* A few weeks back, we mentioned some legal lessons gleaned from Jay-Z’s 99 Problems. Turns out, you might not need law school to become a lawyer. Maybe all you need is a Spotify subscription and a good set of headphones. [FindLaw]
* Government security guard finds suspicious bag and stashes it under his desk, where it chills out for a couple of weeks. Oh yeah, I should probably mention — there was A BOMB in the bag. Nice work, Sherlock. [CNN]
* If you rat someone out, you might avoid prson. But in Illinois, if you end up in prison, don’t be surprised if you end up with a real rat as a cellmate. Maybe a roach too, if you get particularly unlucky. [WBEZ]
Now that Citigroup decided that the recession was over, hopefully this layoff news will start to dissipate. But we wanted to catch up on some layoff news that happened yesterday that we weren’t able to get to. Pircher Nichols & Meeks had its second round of layoffs, and the numbers were surprisingly similar to the first round of cuts.
Leo Pircher explained the news to Above the Law:
The Firm laid off eight attorneys, five in Los Angeles and three in Chicago. Two of the attorneys were first years.
In early December, Pircher Nichols also laid off attorneys, eight attorneys to be exact. Those cuts included one first year.
First years aren’t safe at large law firms, and they’ll find no quarter at mid-sized law firms either.
On Friday we reported that Epstein Becker & Green might have set the bonus market for regional firms to zero. While associates at firms outside the AmLaw 100 have every reason to worry about receiving any bonus at all, it’s worth remembering that the terrible economic conditions are still causing layoffs.
We received word that 8 associates were let go from Pircher, Nichols & Meeks. The firm confirmed the move today:
The Firm laid off a total of 8 of its 75 attorneys, seven in Los Angeles and one in Chicago. One of those laid off was a first year. Four staff members were also laid off. The Firm’s practice is concentrated in commercial real estate. Work in this area has declined in the last 6 months and our clients have told us that it is not likely to pick up substantially in 2009. We therefore reluctantly decided that we must reduce the number of our people to match the amount of business we see going forward. We do not anticipate further layoffs. The persons laid off are all fine and competent people and we intend to help them find new positions.
Letting go of 8 people in a firm of 75 is a deep cut. But there certainly isn’t enough commercial real estate work to go around.
It was nice for Mr. Pircher to say that his former employees were fine people, and I’m sure that those former associates will appreciate any help the firm can offer.
The options for lawyers at mid-sized firms keep getting worse. Behind Door #1: $0 Bonus. Behind Door #2: Layoffs. Behind Door #3: Falling on your knees and praying that you didn’t inadvertently choose Door #1 or Door #2.
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: