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The Democrats’ Belief in the Unitary… Legislative?

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In the Senate chamber yesterday, crickets were chirping. From the New York Times:

Jim Webb Senator James Webb Above the Law blog.jpgWho says the Senate cannot act quickly? It conducted a full day’s business in less than 30 seconds on Tuesday.

Of course, there was no real business to conduct. But fearing that President Bush would again use a Congressional recess to install disputed executive branch appointees without Senate confirmation, Democrats convened the Senate for the first of four microsessions to be held during the holiday break, precisely to thwart such an end run….

No legislation can pass at pro forma sessions, but they allow the Senate to fulfill its constitutional requirement that, when not in recess, it meet on the day following three consecutive days off. Tuesday’s session was such a rush job that the traditional opening prayer and the Pledge of Allegiance were dispensed with. [Virginia Senator Jim Webb] was the only senator in the chamber, and even the otherwise ever-present teenage pages were absent, having been sent home for Thanksgiving.

Jim Webb has flashbacks to his 11th birthday party, when he sat all alone at the skating rink because none of the guests showed up.
Also, note the omission of the prayer and the Pledge. Godless Democrats!
Democrats Move to Block Bush Appointments [New York Times]

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Non-Sequiturs: 11.21.07

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Hillary Clinton Rocks My World Above the Law blog.jpgIf a blog post is published on the Wednesday before Thanksgiving, does anyone read it?
* Apparently the movie “Redacted” has nothing to do with document production. [Likelihood of Success]
* And you thought $1,000 an hour was expensive. Try hiring John Ashcroft’s consulting firm. [Newark Star-Ledger]
* We believe that Hillary’s experience as First Lady, during which she traveled the world and met with numerous world leaders, would help her conduct foreign policy as president. But Glenn Reynolds’s quip did make us chuckle. [Instapundit]
* Interesting professorial perspectives on the D.C. gun control case and its implications for the 2008 elections. [Balkinization; Althouse]
P.S. We are delighted to have one of our quotes featured in the banner at the top of Althouse. Thanks, Professor Althouse!

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Will Lumps of Coal (and Pink Slips) Fill Lawyer Stockings This Year?

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Merry Christmas Grinch Above the Law blog.jpgThe woes of structured finance lawyers in the wake of the credit crunch have been extensively chronicled in these pages. Now they’ve migrated over to the MSM. One of our favorite young reporters, Lindsay Fortado of Bloomberg News, has this detailed report:

New York law firms are cutting associates for the first time since 2001 as the collapse of the subprime mortgage and credit markets causes private equity deal volume and structured finance work to slow.

Clifford Chance, the world’s highest-grossing law firm, dismissed six senior associates who worked on mortgage-backed securities in its structured finance practice on Nov. 5. At least two other firms asked associates, or salaried lawyers, to take sabbaticals or switch departments, a move that often precedes job cuts. Partners, about one-fourth of the attorneys at the biggest firms, may also face some belt tightening.

The subprime collapse and its effect on the credit market and the volume of deals have brought a slowdown in work, probably leading to job cuts. While structured finance practices have been hit the hardest, mergers and acquisitions and private equity practices also face a slowdown, legal consultants said.

Troubling. If the problem remains confined to structured finance, that’s one thing; but if it spreads to M&A, that’s another thing entirely. Since M&A work is such a big driver of firm profitability, troubles in the merger market could scuttle any chance of “NY to 190″ in the foreseeable future.
More excerpts from Fortado’s extremely interesting (and long) article, plus additional discussion, after the jump.

double red triangle arrows Continue reading “Will Lumps of Coal (and Pink Slips) Fill Lawyer Stockings This Year?”

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A Pair of Pre-Holiday Plugs

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New York Observer logo small Above the Law blog.jpgIt’s very quiet around here today. We’re guessing everyone is getting ready for Turkey Day and leaving early (or trying to get actual work done before leaving early, and therefore not visiting ATL).
But if you are looking for a way to kill time before your office closes for Thanksgiving, here’s some procrastination material for you: our latest column for the New York Observer. It’s about — surprise surprise — associate bonuses, and associate layoffs. The content of the column shouldn’t come as news to regular readers of ATL, but it does offer an overview of where we are now, as well as some thoughts about the future.
Also, while we’re in self-promotional mode (when aren’t we?), we were just interviewed by Rob La Gatta of LexBlog. You can check out the interview — in which we discuss future plans for ATL, unruly commenters, and the legal profession’s uneasy relationship with the blogosphere — by clicking here.
May It Please the Court? Massive Law-Firm Bonuses, Not So Much [New York Observer]
LexBlog Q & A: David Lat, Editor-in-Chief of Above The Law [LexBlog]

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Because This Country Really Needs Another Law School

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Binghamton University Law School Above the Law blog.jpgConsidering the grim job prospects for graduates of non-top-tier law schools, maybe we should be shuttering law schools rather than opening them.
But the trend may be going in the opposite direction. From the National Law Journal:

State University at Binghamton in New York is in the early stages of planning to open a law school, which would be the third public law school in the state.

Binghamton University President Lois DeFleur said that she has been in ongoing talks with State University of New York (SUNY) officials and with the American Bar Association about the school. The proposal would need the approval of state’s education department and the governor.

The other publicly supported law schools in New York are the University of Buffalo, part of the SUNY system, and the City University of New York School of Law at Queens College.

Okay, maybe this wouldn’t be such a horrible idea. First, Binghamton is a well-respected university, so presumably its law school would be strong as well. Second, it would be a public school, with more affordable tuition. So even if its graduates have trouble finding jobs, at least they won’t be six figures in debt.
From a tipster:

There is really no great option for affordable legal education in New York (Buffalo?) and very few options at all outside of NYC (i.e., Cornell). Another thing to consider is that the closest schools to Binghamton (besides Cornell) are Albany and Syracuse, both of which are private schools. So, presumably there would be a market for this school.

Thoughts? To any Binghamton undergrad alums: Would you like your alma mater to launch a law school?
SUNY Binghamton makes a bid to create law school [National Law Journal]

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Associate Support Staff Bonus Watch: Open Thread

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associate bonus watch 2007 law firm Above the Law blog.jpgWe’re sorry we don’t have more associate bonus news to report. Unfortunately, we have to wait for it to happen; we can’t just make it up.
So while we wait for more announcements — it’s the Wednesday before Thanksgiving, so we’re hoping for some announcements in the afternoon — let’s talk about a related subject: staff bonuses.
In its bonus memo from earlier this month, Willkie Farr & Gallagher announced that it would be paying a special bonus to its administrative staff as well as its associates. And it turns out that Willkie is not alone. We’re hearing that Weil, Gotshal & Manges is paying its support staff a special bonus as well.
The Weil special bonus equals one week’s base salary. It will go to all support staff: “secretaries, paralegals, litigation support — the whole nine yards.”
The amount is not life-changing; at a week’s salary, the bonus equals about 2 percent of base. But it’s still a nice move, and something else for Weil paralegals to be thankful for this Thanksgiving.
What other firms besides Willkie and Weil are paying special bonuses to staff? Feel free to discuss in the comments.

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Associate Support Staff Bonus Watch: Open Thread

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associate bonus watch 2007 law firm Above the Law blog.jpgWe’re sorry we don’t have more associate bonus news to report. Unfortunately, we have to wait for it to happen; we can’t just make it up.
So while we wait for more announcements — it’s the Wednesday before Thanksgiving, so we’re hoping for some announcements in the afternoon — let’s talk about a related subject: staff bonuses.
In its bonus memo from earlier this month, Willkie Farr & Gallagher announced that it would be paying a special bonus to its administrative staff as well as its associates. And it turns out that Willkie is not alone. We’re hearing that Weil, Gotshal & Manges is paying its support staff a special bonus as well.
The Weil special bonus equals one week’s base salary. It will go to all support staff: “secretaries, paralegals, litigation support — the whole nine yards.”
The amount is not life-changing; at a week’s salary, the bonus equals about 2 percent of base. But it’s still a nice move, and something else for Weil paralegals to be thankful for this Thanksgiving.
What other firms besides Willkie and Weil are paying special bonuses to staff? Feel free to discuss in the comments.

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Morning Docket: 11.21.07

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* Former Press Secretary McClellan blames Bush, Cheney, Libby, and Rove in CIA-Plame leak case. [CNN]
* Polygamist Jeffs sentenced to 10 years. [MSNBC]
* Rich people rank their lawyers. [ABA Journal]
* Trainer really, really won’t testify against Bonds in BALCO case. [MSNBC]
* Dayton firm to acquire one of those leather chairs. [The Onion]

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Goody Goody Gunshots: SCOTUS Grants Cert in Gun Control Case…

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gun pistol firearm Second Amendment Harris Parker dc gun control case.JPGSending chills up the spines of real estate finance casebooks everywhere.
Court agrees to rule on gun case [SCOTUSblog]
High Court to Take D.C. Gun Ban Case [Washington Post]
Justices to Hear Gun Control Case [New York Times]

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Non-Sequiturs: 11.20.07

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* And don’t forget the inevitable obesity lawsuits. [West Virginia Record]
* Lawyers, swords and money — or, an interesting look at the specialty of nonprofit law. [Michael Gross]
* Surprisingly successful defense to meth charges: “I did it for my dog.” [Blogonaut]
* There’s more to south Florida than bikini-clad hotties — like a vibrant legal blogging scene. [National Law Journal]
* LLB vs. JD debate = Canadian email clusterf**k. [ReportOnBusiness.com]
* Bet you didn’t know: today is Transgender Day of Remembrance. [Rainbow Law Center; Transgender Workplace Diversity via Blawg Review]

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Those Weird Hogan & Hartson Ads: The Mystery Revealed

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Hogan Hartson LLP Above the Law blog.JPGRemember those strange radio advertisements about Hogan & Hartson? We discussed them here and here. The ads went something like this:

Did you hire a Hogan and Hartson senior partner for bet the company liltigation? Was your case handled by a junior lawyer instead of the senior partner you thought you were paying for? Call 800-759-8611.

Well, Peter Lattman and the WSJ Law Blog have gotten to the bottom of this oddness. It turns out the ads, which ran in print as well as on the radio, were financed by a company called General Steel. Earlier this year, General Steel sued Hogan, alleging fraud, breach of fiduciary duty and breach of contract. From the Law Blog:

In July a judge in Denver dismissed all but one of the claims against Hogan and sent the remaining claim — essentially a fee dispute — to arbitration. Hogan says General Steel owes the firm around $300,000; General Steel wants its money back and more. Click here for the judge’s order; and here for the judge’s order denying General Steel’s motion for reconsideration. General Steel is also appealing the judge’s ruling.

Hogan & Hartson says it’s not surprised by the Times ad, which has also run in D.C. newspapers (and on the radio). During the settlement negotiations, Hogan says that Knight had threatened a “shock and awe” campaign against Hogan if it didn’t pay General Steel money to settle its claims.

We are “shock[ed] and awe[d]” — by the tackiness of General Steel. If we’re ever in the market for prefabricated commercial steel buildings, they’re definitely not getting our business.
Hell Hath No Fury Like a Dissatisfied Hogan & Hartson Client [WSJ Law Blog]
Earlier: Remember Those Weird Radio Ads Mentioning Hogan & Hartson?
Lawsuit of the Day: Have You Been Injured… By Hogan & Hartson?

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Associate Bonus Watch: WilmerHale (New York)

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associate bonus watch 2007 law firm Above the Law blog.jpgSorry, we don’t have any memo (and we don’t know if there will ever be one). But we can confirm for you that the New York office of WilmerHale announced bonuses yesterday.
We’ve been informed that the bonuses are at market levels (year-end and special). The announcement was made yesterday at a live meeting.
One tipster tells us that making the announcement at a meeting, rather than via memo, is firm tradition. But taking the meeting route does lend itself to this speculation:

I can only imagine WilmerHale didn’t distribute memos because they don’t want to create enmity in their DC/Boston offices.

The D.C. and Boston associates are going to find out anyway. So why not bite the bullet, and make a firm-wide announcement (a la Sidley)?
Earlier: Associate Bonus Watch 2007 archives (scroll down)

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