* In New York, an appellate court upheld a decision requiring a bank to forfeit interest and attorney fees for dragging out a foreclosure settlement conference through 18 court dates spanning 16 months. If you outlaw needlessly dragging out litigation to bully the other side, only outlaws will drag out litigation to bully the other side. [WiseLawNY]
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.
Ms. JD is hosting their 2nd annual cocktail benefit to raise money for the Global Education Fund. The event will be held on August 21, 2014 at 111 Minna in San Francisco. Our goal is to raise $20,000 to fund the legal educations of four dedicated law students in Uganda who count on our support to continue their studies at Makerere University during the 2014-15 academic year.
The Global Education Fund enable womens in developing countries to pursue legal educations who otherwise would not have access to further education. According to the World Bank, investment in education for girls has one of the highest rates of return to promote development. In Uganda, more than 45% of women over the age of 25 have no schooling at all, and men are more than twice as likely as women to have access to higher education. Together, we can work to end educational inequality. For more information about the program, please visit http://ms-jd.org/programs/global-education-fund/
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: email@example.com.
We at Kinney Asia have made a number of FCPA / White Collar US associate placements in Hong Kong / China thus far in 2014. Most of such placements have been commercial litigation associates from major US markets, fluent in Mandarin, switching to FCPA / White Collar litigation. Some have already had FCPA experience, but those are difficult candidates for firms to find (this will change in coming years as US firms are now promoting FCPA / White Collar to their 2L summers who are fluent in Mandarin and have an interest in transferring to China at some point).
Legal Week quoted Kinney’s Head of Asia, Evan Jowers, extensively in the following relevant article here.
There is a new trend in the market, though, where mid-level transactional US associates, fluent in spoken Mandarin and written Chinese, are interviewing for and in some cases landing junior FCPA / White Collar spots in Hong Kong / China at very top tier US firms.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.