Leigh Dollard: Hmm, apply to law school or pay my bills?
Have you heard of Tips for Jesus? Since September 2013, this incredibly rich mystery man — rumored to be Jack Selby, formerly of PayPal — has been traveling the country, dropping insane tips of up to $10,000 wherever he wines and dines. He’s “[d]oing the Lord’s work, one tip at a time,” and he’s documented this journey of generosity by taking pictures of his checks and uploading them to his Instagram account. He hasn’t explicitly stated why Jesus is involved, but who cares, it’s free money. This man knows the service industry can be thankless, so he’s giving back in the best way he knows how.
The cash that Tips for Jesus has laid out has been completely life-changing for some of its recipients. One of the latest beneficiaries of his kindness was a cocktail waitress in California who received a $5,000 tip this past weekend. What’s she planning to do with the money?
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Sunny Choi of Ms. JD suggests five New Year’s Resolutions for every associate’s wallet.
Being financially conscious requires a disciplined mind and willpower similar to what you would need to succeed at losing weight. You’re not going to lose those 10 pounds by carving out an exception, for say, your daily caramel latte from Starbucks. No ifs, ands. or buts when it comes to meeting financial goals. If you’re ready for the challenge, here are some ideas for New Year’s resolutions that you can tailor to your personal financial needs.
1. Aim for quarterly progress in paying down your law school loans.
Welcome back. Did everyone have nice holidays? With Christmas and New Year’s Day behind us, it’s back to work for many folks (although we’re guessing that a fair number of people are still off today and tomorrow).
Going back to the office means going back to a favorite topic here at Above the Law: bonuses. As we mentioned when listing of our 10 most popular posts of 2013, our third most-popular category page on the site was Bonuses. If you have bonus news to share with us, please email us or text us (646-820-8477).
Let’s kick off 2014 with some happy news. Which firm just cut a second round of checks to its associates, and how much are we talking about?
* In his year-end report, Chief Justice Roberts politely asked Congress to make it rain on the federal judiciary in fiscal year 2014, because “[t]he future would be bleak” without additional funding. [Reuters]
* Utah finally asked for Supreme Court intervention in its quest to stop gay couples from marrying, but Justice Sotomayor wants a response from the other side before she weighs in. WWSSD? [BuzzFeed]
* Perhaps Justice Sotomayor saw the humor in this: she just gave a group of nuns a temporary reprieve from having to give out birth control to a bunch of women who have taken vows of chastity. [Bloomberg]
* Where in the world is Carmen Sandiego Steven Davis? Oh boy, Dewey have some news for you! The failed firm’s former chairman is now the chief legal representative for Ras al Khaimah in the United Arab Emirates. [WSJ Law Blog]
* “The Second Amendment does not preclude reasonable regulation.” A judge upheld the majority of New York’s new gun laws as constitutional. Opponents are ready to lock and load on appeal. [New York Times]
* Just because your law school isn’t ranked, it doesn’t mean you can’t dream big. Case in point: one of this year’s Skadden Fellows will graduate from John Marshall (Chicago) this spring. [National Law Journal]
As 2013 draws to a close, let’s look back at the 10 biggest stories in the legal profession over the past year. This is an annual tradition here at Above the Law, which we’ve done in 2012, 2011, 2010, and 2009. We’ll fire up the old Google Analytics machine to get data on our most popular posts, based on pageviews, and share the results with you.
Before turning to specific stories, let’s look at the top general discussion topics here at ATL. For 2013, our most trafficked category page was Biglaw, which bumped Law Schools out of the top spot — a spot that Law Schools held from 2010 through 2012. Now that the word is out about the perils of getting a law degree, leading to plummeting applications, perhaps it’s time to move on from the “don’t go to law school” narrative.
After Biglaw and Law Schools, our third most-popular category page was, as usual, Bonuses. This wasn’t a terribly exciting year for bonuses — there were no spring bonuses, and Cravath and its many followers paid out the same bonuses as last year — but people still want to know the score.
Our fourth most-popular category page was small law firms. Small firms, including boutiques, are an area of increasing focus and readership for us — and also where many of the job opportunities are these days.
Moving on from the topic pages, what were the 10 most popular individual posts at Above the Law in 2013?
* Watch out, Biglaw, the tax man is coming for you. If this bill goes through, it could put a hurting on partners’ pocketbooks at law firms with more than $10 million in gross receipts. [Blog of Legal Times]
* International firms are just discovering Africa, and are moving quickly to set up shops there. Before opening up your firm, take a quick lesson from DLA Piper: Africa is a continent, not a country. [Am Law Daily]
* Juan Monteverde, one of our Lawyer of the Year nominees, received a very public spanking from Chancellor Leo Strine of the Delaware Court of Chancery over outsized attorneys’ fees in a “dubious” shareholder suit. Ouch, that’s really gotta sting. [WSJ Law Blog (sub. req.)]
* Oh mon dieu, BU Law set up an exchange program between a law school and a foreign management school. Students might not get jobs out of it, but at least they’ll get to go to Paris. [National Law Journal]
* Politico has put together a fun little list of the ten journalists to watch in 2014, and a few lawyers made the cut, including Glenn Greenwald, Ronan Farrow, and Megyn Kelly. Congratulations, everyone! [Politico]
Earlier this year, partner bonuses at Hogan Lovells generated some controversy across the pond. Certain partners in London questioned the process by which payments were determined and wondered whether partners in management received too much relative to rank-and-file partners. Squabbles over partner pay are something the firm’s incoming CEO, D.C.-based Stephen Immelt, can look forward to addressing when he takes over next summer.
Let’s now turn from partner pay in London to associate pay in New York. The NYC office of Ho-Love recently showed its associates some love, in the form of year-end bonuses. Were they as controversial as the London partner payouts?
* Judge Richard Leon’s decision in the NSA surveillance case is ripe for review by the D.C. Circuit, and given the court’s new make-up, we could see a very interesting result. Oh, to be an NSA agent listening in on those calls. [National Law Journal]
* With seven business days left until 2014, law firms all around the country are still desperately trying to get paid. Lawyers are working hard for the money — 83.5 cents to the dollar — so you better treat them right. [Wall Street Journal (sub. req.)]
* Who you gonna call? Your local bankruptcy attorney. Alston & Bird, currently housed in Heller’s old digs in Silicon Valley, will head to a new office whose former occupants include Dewey, and Howrey, and Brobeck, oh my! [Am Law Daily]
* Four were arrested in the tragic murder of attorney Dustin Friedland, and each is being held on $2 million bond. One of the alleged assailants has a history of putting guns to other people’s heads. [NJ Star-Ledger]
* “I think it would be wise for the NCAA to settle this now.” Thanks to the Ed O’Bannon lawsuit, the world of college sports will be forever changed, so all those video games you’ve got are now antiques. [CNBC]
* Tom Cruise settled his defamation lawsuit against a tabloid publisher over claims that he’d abandoned his daughter during the pendency of his divorce proceedings. Xenu is pleased by this announcement. [CNN]
As part of a nationwide tour, Above the Law is coming to the great city of Chicago.
Join preeminent law firm management consultant Bruce MacEwen, Katten Muchin Chicago managing partner Gil Sofer, and JPMorgan Chase & Co. assistant general counsel Jason Shaffer for a panel discussion (sponsored by Pangea3) on the evolutionary and market forces bearing down on the law firm business model. Come on by Thursday, November 20, at 6 p.m., for thought-provoking discussion, food, drink, and networking.
Space is limited and there will be no on-site registration, so please RSVP
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.