Bankruptcy

Jodi Arias

Jodi Arias

* Many lawyers may think that Biglaw is in recovery what with its record gross revenues and profits, but if you adjust the numbers for inflation, the overall picture looks pretty grim. Reality certainly does bite, folks. [American Lawyer]

* Please pay up and shut up: Alas, seven partners who sought to dismiss the clawback suits filed against them by failed firm Dewey & LeBoeuf’s bankruptcy liquidation trustee were denied in court this week. [WSJ Law Blog]

* Thomas Jefferson School of Law restructured its debt to avoid default, and now its dean has announced he doesn’t think the school’s enrollment will ever return to its former glory. Aww? [National Law Journal]

* Warren Gladders, the WUSTL Law grad turned bank robber, received 45 years in jail for his getaway shootout with the cops. It’ll run consecutively with his 24-year robbery sentence. [St. Louis Post Dispatch]

* The judge overseeing the Jodi Arias sentencing retrial made the unusual decision to bar the public from watching the testimony of the defense’s first witness. We’re now awaiting Nancy Grace’s anuerysm. [AP]

Bingham new logoOver the past few months, we’ve offered extensive coverage of Bingham McCutchen, the once high-flying law firm that’s now struggling to survive. Bingham has remained mainly mum during these trying times.

This week, however, managing partner Steven Browne — who took over earlier this year from Bingham’s longtime leader, Jay Zimmerman — has been on a charm offensive. He gave interviews to the Boston Globe and the Wall Street Journal, which along with the American Lawyer ran long pieces on the state of affairs at the firm. We’ll share with you the new and most notable material from all three stories.

Before we get to the substantive stuff, though, let’s check out the Wall Street Journal’s interesting choice of a photo for its Bingham piece….

double red triangle arrows Continue reading “Bingham McCutchen: Is The Patient Stabilizing?”

Gilberto Valle: Your new law school classmate?

Gilberto Valle: Your new law school classmate?

* Everyone knows Bingham McCutchen is considering a merger with Morgan Lewis, but not many know bankruptcy may be an option. It’s a remote option, but still an option. [Boston Globe]

* When Kaye Scholer moved offices, it left behind most of its library. “It tells you everything you need to know about law firm libraries”: they’re no longer as necessary as before. [New York Times]

* Everyone loves the Sixth Amendment: Thanks to money from Koch Industries, the National Association of Criminal Defense Lawyers will offer better indigent defense training. [WSJ Law Blog]

* The judge in Adrian Peterson’s case won’t be replaced, despite the fact that he called the lawyers involved in the case “media whores.” Meh, Peterson’s attorney says he’s been called worse. [Bloomberg]

* Gilberto Valle, better known as the “Cannibal Cop,” really wants to go to law school. He’s apparently scored quite well on LSAT practice tests. Do law school ladies look delicious or what? [New York Post]


bankruptcy booksEd note: This post originally appeared on Bankruptcy Law Insights.

The perception that public employee pension obligations cannot be impaired in bankruptcy suffered a damaging blow several months ago in the City of Detroit bankruptcy case, and has now been fatally wounded by the recent ruling of Judge Christopher Klein in the Chapter 9 case of Stockton, California. Although Judge Klein’s decision is not likely to lead to a spate of municipal bankruptcy filings in an effort to escape burdensome pension liabilities (indeed, it may not even lead to the actual diminishment of pension claims in the Stockton case itself), this is an important decision. Unless reversed on appeal, it will alter the legal landscape for distressed municipalities. Together with the similar Detroit decision, the Stockton ruling will affect negotiations among municipalities, employee unions, pension system representatives and financial creditors across the country.

double red triangle arrows Continue reading “Stockton Judge: Pension Obligations Are Not Impervious to Impairment In Chapter 9 Bankruptcy. What Comes Next?”

In our last report on the beleaguered Bingham McCutchen, we predicted that its partners would vote in favor of the proposed merger with Morgan Lewis — even if some of them might get de-equitized as a result. Why? Because “it’s not clear that Bingham has better options.”

Talk about understatement. Maybe this is fearmongering to get Bingham partners to approve the deal, but check out what management is saying might happen if this deal doesn’t go through….

double red triangle arrows Continue reading “The Rise And Fall of Bingham McCutchen”

Sometimes, the internet seems to exist largely in order to rate things. User-generated and unverified reviews of everything from movies to cars abound. The thing with this proliferation of ratings, be they on Yelp, or Amazon, or whatever, is that we usually don’t have any idea whether or not the reviewer has any basis for his rating. (In fact, the spoof product review has become its own literary micro-genre.)

Spurious or baseless ratings are not a problem when it comes to ATL’s Insider Survey (17,300 responses and counting — thanks everyone!), in which practicing attorneys and current students evaluate their own schools or employers. Among other things, our survey asks attorneys to nominate firms with over- and underrated practices within the respondent’s own practice specialty. Litigators nominate litigation departments, etc.

Which firms do those in-the-know consider to be better (or weaker) than their reputations?

double red triangle arrows Continue reading “Over- And Underrated Biglaw Practice Groups”

Dinesh D’Souza

* The United States is launching air strikes against ISIS in Syria and Iraq, but some have been compelled to wonder whether it’s legal under international law. Of course it’s legal, under the Rule of ‘MERICA, F*CK YEAH! [BBC]

* Dewey know whether this failed firm’s former COO can get out of paying $9.3M to its bankruptcy trustee? Dewey know whether we’ll ever be able to stop using this pun? Sadly, the answer to both questions is no. [WSJ Law Blog]

* Marc Dreier of the defunct Dreier LLP has been ordered to testify in person in his firm’s bankruptcy case in Manhattan, but he’d rather stay in the comforts of his prison home in Minnesota. Aww. [Bloomberg]

* Dinesh D’Souza won’t have to do hard prison time for his campaign-finance violations. Instead, he’ll be spending eight months in a “community confinement center,” which sounds just peachy. [New York Times]

* Northwestern Law is launching a campaign to fundraise $150M to be spent on an endless supply of Chick-fil-A sandwiches financial aid for students and curriculum improvements. [National Law Journal]

Professor Tim Wu

* Could Columbia law professor Tim Wu become New York’s next lieutenant governor? He has a shot, according to the Times. [New York Times]

* Which same-sex-marriage case is the best vehicle for Supreme Court review? [BuzzFeed]

* A federal judge takes the wheel in steering Detroit into the future. [American Lawyer]

* Is it “shameful” of the ALS Association to attempt to trademark the phrase “ice bucket challenge”? [ABA Journal]

* Jury deliberations are expected to begin today in the corruption trial of former Virginia governor Bob McDonnell. [Washington Post]

* Voter ID laws are back on trial, this time in Texas. [New York Times]

* Speaking of Texas, the state seeks to stay a recent ruling that struck down the requirement that abortion clinics comply with standards for ambulatory surgical centers. [ABA Journal]

* When it comes to all of the same-sex marriage cases that are currently before the Sixth Circuit, the deciding vote could be cast by Judge Jeffrey Sutton, a Republican appointee. [National Law Journal]

* Weil Gotshal snagged a partner from right under one of its largest competitor’s noses. Ray Schrock, formerly of Kirkland & Ellis, may someday co-chair Weil’s restructuring group. [WSJ Law Blog]

* “I got the reward that most volunteers get — which is I ended up having to read many, many hundreds of pages.” This Ogletree Deakins partner figured out how to undo Obamacare in his spare time, and all he got were these lousy bifocals. [Greenville News]

* On-campus interviewing season is almost upon us, so we’re going to give you all of the tips you can stomach. Here are a few more ways that you can hit all of your interviews out of the park. [The Careerist]

* Albany Law and the University at Albany are shockingly not already affiliated with each other, but they’re exploring an “operational alliance.” Will that mean fewer faculty buyouts, or…? [Albany Business Review]

* Nothing demands a SWAT team like a 90-year-old woman. [Lowering the Bar]

* Not so much legal, but here’s Princeton Review’s ranking of the best and worst colleges. If you’re looking for hard liquor, head to Iowa City. [TaxProf Blog]

* Dewey know what Al Togut’s going to say about law firm bankruptcies. Yeah, I know, but we’re just going to keep riding this pun. [Forbes]

* Corruption in New Orleans? Hold on, I need a second to let this sink in. [The Times-Picayune]

* Be sure to come by Betterment on Wednesday to hear from a panel of general counsel about the transition to in-house work for a startup company. [Above the Law]

* The CFPB is cracking down on debt-collecting law firms. So if you’re a bottom-feeder, the government is coming for you. [Gawker]

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