One year ago, we wrote about how Columbia law professor Hans Smit was trying to unload his 12,000 square foot home — the only freestanding single-family mansion in Manhattan — for a cool $29 million.
One year later, the good professor’s home is still on the market. Its white-marble-clad facade greeted us when we visited the New York Times homepage this morning (screencap and link to listing below).
The only difference from last year? The asking price, now up to $30 million.
If at first you don’t succeed, try, try again. And up your asking price by a million!
(In all seriousness, Professor Smit’s decision to round up to $30 million probably isn’t as crazy as it might seem. Despite the weak real estate market in the rest of the country, the market in New York City — especially at the high end — continues to be strong.)
In “selected U.S. offices.” Here’s the memo, which was issued yesterday:
From: Professional Resources Sent: Tuesday, October 02, 2007 12:31 PM To: LAWYERS Cc: NBREC Subject: Selected US Offices – Associate Salary Increases
Consistent with the Firm’s effort to attract top tier talent in each of our markets, the Firm continuously monitors each market to determine if our compensation and benefits packages remain competitive. In this regard, we are pleased to announce the following increases in Associate starting salaries affecting our Chicago, Irvine, Kansas City, Santa Monica, St. Louis and Washington, DC offices.
Effective January 1, 2008, Associate starting salaries in our Chicago, Irvine, Santa Monica and Washington, DC offices will be increased from the present $145,000 to $160,000. Effective June 1, 2008, Associate starting salaries in our St. Louis office will increase from the present $110,000 to $120,000 and Associate starting salaries in our Kansas City office will increase from the present $105,000 to $110,000.
The Firm will continue to monitor compensation trends in all of our markets around the world during this dynamic period in our industry. Thank you for your continued efforts on behalf of the Firm and its clients.
Lynn McCreary and Steven Kornblau
No word on what compensation for more senior classes will look like.
The move to $160,000 in Bryan Cave’s Chicago, D.C., and California offices, which won’t take place until next year, comes months after $160K became the new market rate in these locations. But hey, better late than never. Congratulations, Bryan Cave associates!
Reactions were varied to Amir Efrati’s controversial, widely read, front-page Wall Street Journal story about the job prospects for graduates of non-elite law schools. Some students and alumni of non-top-tier law schools hailed the piece for revealing some dirty secrets about American legal education. But not everyone was so pleased.
From a tipster at Brooklyn Law School:
I thought you would be interested in hearing about a BLS Career Services breakfast held this morning. Apparently the director of Career Services at BLS, Joan King, was asked about her reaction to the WSJ article. (Note: this breakfast is an annual event, and was not held as a reaction to the article).
Ms. King said she was contacted in the research-gathering stage by the WSJ author, who interviewed her about the job market for BLS students. She believes that there were some omissions in the article, and that the writer had an agenda: to prove his hypothesis, without highlighting some additional facts.
Amir Efrati, if you see Joan King in a dark alley, turn the other way — and RUN. If you mess with a girl from Brooklyn, you WILL regret it.
And there’s more. Check it out, after the jump.
Last week, we mentioned in passing the news that the former U.K. Attorney-General, Lord Peter Goldsmith, QC, is joining Debevoise & Plimpton. Lord Goldsmith will head up Debevoise’s European litigation practice.
The Times of London reported the news here, and the WSJ Law Blog posted on the move here. But both write-ups omitted the most notable part of Lord Goldsmith’s resume (as mentioned by a WSJ commenter):
On 17 February 2007, the Mail on Sunday reported that Goldsmith, who is married, had been having an affair with Kim Hollis, Britain’s first Asian QC.
Good stuff. And more dirty details, after the jump.
A reader drew a legally-themed music video to our attention:
It’s from a specialized patent blog, but some of your readers may find it funny — especially because is an actual partner from a large firm singing the song. Is this a new BigLaw marketing trend?
Check out the video via Patently O. As you can see from the lyrics, the song is a comparison of dating to the Patent Act.
Performer Lana Knedlik, a fine-boned, pixieish beauty, looks like she could be an indie film actress or Indigo Girl. She strikes us as considerably younger and more attractive than the average (1) registered patent attorney or (2) partner at a large law firm.
(No offense to patent lawyers or Biglaw partners. We’re just sayin’…) Redefining the Bar Date [Patently O] Bar Date by Lana Knedlik [YouTube] Lana M. Knedlik bio [Stinson Morrison Hecker LLP]
That seems to be the theme of this very interesting article, by Ben Hallman and Aruna Viswanatha, in the current issue of the American Lawyer. It echoes the problems we discussed back in this post, concerning the $70 million malpractice suit filed against Cadwalader, in connection with the firm’s mortgage-backed securities practice.
Here’s an excerpt from the American Lawyer piece:
Even scarier for Debevoise, and for all firms with big private equity practices, was the fact that no new deals were popping up to take the place of those that were stuck. Those fears are shared by lawyers who work on mortgage-backed securities, a market that has completely shut down.
The fears are well justified for both groups, and for any lawyer whose business is linked to the availability of easy credit. In June there were nearly $100 billion worth of private-label mortgage securitization issuances. The next month, they were half that. “There’s always an element of cyclicality,” says Paul, Weiss, Rifkind, Wharton & Garrison structured finance partner Jordan Yarett, “but the implosion of credit is somewhat shocking.”
Indeed. More depressing discussion, after the jump.
Here’s our latest Non-Top-Tier Law School Graduate of the Day, an alumnus of a Tier 3 school. And he didn’t even get an LLM from NYU! Name: Daniel Petrocelli Law School: Southwestern Law School, J.D., 1980 Current Position: Partner, O’Melveny & Myers Why He’s Our Winner: The reader who nominated Petrocelli says it all:
You should consider featuring Daniel Petrocelli on your non-top-tier success series. This is the same Petrocelli who brought in the civil verdict against O.J. Simpson and represented Jeffrey Skilling. Petrocelli is now pulling in gazillions as a partner at O’Melveny & Myers in L.A.
From whence did he come? Southwestern University Law School. But wait, there’s more. It’s not featured on his bio, but he went to night school!!!
So whether to illustrate the heights to which non-top-tier graduates are capable of reaching, or to show how one doesn’t need to have their parents get them into Yale to succeed, you really should feature him.
Indeed — Dan Petrocelli is a worthy winner. But one caveat: he did graduate first in his class, and served as editor-in-chief of the law review. So his job prospects were considerably better than those in the middle or at the bottom of the class. Daniel Petrocelli bio [O'Melveny & Myers] The Inside Story of How O.J. Lost [Time]
* Justice Kennedy is so money and he doesn’t even know it. [NPR via How Appealing]
* Jury indicates finding against Isiah Thomas in harassment suit; still deliberating on punitives. [New York Times]
* Is it possible to have a “fetus-snatching case” that isn’t bizarre? [CNN]
* Man pleads guilty-but-crazy in Vegas Strip sidewalk driving deaths case. [Reno Gazette-Journal]
* Cheat to win…till you die… [CNN]
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
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.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: