Insider trading is one of those activities that you should avoid. If you’re a lawyer, it’s an activity you should definitely avoid. It’s not really all that hard to steer clear of insider trading either. Obviously there are some murky cases, but it’s wise to err on the side of caution.
On the other hand, there are also cases where the SEC says a close friend of a company’s executive is emailing you and telling you which days to buy because “[e]arnings are being released on the 30th along with some good news,” and “[l]ooking forward to getting paid back. Good luck…. SHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!” Those are the cases where you probably should walk away.
Put aside the insider trading: what lawyer is using email to have these conversations?
In the federal criminal world, there are certain cases where the government almost always wins.
Illegal reentry for a previously deported person, for example, is pretty close to a lock for a government win — all the government has to show is that the person isn’t a citizen, was previously deported, and is in the United States again. If the dude’s in the courtroom, the government is a third of the way there. For example, in the last fiscal year, there were 20,840 folks charged with illegal reentry. Four of them were acquitted at trial.
Similarly, bank robbery is a high-percentage game for the government. These days, most banks have amazing technology that lets them record pretty much everyone inside. Last fiscal year, 896 people were charged with bank robbery. One lucky guy was acquitted.
These days, federal law enforcement is using wiretaps and, according to the Wall Street Journal, old-school sting operations, to go build white-collar cases (it’s a pretty cool article — very cloak and dagger). The strategies that got the federal government the conviction rate it has in drug and gun cases are being applied to investment fraud and insider trading cases.
This is one reason that insider trading cases have looked like as much of a layup as a bank robbery case. The U.S. Attorney’s Office in the Southern District of New York has secured a record of 85 convictions in either guilty pleas or trials without a single loss.
* Jury duty is the only major civic duty that no one ever talks about. Professor Andrew Ferguson would like to change that by encouraging jurors to speak up about their experience. Enjoy learning how the sausage of justice is made! [Huffington Post]
* Verizon threatens to sue Netflix for honestly reporting how bad Verizon’s internet speeds are. [DailyTech]
* The emerging schism in the LGBT community on whether the term “Tranny” is empowering or a slur. Of course this is Legal Insurrection coverage, so the conclusion here is everyone who’s not with the straight white male program should just keep quiet, but the issue itself is interesting. [Legal Insurrection]
* “I don’t think the government should be in the credentialing business.” Thanks to the whims of politicians, SCOTUSblog is having trouble getting media credentials to continue its coverage of the Supreme Court’s cases. [New York Times]
* How you like me now? In Redeeming the Dream (affiliate link), a new book co-authored with David Boies, Ted Olson says he experienced “some blowback” when he announced he was taking on the Prop 8 gay marriage case. [WSJ Law Blog]
* Steve Davis and Steve DiCarmine of failed firm fame think it’s “unfair” they have to defend themselves in a criminal case and an SEC case at the same time. They want the SEC case to be halted. Dewey think the judge will say yes? [Law360 (sub. req.)]
* Only in Florida would a judge allegedly challenge a public defender to a fight out back during a hearing and start throwing punches. We’ll definitely have more on this fiasco later today. [WFTV Eyewitness News]
* As you may have heard, Apple is buying Beats Electronics for $3 billion. Apple is being represented by Weil, but don’t worry, no one forgot about Dre — he’s got Munger Tolles and Skadden Arps on his side. [Am Law Daily]
* Haynes and Boone will have a new managing partner as of January 1, 2015, and to make sure he fulfills the good old Texas stereotype of things being bigger, he wants to grow the hell out of the firm’s Houston office. [Dallas Business Journal]
* Stephanie Avakian, a WilmerHale partner in the New York office, was tapped by the Securities and Exchange Commission to become its deputy director of enforcement. Yay! [DealBook / New York Times]
* “We can’t turn law schools into graduate school for the study of law,” says a law prof who thinks legal education is straying from being professional education. Aww, write a paper about it. [Harvard Crimson]
* A Los Angeles couple has been accused in the hit-and-run death of Judge Dean Pregerson’s son. The judge isn’t “looking for blood,” but some jail time would probably help. [L.A. Now / Los Angeles Times]
* “[T]hree names are unnecessary, and over time I think you’ll see Squire Patton start to take hold.” Sanders got the boot in this law firm merger, and it won’t be long before Boggs follows. [Am Law Daily]
* The “great female brain drain” at Am Law 200 firms isn’t slowing down, and it will only get better if Biglaw firms concentrate less on their failed “fix the women” approaches. [Harvard Business Review]
* Mary Jo White of the SEC promised to dust off an often ignored — but “potentially  very powerful” — section of securities law to pursue financial violations. Be wary of the “innocent instrumentality” doctrine, defense attorneys. [DealBook / New York Times]
* We’ve got some breaking news for our readers from the “no sh*t” department: Law school graduates are still having a very tough time getting jobs as lawyers, and there is no real end in sight. [Sacramento Bee]
* If you’re looking for a way to explain a switch in your undergrad major when applying to law school, show admissions committees how pretty your grades are now. Tada! [Law Admissions Lowdown / U.S. News]
* Judge sentences rapist to 45-days and community service… working in a rape crisis center. Because the victim was “promiscuous.” How could anyone be this tone-deaf? Oh, it’s in Texas? Never mind. [CNN]
* California lawyers now must promise to be courteous. Play nice, kids. [LA Times]
* Finally, it’s time to wish a happy birthday to Winston & Strawn’s Jonathan Amoona, who was on the 2014 Forbes 30 Under 30 list. I guess he won’t be anymore. His 30th birthday invitation went out to the managing partner and a bunch of the top rainmakers, which isn’t toolish at all. The invite is available after the jump….
Surprisingly this lawyer isn’t named “Captain Obvious.”
He’s James Kidney, an SEC Enforcement lawyer who joined the agency in 1986 and served there ever since with a four-year detour to work at Aetna. At his well-attended (about 70 people) retirement party, he fulfilled the dream of every retiring employee and called out the B.S. he’d witnessed in his years on the job. And at the SEC, that B.S. dealt mostly with a revolving door culture of fearful superiors more interested in harassing low-level offenders while turning a blind eye to anyone with responsibility on Wall Street.
* DEA Administrator decides to up the ante on the stupidest argument against marijuana legalization ever: it’s harmful to dogs. The DEA’s plan to ban chocolate is still in draft. [The Volokh Conspiracy / Washington Post]
* Everyone’s up to date on the Florida lawyer and right-wing congressional candidate with the vampiric cosplay rape fantasies, right? Okay good. [Gawker]
* Jurors say police used excessive force but that the beating didn’t injure the plaintiff. In other news, Florida has a senility problem. [The Florida Times-Union]
* Did anybody notice that Chief Justice Roberts — the author of Shelby County — opened McCutcheon by labeling the right to participate in electing leaders as fundamental with absolutely no irony? [Reuters]
* Anti-gay job discrimination may already be illegal. [Slate]
* The bad economy pits criminal defense lawyers against each other. They shouldn’t do that. [Katz Justice]
* The SEC doesn’t have to abide by the Brady rule and Mark Cuban’s not happy about it. [Wall Street Journal]
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.
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 seven years. You can reach them by email: firstname.lastname@example.org.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.