Did you take a BAR/BRI bar exam review course sometime in the past five years? Or are you taking BAR/BRI now, having paid for it prior to March 21? If so, keep reading.
As we recently mentioned, the deadline for joining or objecting to the proposed class action settlement in Stetson v. West Publishing Corp. is fast approaching (May 30). The lawsuit, alleging antitrust violations, was filed against West Publishing, which owns (but is selling) BAR/BRI, and Kaplan, the test prep company owned by the Washington Post. The class is defined as “[a]ll persons and entities who paid for a BAR/BRI full-service bar-review course from August 1, 2006, through and including March 21, 2011.”
Are you a class member? Let’s review your options….
UPDATE (5:30 PM): Please note the updates added to the end of this post.
Katherine Forrest: Why isn't her net worth higher?
As I’ve previously mentioned, one of my favorite parts of the judicial nomination process is the attendant financial voyeurism. Judicial nominees are required to make detailed disclosures about their finances, allowing us to learn about their income and net worth. For example, thanks to her nomination to the Supreme Court last year, we got to learn about Elena Kagan’s net worth.
Last week, the Senate Judiciary Committee released financial disclosure reports for several of President Obama’s recent judicial nominees — including antitrust litigatrix Katherine B. Forrest. Forrest has been nominated to the mind-blowingly prestigious Southern District of New York, perhaps the nation’s finest federal trial court. As a highly regarded lawyer who has won numerous awards and accolades (listed in her SJC questionnaire), Forrest will fit right in if confirmed to the S.D.N.Y. — a superstar among superstars.
The fabulous Forrest currently serves as a deputy assistant attorney general in the Department of Justice’s antitrust division. She joined the DOJ last October — a commendable public-service commitment that required her to relinquish her partnership in one of America’s mightiest and most prestigious law firms, Cravath, Swaine & Moore. When she left to pursue government service, Forrest had been a Cravath partner for over 12 years (since 1998), and had been with the firm for about 20 years in all (since 1990).
At the time of her departure for the Justice Department, Katherine Forrest had been taking home hefty paychecks for decades. First she was an associate at Cravath, which pays its people quite well, in case you hadn’t heard. Then she was a partner at the firm (reportedly one of the most well-liked and most powerful younger partners) — from 1998 to 2010, a period in which average profits per partner at CSM routinely topped $2 million and occasionally exceeded $3 million. And remember that Cravath is a lockstep partnership with a reported 3:1 spread, meaning that the highest-paid partners make no more than three times as much as the lowest-paid partners. So it’s not possible that she was earning, say, $400,000, while other partners were earning millions (which can be the case at firms with higher spreads).
In light of the foregoing, what is Katherine Forrest’s net worth, according to her Senate Judiciary Committee financial disclosures? Not as much as you might expect….
As we reported last month, it looks like Leeds Equity Partners will be acquiring BAR/BRI, the well-known bar exam preparation business, from West Publishing / Thomson Reuters. If you’ve taken a bar exam prep course, odds are that you took BAR/BRI — although there are alternatives, such as BarMax and Themis (disclosure: ATL advertisers, whom we thank for their support).
If the deal goes through, Leeds will get its hands on what would seem to be a very good business. BAR/BRI courses aren’t cheap, at a few thousand a pop (often paid by law firms, which aren’t very price-sensitive). And since BAR/BRI has had its bar-prep infrastructure in place for a long time — curricula, instructors, etc. — its marginal costs for each new teaching cycle aren’t that high. In short, BAR/BRI seems like a money-making machine.
(Note: This analysis about the economics of BAR/BRI is somewhat speculative. Please correct us, by email or in the comments, if we’re wrong.)
But Leeds will also inherit complaints about BAR/BRI. Some are of the consumer variety — e.g., the website going down when people were trying to pick their course locations, the date by which books must be returned in order to get deposits back being set too early, unfair late fees, etc.
And some complaints are of the legal variety, in the form of antitrust class actions alleging collusion between (1) West Publishing, the owner of BAR/BRI, and (2) Kaplan Inc., the test prep company owned by the Washington Post Company that is known in the legal community for its LSAT courses. One of the lawsuits alleges “that BAR/BRI agreed not to compete in the LSAT business and that Kaplan agreed not to compete in the bar review business, thereby allocating to BAR/BRI the market for full-service bar review courses in the United States.” (Now, of course, Kaplan has its own full-service bar review course.)
To the legal complaints we now turn. You should follow along, since there might be some money in it for you….
Earlier this evening, U.S. District Judge Susan Richard Nelson (D. Minn.) ordered an end to the NFL lockout. Football is back on! Maybe! Or not! Not at all? Who knows?!?!?!
Yes, Judge Nelson ordered an end to the lockout today. Watching ESPN is like a trainwreck for those who crave certainty in their news reports. The NFL has already said it will appeal and seek a stay of Judge Nelson’s ruling.
If a stay is granted, well… we’re back to the lockout status quo. If a stay is not granted, then all hell will break loose and the NFL will be broken up into a bunch of Baby Bells? I think? I think that’s the implication of all the antitrust stuff that’s floating around?
One morning last week, I walked past dozens of loyal Apple customers lined up to buy the new iPad 2. I scoffed as I walked by, my old, beat-up iPod nano playing in my ears. I also had the misfortune of walking past the same store later in the evening.
A sign in the doorway said something like, “Sorry, you’re too late. We’re sold out, na na na na.” Of course sample iPads were spread across the tables for gullible saps like me to play with, and I couldn’t resist. I really wanted to be able to legitimately say the gadget is silly and excessive, but — curse you, Steve Jobs — that thing is really cool.
It’s been, obviously, an exciting week for the company, but coincidentally (or not?) the Apple legal team has probably been working overtime too. Apple is no stranger to litigation, and we’ve covered Apple’s legal wrangling before.
Details about Apple’s hyperactive legal week — why Steve Jobs got deposed, who owns the phrase “App Store,” and a company that claims Apple stole intellectual property — after the jump.
Since Japan is about to sink, drown, or blow up, you might have missed the fact that 32 or so billionaires officially can’t figure out how to share profits with a few hundred millionaires. That’s right, the National Football League — the most successful sports association ever — is in a stage of lockout. The owners and the players can’t agree, and now both sides have lawyered up and are heading to court.
The NFL owners have locked out the players, and the players have asked for an injunction preventing the lockout. Welcome to Brady v. NFL.
Naturally, I’m on the side of the marginally greedy, financially illiterate players over the unimaginably greedy, financially irresponsible owners. Bill Simmons perfectly captures the real core of this fight that the owners are picking with their employees.
And there are all kinds of funky legal issues swirling around the case: the player’s union “sham” decertification, the NFL’s T.V. revenue war chest they should have been sharing with the players all along, and enough Sherman Antitrust Act angles to fill a casebook.
And there’s legal star power: as we mentioned this morning, David Boies has joined the fight on the side of money grubbing owners who would happily sacrifice the long term health of their employees for some more short term profits.
But this morning we should focus on the man who could be “the Decider,” U.S. District Judge David Doty. The man has such a history of frustrating the NFL owner/oligarchs that simply getting the case into his courtroom could force the owners back into negotiating in good faith. We should know more about this guy.
Remember, the 1994 Major League Baseball strike was settled by a judge — and her name is Sonia Sotomayor — only she’s got a better title now. Just saying….
Yesterday we passed along a rumor that Barbara Werther and some of her colleagues in government contracts were leaving Howrey. We have since received additional confirmation of this report. According to one source, Werther informed Howrey partners of her departure on Thursday, and her office was cleaned out on Friday.
As we previously mentioned, a meeting with associates and firm chairman Robert Ruyak was also scheduled for yesterday. What happened on that conference call?
When asked for some 2011 predictions by the folks over at Hellerman Baretz, I had this to say (among other commentary): “Although business is generally picking up, some firms still haven’t managed to shake off the effects of the recession — and they are now seeing significant defections, as their partners leave for firms that have weathered the storm better. So, in the next year, look for at least one large — i.e., Am Law 200 — law firm to either dissolve or be swallowed up by another firm as an alternative to dissolution.”
One firm that has been experiencing some major partner departures and general upheaval is Howrey. This post is the first of what we expect to be a series of stories about the firm. If you have information about Howrey that you can share, please email us or text us.
It’s getting hard to keep track of all the partner defections at Howrey. But let’s give it a shot, as well as talk about various Howrey offices that might not be long for this world….
* One soldier responded to the Pentagon’s DADT survey by asking “How far are we going to go with this whole gay thing? Am I supposed to celebrate gayness – do they get to wear a rainbow flag on their uniform?” Just the tip, sure, and only if they earn the badge. [Washington Post]
* Interpol has put Julian Assange on its most-wanted list. The Strokes did it better. [CNN]
* A European antitrust investigation of Google shows that size matters. For Bing, there’s ExtenZe. [Los Angeles Times]
* New York judges may be getting their first raises in 12 years. [New York Times]
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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