many, many hundreds of pages.” This Ogletree Deakins partner figured out how to undo Obamacare in his spare time, and all he got were these lousy bifocals. [Greenville News]

* On-campus interviewing season is almost upon us, so we’re going to give you all of the tips you can stomach. Here are a few more ways that you can hit all of your interviews out of the park. [The Careerist]

* Albany Law and the University at Albany are shockingly not already affiliated with each other, but they’re exploring an “operational alliance.” Will that mean fewer faculty buyouts, or…? [Albany Business Review]

We’re halfway through the first round of this epic bracket. We’ve got polls active right now from Day 1 and Day 2 featuring eight different lawyer letters — seeded by all-time traffic — vying for a trip to the Elite Eight.

Now the next four entrants join the party.

Do you remember these gems of legal authorship?

double red triangle arrows Continue reading “The Greatest Letter Ever? The ATL Lawyer Letter Bracket — Day 3″

Once again, we’ve had a slow summer in terms of summer associate gossip. Thanks to the plight of recent law school graduates and their ever-lasting joblessness, it’s a “buyer’s market for law firms” out there, and they’re using it to their advantage.

Summer associates have worked harder than ever before, and they’ve been on their best behavior. Trust us when we say we would have already heard about it if they weren’t, and the only sounds we’re heard have been the chirping of crickets.

We long for the days of lesbianic liplocks and helicopter hijinks, but we suppose we’ll have to settle for what the new normal has given us, which has been nothing short of boatloads of boring.

Given all goody-two-shoes summer associates this year, we’d like to think that offer rates will be absolutely awesome. Let’s find out which firms are rocking the 100 percent offer rate — information that rising 2Ls will want to know as the new on-campus interviewing season starts up…

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Litigators can fall victim to their own imaginations. It’s really built into the system when they’re encouraged to write their exhaustive wishlists during discovery and fill their own dreams with visions of terabytes of entirely incriminating evidence. When discovery inevitably fails to live up to those dreams, litigators have to make a decision between accepting disappointment or accusing the other side of wrongdoing for failing to fulfill those sugarplum visions. Litigators are basically Captain Hindsight, constantly shocked — SHOCKED — that no one understood years ago how important something would be to a case today.

Kirkland & Ellis chose the latter, writing counsel for a non-party — yes, a non-party — suggesting that he was withholding evidence because he hadn’t kept every single email they thought he might have from four years — yep, four years — earlier.

And then this guy’s lawyer went brutally funny on them….

double red triangle arrows Continue reading “This Lawyer Just Wrote The Best Smackdown Letter You’ll See Today”

Judge Emmet Sullivan

* Judge Emmet Sullivan (D.D.C.) wants the IRS to explain, in a sworn declaration, how exactly it lost Lois Lerner’s emails. [WSJ Law Blog]

* And the fun for the IRS continues today in the courtroom of Judge Reggie Walton (D.D.C.), as reported by Sidney Powell, author of Licensed To Lie (affiliate link). [New York Observer]

* Speaker John Boehner wants to take the Republicans’ crusade against Obamacare to the courts. [New York Times]

* Andrew Calder, the young M&A partner that Kirkland & Ellis snagged from Simpson Thacher for a reported $5 million a year, is already bringing in big deals. [American Lawyer]

How the cupcake crumbles: the once-successful venture of an NYLS grad and her husband needs a rescue.

* “Duke University is not and never has been in the business of producing, marketing, distributing, or selling alcohol.” Some bros down in Durham disagree. [ABA Journal]

* If you see something… sue someone? The ACLU and Asian American civil rights groups, together with some help from Bingham McCutchen, have filed a legal challenge to the Suspicious Activity Reporting database. [New York Times]

* Congrats to David Hashmall, the incoming chair of Goodwin Procter — and congrats to outgoing chair Regina Pisa, the first woman ever to lead an Am Law 100 firm, on her long and successful leadership. [American Lawyer]

* A group of investors might end up devouring Crumbs, the cupcake-store chain founded by New York Law School grad Mia Bauer that suddenly shut down this week amid talk of a bankruptcy filing. [Wall Street Journal (sub. req.)]

* Congrats are in order for David Barron. The Harvard Law professor was confirmed to the First Circuit in a close vote (53-45), despite his apparent allegiance to our new drone overlords. [WSJ Law Blog]

* Another one bites the dust: Weil’s London banking leader Stephen Lucas decamped for Kirkland & Ellis. The firm retorted by saying: “We have got 40 finance lawyers left.” Aww, yay for you. [The Lawyer]

* We already know that state prosecutors are very poorly paid, but let’s go one step further and see if women are paid less than men. Shockingly enough, women are getting the shaft in Texas. [Texas Tribune]

* Dean Jack Boger of UNC Law is stepping down, but he’s proud of keeping legal ed affordable. “[B]y relative standards, we’re still doing that,” he said. It’s ~$39K for out-of-state students. [Chapelboro.com]

* O.J. Simpson’s lawyers submitted a gigantic legal doc in an attempt to get him a new trial for his armed-robbery case. Court word limit: 14,000. Words in the Juice’s motion: 19,993. Rules: LOL. [NBC News]

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