* “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]
* “[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]
Over the years, we’ve covered many Biglaw employees who have been accused or convicted of insider trading. This should come as no surprise, given the confidential and market-moving information that regularly flows through the hallways and computers of leading law firms.
The latest accusations of insider trading involve a lawyer who worked at a white-shoe law firm. This individual stands accused of taking confidential information he was privy to by virtue of his work and passing it along through a middleman to a broker, who then allegedly traded on it. According to the Securities and Exchange Commission, the scheme generated over $5.6 million in illegal profits, with over $168,000 going to the Biglaw tipster.
At which elite law firm did this defendant work, and from which school did he receive his law degree?
The first rule of state court is: you do not talk about state court.
* Foreclosure attorney Bruce Richardson alleges that Hogan Lovells partner David Dunn hit him with a briefcase in front of a court officer. That’s how they roll in state court. (Expect more on this later.) [New York Daily News; New York Post]
* From cop killer to nomination killer: Mumia’s the word that stopped Debo Adegbile’s nomination to lead the Justice Department’s Civil Rights Division. [Washington Post]
* In happier nomination news, congratulations to former Breyer clerk Vince Chhabria, as well as to Beth Freeman and James Donato, on getting confirmed to the federal bench for the Northern District of California. [San Francisco Chronicle]
* “Either access to abortion will be dramatically restricted in the coming year or perhaps the pushback will begin.” We’re moving back in history. Here’s hoping pro-choice advocacy will be born anew in 2014. [New York Times]
* George S. Canellos, the SEC’s co-chief of enforcement, announced his departure on Friday, and people are already wondering whether he’ll return to his old stomping grounds at Milbank Tweed. [DealBook / New York Times]
* We hope legal educators had fun at the Association of American Law Schools annual meeting, but we hope most of all that they learned what needs to change to really make legal education pay. [WSJ Law Blog]
* “I believe women lawyers can contribute a lot to the legal system.” Saudi Arabia now has its first female law firm dedicated to bringing women’s issues to the country’s patriarchal courts. Congratulations! [RT]
This week, the Securities and Exchange Commission released new proposed rules that would permit but regulate the offer and sale of securities through crowdfunding. Sounds pretty awesome, except maybe for the “regulate” part.
Crowdfunding, for those of you whose artsy friends have not already solicited Kickstarter donations from you, is an internet-based fundraising method. It typically involves musicians, filmmakers, artists, or designers gathering small financial contributions from a large number of individuals. In exchange for a pledge to the project or startup, backers usually receive some token of appreciation related to the project they are funding — a CD, tickets to live recording session of an orchestral arrangement of music from the Pokemon video game franchise, a signed copy of a book, well wishes from a psychic goat, etc. Websites such as Kickstarter and Indiegogo serve as exchanges where interested investors link up with aspiring artists, entrepreneurs, and inventors.
Currently, crowdfunded projects are not selling ownership rights in the projects to their financial contributors. Those who pledge money for you to open your dreamed-of cheese bar are not buying stock in your cheese bar. Offering contributors a share of future financial returns, after all, usually triggers the application of federal securities regulations. However, thanks to these new rules proposed by the SEC, pushed forward by 2012’s Jumpstart Our Business Startups (JOBS) Act, this may now change. Subject, of course, to some oversight by the Feds. Let’s take a look at the rules and see if they are likely to Kickstart, er, jumpstart our nation’s business startups….
* If the government shuts down and then defaults on its debt, Wall Street worries that it would “shake the foundations of the global financial system.” Hooray for political asshattery! [DealBook / New York Times]
* At least six of the Supreme Court’s judicial precedents are up for reconsideration in the upcoming Term, and high court commentators think the resulting decisions could be a mixed bag. [National Law Journal]
* Apparently low-income New Yorkers’ legal problems are “not worthy of a ‘real lawyer,’” or at least that’s the message that will be given if non-lawyers are allowed to provide legal services. [New York Law Journal]
* Sorry, lady, not enough prestige. A Brazilian journalist was allegedly on the receiving end of some “extremely violent” police behavior at Yale Law School after attempting to interview Justice Joaquim Barbosa at a private event. [The Guardian]
* Mark Cuban’s insider trading case is heading to trial today, but we genuinely wonder how he’ll be able to convince a jury that he’s “humble and affable,” rather than the “master of the universe.” [Boston Herald]
* Paul Bergrin, more commonly known as the “Baddest Lawyer in the History of Jersey,” was handed a life sentence yesterday. At least he’ll have street cred with his gen pop friends. [WSJ Law Blog (sub. req.)]
Here’s some friendly advice: when you’re drunk, try to keep your mouth shut. Or at least keep your work-related thoughts to yourself. This is certainly true for junior lawyers, but it goes for partners as well.
According to a complaint just filed by the Securities and Exchange Commission, an IP partner at a leading law firm had a few too many drinks, then got a little “TMII” — “too much (inside) information” — with his investment adviser. That adviser then traded on the material, nonpublic information, the SEC alleges….
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.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
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.