Over the weekend, when it looked like lenders to Dewey & LeBoeuf might be willing to give the troubled law firm more time to sort out its finances, I observed that “LeBoeuf is not yet cooked.” But it now looks like my fairly charitable assessment was unduly, or maybe even wildly, optimistic.
Can you say “warm red center”? As we reported yesterday, another slew of Dewey partners — about eleven in all, including former chairs of the tax practice and the corporate finance practice — started heading for the exits.
And perhaps they’re doing so with the blessing of firm management. Check out what D&L is now telling its partners….
UPDATE (10:10 AM): Now with text of memo appended.
UPDATE (10:30 AM): Now with discussion of London office added.
UPDATE (11:10 AM): Now with comments from Martin Bienenstock, a member of the firm’s four-person “Office of the Chairman.”
* Football’s labor lockout legal fees: which Biglaw firms scored huge touchdowns thanks to their collective bargaining work? The three top billers included Latham, Dewey & LeBoeuf, and Patton Boggs. [Am Law Daily]
* The sanctions for filing a 9/11 conspiracy claim cost $15K, but forever being remembered as the lawyers who got benchslapped for drafting “a product of cynical delusion and fantasy” is priceless. [Reuters]
* Jared Loughner is still incompetent to stand trial, and he’ll remain in the loony bin for another four months. You know what that means? Time to make this kid swallow some more pills. [Arizona Republic]
Earlier this morning, former IRS tax attorney and Republican presidential candidate Michele Bachmann held a press conference to announce that she’d be dropping out of the race. Although she won the Iowa straw poll in August, with a percentage of votes in the single digits, she placed sixth during last night’s caucuses. In her concession speech, Bachmann stated that “[l]ast night the people of Iowa spoke with a very clear voice.” They sure did: they told her to STFU. Not even her high-powered lawyers from Patton Boggs could save her.
Let’s face it, she did the honorable thing. Unlike Rick Perry, who announced that he’d be going back to Texas to cry“reassess his campaign,” Bachmann grew a pair and decided end her embarrassment — but she has “no regrets, none whatsoever.”
It really is a shame that she decided to call it quits, because people love Michele Bachmann. Although she looks like a semi-retarded deer caught in headlights in her Newsweek cover, she’s usually one of the more attractive women in American politics.
She’s like Sarah Palin, but dumber, and with an inept stylist. With that said, we present you with a recap of Bachmann’s finest moments on the campaign trail….
When a tipster sent us an e-mail with the subject, “Court awards $700,000+ in sanctions for destruction of FB page,” I thought it sounded like it might be interesting. Because hey, that’s a lot of money.
I didn’t realize it would also be one of the most depressing legal news stories I’ve read since this tragic murder-suicide.
The three-quarters-of-a-million-dollar sanction award was levied against the widower of a woman killed in a car accident and the widower’s lawyer. The ruling was an abrupt table-turn for Isaiah Lester, who had previously won a $10 million wrongful death suit against the driver whose truck overturned and killed his wife.
If you want to run for president in this country, you best have quality legal counsel.
It doesn’t matter which party you are from. It doesn’t matter what your political platform is. It doesn’t matter if you believe Obamacare is exactly like your own health care plan or if you think marriage is a sacred vow shared by a man, a woman, and millions of viewers on The Bachelor. It turns out you still need competent legal counsel.
Biglaw legal counsel, as it happens. Check out the law firms that are advising the 2012 presidential candidates…
* The Supreme Court heard arguments yesterday in a lawsuit asking courts to force major companies to reduce greenhouse gas emissions. Sotomayor spent the entire oral argument asking attorneys how she could fit more Miami Sound Machine on her Zune. [New York Times]
* Louisiana Governor Bobby Jindal, who can be seen every Thursday night on 30 Rock playing Kenneth the Page, shares none of Jan Brewer’s qualms about a “birther bill.” [Politico]
* The Ecuadorean Slapfight (also the name of my ska band in high school) between Patton Boggs, Gibson Dunn, and Chevron was squashed by a judge yesterday. [Reuters]
* Tiger Blogger Vivia Chen wants white guys to be hunted like animals. [The Careerist]
* A copyright troll has found a way to exact a toll without actually owning any copyrights. No word yet on whether anyone has gained entrance into the boy’s hole. [Wired via ABA Journal]
* Alleged Wikileaker Bradley Manning is being transferred to another prison. Julian Assange celebrated the news by going dancing. [Fox News]
* Sponsors of Proposition 8 are mad that retired judge Vaughn Walker, who presided over Prop 8′s defeat in court, is giving lectures around the country that feature a three-minute clip of the trial. They say the video should remain in the closet. Or a desk drawer of some sort. [Los Angeles Times]
In a follow-up to Kash’s post on Monday regarding the newly formed Big Law Society, I volunteered to check out their first happy hour Tuesday night at the BlackFinn American Saloon in D.C. At first I thought it would be amusing to see the type of people who would attend such a gathering. But by 8 p.m. on Tuesday, I was tired and doubted whether I should go at all.
Moreover, I had reason to be suspicious, considering what the group posted about itself on its About page:
Big Law Society organizes social networking events for a very select group of legal professionals, with the aim of creating a community of talented, dynamic individuals. Memberships and invites to the Big Law Society events are limited to individuals with a unique professional background; however, qualified members are welcome to bring guests.
Seriously, I almost felt like I was crashing a middle school party for the “popular” kids, except with less interesting people….
With fall recruiting gearing up, and the lateral market warming up, we continue our annual series of open threads about the law firms featured in the Vault prestige rankings. These threads provide ATL readers with a forum to discuss the different firms and their various strengths and weaknesses.
The end of the Vault 100 is in sight. We’re covering the firms in batches of 20 now. Here are the firms ranked #61 to #80, which will provide today’s discussion fodder:
Earlier this year, in one of its many format changes, Facebook forced users to make their profile info more public via Community Pages. Facebook created pages based on users’ lists of interests, jobs, and favorite things to help people find others “who share similar interests and experiences.”
So if you, for example, listed “document review” as something you like, you’d be a member of this page. And maybe this page too.
One issue discussed in some circles was the potential trademark violation in Facebook’s automatically creating and populating Community pages for businesses and brands. Another issue picked up by the National Law Journal was that some of the Community Pages created aren’t very flattering to law firms.
If you listed your employment as “Slave” at Skadden Arps, for example, you’re responsible for this page:
What are some of the other interesting law firm-affiliated Community Pages on Facebook?
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: email@example.com.
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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