* Michigan will assume control of Detroit pursuant to the state’s controversial “Emergency Manager Law.” How controversial? Michigan voters went to the polls to repeal the law last year… and the legislature said no. There’s a fitting symmetry that a law that denies the democratic rights of the people exists only because the legislature trampled on the democratic rights of the people. [WXYZ]
* A Harvard Law grad opens an e-commerce lingerie startup. The hook for her bra business is in-home fittings. Perfect for the cross-dresser who hates prying eyes. [Forbes]
* Rutgers-Newark and Rutgers-Camden have announced that they will merge into a single law school named “Rutgers School of Law” effective Fall 2014. The new school accomplishes the important goal of removing the words “Newark” and “Camden” from promotional materials. [TaxProf Blog]
* Professor Eugene Kontorovich explains how Chief Judge Kozinski’s piracy ruling actually advanced the liberal causes of the Law of the Sea and expanding the scope of the Alien Tort Statute. Yeah, but it also doomed us to destruction if Captain Kirk can’t get his act together in this new timeline. [Volokh Conspiracy]
* The producers of The Bachelor may need better lawyers. After they settled a claim with blogger Reality Steve, barring him from contacting cast and crew for spoilers, he’s publishing spoilers again. Reality Steve’s defense? The settlement agreement was silent on the matter of cast and crew contacting him. Touché. Reality Steve wins a one-on-one this week. [IT-Lex.org]
* Sometimes you just need to call the other player’s bluff. Right-wing legislators in Utah loudly parroted talk-radio scripts calling for Utah to reject federal grant money. Democrats in Utah agreed and voted to reject federal grants. Then Republicans started to panic. [Utah Political Report]
* Jon Stewart calls for the drowning of legal journalist Peter Lattman for being a wizard. Video after the jump….
The third year of law school is an utterly useless waste of time that exists only to fatten the coffers of American law schools and we all know it. The vestigial human tail is more useful for climbing trees than 3L year is for career advancement.
Of course, the third year of law school is never going away, unless you think that law schools are in the business of giving away a third of their income just because it’s the right thing to do. Like the coccyx, it’s so integrated into the whole system that we can’t really just get rid of it. The ABA mandates it, and everybody loves it when their primary regulator requires an artificial price floor.
Today, NYU Law School is announcing an interesting solution to this problem that it has with taking money from students without teaching them anything useful: it’s going to try not teaching them anything at all! That’s right folks, NYU is “revamping” 3L year to give students more opportunities to study abroad. Because whenever you are gouging students for an additional year of education that nobody needs, you might as well make some other university actually deal with them for the year.
Oh, and this plan comes to you with the Cravath stamp of approval. So you know it’s very prestigious….
Law firm financials can be shrouded in mystery. Sure, the American Lawyer releases its closely watched and highly influential Am Law 100 rankings each year, which shed some light on the subject. But these numbers are not Gospel truth, and sometimes they get restated — which is what happened last month to Dewey & LeBoeuf.
Making a material misrepresentation to the American Lawyer doesn’t violate the securities laws. Making a material misrepresentation in connection with the purchase or sale of any security — well, that’s more problematic.
Let’s take a closer look at a subject we mentioned last night and again this morning, namely, the offering memorandum for Dewey’s 2010 private placement of $125 million in bonds….
About two weeks ago, we covered reports about Dewey & LeBoeuf possibly shedding some of its overseas offices. We noted at the time, however, that the reports were vague, and we added that some D&L sources denied the existence of plans for closing any specific foreign office.
Well, the reports are getting increasingly detailed. Word on the street is that D&L might shutter three of its offices in the Middle East. And the firm’s Moscow office is reportedly being courted by other major U.S. law firms.
Which offices are being considered for closure? And who are Dewey’s suitors in Moscow?
* Searching for the perfect holiday present? Via Professor Glenn Reynolds: “As A Christmas Gift, Tell Your Friends and Relatives They’re Fat.” [Instapundit]
* If a Republican wins the White House in 2012, who might get nominated to the U.S. Supreme Court? Mike Sacks offers up a star-studded SCOTUS short list: the brilliant and genial Brett Kavanaugh, the fabulous Diane Sykes, certified superhottie Jeffrey Sutton, emerging feeder judge Neil Gorsuch, and star litigator Paul Clement. [Huffington Post]
* Another proposal on law school transparency. What is this “gainful employment” of which you speak? [Law School Transparency]
* If you can’t find gainful employment, well, maybe you can score a $500 reward from a concerned parent. [The Legal Satyricon]
* Speaking of Marc Randazza, here’s an interview in which he discusses “putting the nail in copyright holding company Righthaven’s coffin.” [WebmasterRadio.FM]
Lowell Milken: Would you accept $10 million from this man?
Ah, California. Your weather is amazing, but I don’t think I could deal with your earthquakes. The tremor we just experienced here on the East Coast has turned me into a nervous wreck.
Over at UCLA Law School, they’re experiencing some earth-shaking controversy of their own. An ultra-wealthy alumnus made it rain, with a $10 million gift to the school — but now some professors want to rain on his parade, and their objections have hit the national news media. (Apologies for the mixed precipitation metaphors.)
As we mentioned last week, UCLA law alumnus Lowell Milken made a $10 million gift to his alma mater — the largest single donation in the law school’s history. The money will be used to establish the Lowell Milken Institute for Business and Law.
This morning brought more lawyer layoff news. As reported by Peter Lattman over at DealBook, David Boies’s celebrated litigation firm, Boies Schiller, last week laid off three associates.
(The DealBook piece refers to the dismissals as “layoffs,” and we’ve used that terminology in the title of this post and the first paragraph. But whether these terminations should be considered true “layoffs” is open to question — please keep reading.)
As noted in Am Law Daily, the three associates “worked on the firm’s representation of British private equity firm Terra Firma in its unsuccessful civil suit against Citigroup.” Now that the three-week trial is over, presumably the firm felt it could let the women go — and perhaps make them the “fall guys” (or gals) for the adverse result.
Two of three associates used to work in the firm’s former office in Short Hills, New Jersey. After that office was spun off last year into what is now Stone & Magnanini, the two jumped across the Hudson to join the New York office of Boies. So perhaps they didn’t have powerful patrons at BSF – NYC to protect them from the ax.
A brief tour of things we don’t have room to explore in this double edition of LEWW:
– This bride is foxy and forty-eight; this bride is twenty-six and hyper-annoying.
– Some MoFo lesbians have made a match of it.
– Graduating cum laude from Harvard wins you admission to a tier-4 law school.
But on to our five featured couples:
* U.C. Berkeley has settled on a new name for its law school. Check it out, it’s quite brilliant. [Blogonaut]
(But we’ll probably still conduct the reader poll mentioned here, just for the heck of it.)
* Strained attorney-client relations between Britney Spears and Anne Kiley? Apparently Brit has “trust issues” (in addition to that whole missing-panties problem). [OK! Magazine]
* Wow, this guy is quite a tool. Thankfully he’s not a lawyer — which you could infer from the facts that (1) he lives in Atlanta and (2) he brags about his compensation. [Gawker; follow-up here and here from DealBreaker]
* Judge of the Day. [St. Petersburg Times via Blogonaut]
* Exciting happenings this weekend: (1) the CSPAN rebroadcast of the Clarence Thomas book party, and (2) the nuptials of the Wall Street Journal’s Peter Lattman. Congratulations and best wishes, PL! [WSJ Law Blog]
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.
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: