Real Estate

Judge Judy makes partners look like paupers.

Don’t pee on her leg and tell her it’s raining (affiliate link). Instead, relieve yourself inside the powder room of Judge Judy’s former pied-à-terre.

Maybe it has a gold-plated urinal? If it doesn’t, it should. Isn’t $8.5 million for two bedrooms and two-and-a-half bathrooms a bit steep?

Also steep: the $17,411 a month in common charges. That’s right, common charges, maintenance — not the mortgage, not the real estate taxes.

But the Honorable Judith Sheindlin, better known as “Judge Judy,” can afford it. How much does she make a year? And just how fabulous is this judicial diva’s former courtroom in the sky?

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Just take a compliance class, bro.

* This year, like every year before it, SCOTUS is saving the best cases (read: most controversial) for last. We’ll likely see opinions on voting rights, affirmative action, and gay marriage in June. [WSJ Law Blog]

* We know of at least one Biglaw firm that will be putting its increase in gross revenue to work. Boies Schiller is planning to open its first office outside of the United States in the “near-term.” [Am Law Daily]

* If you’d like to get paid under a terrorism insurance policy for your damages in the Boston bombings, you’ll have to wait; the bombings haven’t been certified as acts of terror yet. [National Law Journal]

* Mandatory pro bono work is now required for bar admission in New York, but it’s still not enough to close the justice gap. Now Chief Judge Lippman wants to give non-lawyers a chance to provide legal services. [New York Law Journal]

* Arizona Law recently made the announcement that interim dean Marc Miller has been instated as the school’s permanent dean. What’s not to like about a “new” dean and new tuition cuts? [UANews]

* As many of our readers know, the job market is rough, but apparently if you take some compliance classes in law school, you’ll magically become employable. Great success! [Corporate Counsel]

* Brooklyn Law, do you remember what your old dorm looked like? It’s different now that it’s been transformed into an apartment complex that’s no longer stained with the tears of law students. [Curbed]

Peter Madoff (via Getty Images)

You can call notorious Ponzi schemer Bernard Madoff many things, but thankfully you can’t call him a lawyer. Although he has gotten to know the law quite well over the years, thanks to his journey through the legal system, Bernie Madoff has no formal legal training law degree.

[UPDATE (6:40 p.m.): As noted in the comments, Madoff briefly attended Brooklyn Law School.]

But Bernie Madoff’s brother, Peter Madoff, is an attorney. Peter graduated from Fordham Law School in 1970 and is a member in good standing of the New York bar, next scheduled to register in October 2014.

Query why Peter Madoff hasn’t been disbarred. In June 2012, he pleaded guilty to numerous federal charges related to his service as “chief compliance officer” of Madoff Securities. In December 2012, he received a sentence of ten years in prison.

Now that Peter Madoff’s in the Big House — FCI Estill, according to the handy BOP Inmate Locator — let’s have a look at the big house he leaves behind. The federal government is trying to sell it for a sizable sum, almost $4.5 million….

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1010 Fifth Avenue is just steps away from the Metropolitan Museum of Art (visible in the background).

Biglaw isn’t the only source of big bucks. In fact, some of the wealthiest lawyers in America are plaintiffs’ lawyers who work on their own or in small law firms.

But you don’t need to be a plaintiff-side lawyer from Texas to strike it rich. A partner at an elite litigation boutique in New York just bought an apartment once owned by a famous business mogul.

Let’s see what $12.5 million buys in the Big Apple these days….

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Just outside the window: marble statues of Roman goddesses.

Once upon a time, there lived a beautiful Swedish woman. She came to the United States and studied at an elite college and top law school. After graduation, she went to work at Davis Polk — which is where all the beautiful people work.

While at Davis Polk, this blonde beauty met her Prince Charming — an older, extremely successful M&A partner. They got married at a Caribbean resort, and their wedding made the pages of the New York Times (of course). A few years later, she left the firm to become the general counsel to a global investment bank. Unlike many other power couples, they remain married to this day.

Fairy tales can come true. Let’s learn about a remarkable couple, then ogle their castle in the clouds….

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The facade of 1067 Fifth Avenue (via Bridge and Tunnel Club).

Each week, the Big Ticket column in the New York Times real estate section records the most expensive housing deal of the prior week. The most recent column focused on a $16.25 million condo on the 42nd floor of the Trump International Hotel and Tower — a two-bedroom apartment, so that works out to a little more than $8 million per bedroom. Welcome to the world of high-end Manhattan real estate.

The second-place sale, clocking in at $8.325 million, took place across town on the Upper East Side. The apartment in question, once inhabited by a notable New York lawyer, will now welcome a high-ranking partner at a top international law firm.

Oh, and he clerked for the Supreme Court, too. Some people truly do lead charmed lives. And wait until you see the pictures of his new residence….

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I’ve previously mentioned how much I enjoy The Hunt, Joyce Cohen’s weekly column in the New York Times in which she describes the housing search of someone brave enough to take on the NYC real estate market. Prior installments of the column have featured lawyers and even law students.

Last week’s installment featured a lawyer at Quinn Emanuel, who went house hunting with his wife, who works at a test-preparation company. The home they wound up getting would probably be viewed as bike storage by John Quinn, but it’s plenty nice by the standards of mere mortals.

How much did they pay, and how much space did they get? Would you be impressed if I told you they got 1,500 square feet for less than $750,000?

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How do I know that these people are not lawyers?

Now that my wife and I have a baby, people keep telling us that we shouldn’t just find a bigger rental, we should buy something and put down roots. My wife, politely, laughs and says, “We’re thinking about it.” I angrily roll my eyes and say, “Why don’t you think about going and f**king yourself.”

You see, we are both law school graduates who debt-financed our educations and now live in New York. Property ownership is not something that will happen for us… unless we just want to give up and move to an oil-soaked subdivision in Arkansas.

But I am not alone. A law professor has crunched some quick numbers and determined that at least half of the class of 2011 wouldn’t be able to own a home….

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D.C.’s largest lawyerly lair?

A few days ago, conservative political bloggers had some fun with the news of left-leaning commentator Matthew Yglesias buying a $1.2 million condo. But I tend to agree with Jonathan Chait: unless you’re a full-blown communist, there’s nothing inconsistent between being somewhat liberal and owning a nice place. I don’t even have a problem with so-called “limousine liberals” (although owning a $1.2 million apartment is hardly limousine land).

The news of Yglesias’s real estate purchase first appeared in Washingtonian magazine, which has fantastic coverage of the D.C. real estate market. The same column also contained news of several lawyers cutting seven-figure housing deals….

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Last year, I wrote about the thing that gets me yelled at almost as much as when I rail on SEO and tech hacks — when I dare to mention that practicing lawyers looking to build their practice should have an office.

Your practice may be “built.” You may be getting more calls than you can handle. You may be a low-volume lawyer that only needs/wants a couple cases a month, and your referral sources take care of that for you.

But I’m talking about the rest of the profession. The debt-laden, the hungry, the ones still trying to get to that place where they have the types of clients and cases they want.

This is not a post about the merits of having an office, it’s about when it’s time to move — to something nicer, closer to the business center of town, or closer to the courthouse you are in three days a week. If you’ve already decided that having an office is the worst thing you could ever imagine because “no one has an office anymore,” stop reading here and go yell at that law dean, or Wallerstein, or my boyfriend Elie….

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