Bankruptcy

  • concept of bankruptcy

    Arent Fox, Bankruptcy, Money

    Time For The Lawyers To Pick At The Carrion That Is Detroit

    Can Detroit even go broke successfully?

    46 Comments / / Jul 22, 2013 at 6:10 PM
  • cooley law logo

    Arent Fox, Bankruptcy, Biglaw, Education / Schools, Family Law, In-House Counsel, Law Professors, Law Schools, Morning Docket, Pro Bono, Securities and Exchange Commission, Securities Law, Student Loans

    Morning Docket: 07.22.13

    * Though she be but little, she is fierce! Under Mary Jo White’s guidance, the Securities and Exchange Committee is now cracking down on financial fraud with a vengeance. [DealBook / New York Times]

    * When a Biglaw firm’s chairman skeptically says, “Uh, OK, I mean, maybe,” with regard to a future increased demand for legal work, you know things are bad. We’ll have more on this later today. [New Republic]

    * With Detroit’s downfall, vultures are swooping in left and right to snag clients. Firms retained thus far include Weil Gosthal, Arent Fox, Kirkland & Ellis, Winston & Strawn, and Sidley Austin. [Reuters]

    * “I’m not a 100% sure this is legal.” Two law professors have come up with a revolutionary way for law students to finance legal education that sounds like it just might work. [WSJ Law Blog (sub. req.)]

    * Normally when Biglaw firms and legal departments go to court over contested litigation, something’s gone wrong, but this summer, they’re trying to do some good in the world. [National Law Journal]

    * Soon, it’ll be known as Western Michigan University Thomas M. Cooley Law School, but even with a new name, you’re still going to be Cooley, and there’s no recovery from that. [Lansing State Journal]

    * In Greenwich, Connecticut, the fact that people buy homes where they want their kids to go to school isn’t a “complicated concept.” The schools’ racial diversity, on the other hand, is. [New York Times]

    9 Comments / / Jul 22, 2013 at 9:07 AM
  • welcome-to-detroit-signfrugal-cafecom-RF

    Bankruptcy, Crime, Guns / Firearms, Law Schools, Money, Racism, Student Loans, Violence

    3 Legal Stories That Dominated the Week

    The George Zimmerman verdict, Detroit’s bankruptcy, and revisiting the “$1 million law degree”

    58 Comments / / Jul 19, 2013 at 4:17 PM
  • 2014-U.S.-News-Law-Rankings

    Bankruptcy, Deaths, In-House Counsel, Law Schools, LSAT, Morning Docket, Pro Bono, Trials

    Morning Docket: 07.19.13

    * Under the leadership of emergency manager Kevyn Orr, Detroit is now the biggest U.S. city to declare bankruptcy in history. Unfortunately, not even the strict Jones Day dress code could save them. [Am Law Daily]

    * As one of our columnists David Mowry told us weeks ago, New York wants to close the justice gap by looking to the state’s best untapped resources for pro bono work: in-house counsel. [New York Law Journal]

    * It turns out the “new employer survey” to be used by U.S. News is really just the old employer survey that’s been used in the rankings since 1990. How incredibly anticlimactic. [Morse Code / U.S. News & World Report]

    * Law schools are officially ready to scrape the bottom of the barrel when it comes to filling their classes. Some are now accepting first-time June LSAT scores for fall admission. [National Law Journal]

    * Our managing editor, David Lat, comes to the defense of fictional representations of the law, but seeing as he’s writing a fictional legal novel, we think he’s kind of biased. [Room for Debate / New York Times]

    * Mobsters really don’t like rats, and it looks like someone who was planning to testify against Whitey Bulger may have been whacked after having been dropped from the prosecution’s witness list. [CNN]

    12 Comments / / Jul 19, 2013 at 9:07 AM
  • J._K._Rowling_2010

    9th Circuit, Attorney Misconduct, Bankruptcy, Books, Football, Law Schools, Legal Ethics, Non-Sequiturs, Student Loans, United Kingdom / Great Britain

    Non-Sequiturs: 07.18.13

    * J.K. Rowling’s outing as The Cuckoo’s Calling (affiliate link) author Robert Galbraith has rendered print copies of the book scarce and a hot collector’s item. Now Rowling is hurling Cruciatus curses at her lawyers as the source of the revelation. [The Guardian]

    * The New York Times weighs in on the worth of a law degree debate and makes Elie’s day by labeling him “indomitable.” [DealBook / New York Times]

    * After the Ninth Circuit struck a tone of sanity, federal bankruptcy judges in Michigan and Tennessee remind us that law school debt is forever. [The National Law Journal]

    * The hottest barristers in London. Meh. Holding out for the hottest solicitors countdown. [Legal Cheek]

    * A lawyer should get suspended for smuggling stuff out of prison for a client. But shouldn’t the punishment be a tad more severe for smuggling a HIT LIST out of prison for a client? [Mercury News]

    * The Ten Competencies that law schools should teach. I’d add “understanding how to order from Seamless at 4AM,” but otherwise it’s a solid list. [Associate’s Mind]

    * Penn State has approved a $60 million settlement in the Sandusky cases. Which is less than the football program makes in a year. [Deadspin]

    * Apparently, the laws and other conditions surrounding America’s oil industry make it only the fifth friendliest place to extract petroleum in the world. Thanks a bunch you granola-eating socialists. [Breaking Energy]

    * It’s not over yet, but the current projection for law school applicants this year is 59,200. My response to those fresh young go-getters after the jump…

    12 Comments / / Jul 18, 2013 at 5:03 PM
  • gay marriage cake

    1st Circuit, Bankruptcy, Biglaw, Constitutional Law, Copyright, Dewey & LeBoeuf, Gay, Gay Marriage, Morning Docket, Music, Politics, SCOTUS, Supreme Court

    Morning Docket: 06.27.13

    * Edith Windsor’s lawyer said she thought her client’s case was “simple,” but it proved to take a little longer than she thought to strike down the Defense of Marriage Act. [New York Law Journal]

    * Conservative pols are up in arms about the SCOTUS decisions, promising to file constitutional amendments, but like Rand Paul said, “As a country, we can agree to disagree.” [Washington Post]

    * Nate Silver breaks down gay marriage by the numbers. By August, 30% of Americans will live in states where same-sex marriage has been legalized. [FiveThirtyEight / New York Times]

    * Wherein the ancient artifacts of a once storied and prestigious Biglaw firm are touted by a furniture liquidation company as “like new, for less!” Dewey know how embarrassing this is? [Am Law Daily]

    * Sorry, Joel Tenenbaum, but the First Circuit affirmed your $675K debt to the RIAA. That’s what happens when you blame illegal downloads on burglars and foster kids. [Law & Disorder / Ars Technica]

    * It looks like David Boies claimed two victories yesterday. The Court of Federal Claims gave Maurice Greenberg the green light to sue the U.S. over the terms of AIG’s bailout. [DealBook / New York Times]

    1 Comment / / Jun 27, 2013 at 9:05 AM
  • pink slip LF layoffs

  • layoff victim LF

    Bankruptcy, Biglaw, Layoffs, Partner Issues, Partner Profits, Secretaries / Administrative Assistants, Severance, Staff Layoffs

    Nationwide Layoff Watch: Major Cuts Come To Weil Gotshal

    How many lawyers and staff are being laid off? A surprisingly high number, into the triple digits….

    133 Comments / / Jun 24, 2013 at 11:46 AM
  • Next time, brown bag it.

    Bankruptcy, Bar Exams, BAR/BRI, Biglaw, Crime, Dewey & LeBoeuf, Facebook, General Counsel, Morning Docket, Social Media, Social Networking Websites, Twittering

    Morning Docket: 06.21.13

    * The makeup of the Foreign Intelligence Surveillance Court is very homogeneous. Out of 14 judges who served this year, 12 are Republican and half are former prosecutors. Some diversity please? [Reuters]

    * Dewey know how much Judge Martin Glenn shaved off of Togut Segal & Segal’s $8.8M fees and expenses in the latest D&L payout approval? Just $167.76 for subway fare and meal overages. [Am Law Daily]

    * Ted Boutrous of Gibson Dunn is a very busy man, but he’s been categorized as a “Twitter freak.” The man is a self-professed news junkie, and he follows @atlblog, so you know he’s cool. #winning [Bloomberg]

    * Facebook has named a new general counsel. We wish a very warm welcome to Colin Stretch, a man who’s a Harvard Law graduate, a former Kellogg Huber partner, and a former Supreme Court clerk to Justice Breyer to boot. [Facebook]

    * If you’re waiting for your check to come for the BARBRI class action suit that was settled back in 2007, then keep waiting. But hey, at least the law firms are starting to get paid. [National Law Journal]

    * Ariel Castro, a man you might’ve eaten ribs with, is looking at additional indictments in the kidnapping case against him. Thus far, he’s pleaded not guilty to all of the 329 charges he currently faces. [CNN]

    7 Comments / / Jun 21, 2013 at 9:11 AM
  • Edward Snowden

    Art, Attorney Misconduct, Bankruptcy, Biglaw, Books, Clerkships, Headhunters / Recruiters, Howrey LLP, Legal Ethics, Morning Docket, New Jersey, Privacy, SCOTUS, Sonia Sotomayor, Supreme Court

    Morning Docket: 06.10.13

    * Edward Snowden, the computer technician who leaked details on the programs the NSA didn’t want you to know about, sacrificed his life to save your privacy’s soul. Thanks a bunch, Technology Jesus! [CNN]

    * While we wait for Fisher, DOMA, and Prop 8, if you’d like some background info on the people behind the most controversial and talked about SCOTUS cases of the term, give this one a read. [NBC News]

    * If a justice claims he’s never met a homosexual and he’s got a gay law clerk, telling him to “look around [his] chambers” to find one is the NKI. My, how times have changed since the mid-80s. [New York Times]

    * In 2012, Justice Sotomayor earned $1.9 million in royalties from her memoir, My Beloved World (affiliate link). Yeah, her world is probably so beloved because she’s rolling around in money. [Blog of Legal Times]

    * Howrey going to make use of this empty wall space? If you’re in the market for some art, this bankrupt firm’s decor will be up for auction in D.C. later this week. [Bankruptcy Beat / Wall Street Journal]

    * When you’re dealing with the most beautiful people in Biglaw, the price for pretty is high: Davis Polk was slapped with a million-dollar lawsuit over a recruiter’s fee. [Thomson Reuters News & Insight]

    * Gerald Shargel, criminal defense attorney to the Mafia stars, is retiring his shingle to join Winston & Strawn. Biglaw better keep him entertained — he gets bored easily. [DealBook / New York Times]

    * Cory Booker, one of everyone’s favorite Yale Law School grads, announced his candidacy for a New Jersey Senate seat over the weekend. Best of luck in the special election! [The Note / ABC News]

    * The feds are seeking a four-year sentence for former Rep. Jesse Jackson Jr. in his campaign funds misuse case. No MJ memorabilia is worth prison time, no matter how big a fan you are. [The Hill]

    * “[I]f you ever call me on my cellphone again, I’ll strangle you.” Yikes. Looks like this Kentucky judge won’t have the chance to wring his hands around lawyers’ necks any time soon. [Courier-Journal]

    10 Comments / / Jun 10, 2013 at 9:03 AM
  • gradenfreude

    Bankruptcy, Biglaw, Crime, D.C. Circuit, Howrey LLP, Job Searches, Law Professors, Law Schools, Military / Military Law, Morning Docket, Murder, Privacy, Sex, Sex Scandals

    Morning Docket: 06.04.13

    * Because the Senate doesn’t work properly when it comes to doing things efficiently, Obama will nominate three candidates for the D.C. Circuit. The outrage! The horror! The court-packing! [Legal Times]

    * Howrey going to sue everyone in time to meet this bankruptcy deadline? When you’ve only got a few days left before the statute of limitations expires, you file up to 33 suits per day. [Am Law Daily]

    * Attack of the lawyer glut! If you’re a recent law school grad who’s still unemployed, chances are high that this chart detailing the ratio of lawyers to job openings will make you shed a tear. [The Atlantic]

    * Tey Tsun Hang, the law professor convicted on corruption charges after having an affair with a student, is heading to jail for five months. Giving out all of that extra credit wasn’t worth it after all. [Bloomberg]

    * Nidal Hasan, the accused Fort Hood shooter, will be representing himself in his murder trial. He’ll use a “defense of others” argument, which seems obtuse given the nature of the crime. [Huffington Post]

    * Bradley Manning’s court-martial began with a bang, with the prosecution arguing that the young intelligence analyst put lives at risk, while his own attorney called him a “humanist.” [New York Times]

    * Jill Kelley, the woman who helped bring about the downfall of General David Petraeus by exposing his affair, has filed a lawsuit against government officials alleging privacy violations of all things. [USA Today]

    4 Comments / / Jun 4, 2013 at 9:05 AM
  • Alexis Wright

    Bankruptcy, Biglaw, Dewey & LeBoeuf, Eric Holder, iPhone, Law Professors, Law Schools, Morning Docket, Patents, Prostitution

    Morning Docket: 06.03.13

    * “Hindsight is always 20/20.” Perhaps AG Eric Holder should’ve quit when he was ahead after President Obama’s first term, because now White House insiders are wishing he’d step down. [New York Times]

    * Dewey think Steven Davis will ever live down claims that he brought about the death of a once legendary law firm? No, but at least his $19.5 million mismanagement settlement was approved. [Am Law Daily]

    * “What’s disgusting? Union busting? Who’s disgusting? Joe Genova.” Damn. This partner had some issues with Legal Services NYC lawyers on strike outside his office last week. [New York Law Journal]

    * With all of the talk about patent trolls, this Morgan Lewis attorney allegedly thought it would be a good idea to get a piece of the action. Oopsie, it sounds like you got some splainin’ to do. [Ars Technica]

    * LEAVE THOMAS JEFFERSON SCHOOL OF LAW ALONE! TJSL alumni appreciate their alma mater so much they’re willing to sign love letters written by the school’s PR flack. [WSJ Law Blog (sub. req.)]

    * Widener Law is thinking of splitting its campuses into separately accredited schools, but this isn’t a cost-saving measure — neither were the buyout packages offered to professors. [Delaware Law Weekly]

    * Alexis Wright, the Zumba instructor who ran a prostitution ring out of her dance studio, will ditch the workout and join the party in jail, because this hot mama was just sentenced to 10 months. [CNN]

    2 Comments / / Jun 3, 2013 at 9:06 AM
  • bankruptcy court

    9th Circuit, Bankruptcy, Money, Pro Bono, Student Loans

    In Ruling on Undue Hardship, Court Is Not Allowed To Come Into Your House and Repurpose Your Wife

    This guy succeeded in discharging his student loan debts, and he didn’t have to pimp out his wife…

    53 Comments / / May 24, 2013 at 2:02 PM
  • Casey Anthony

    2nd Circuit, American Bar Association / ABA, Bail, Bankruptcy, Biglaw, Copyright, Department of Justice, Enron, Google / Search Engines, Jeffrey Skilling, Law Schools, Money, Morning Docket

    Morning Docket: 05.09.13

    * Right about now, the Second Circuit is wondering why authors are suing Google and crying infringement over the Internet company’s e-book project, especially since digitization could benefit so many of them. [Thomson Reuters News & Insight]

    * This is the end of an era of legal battles: Jeffrey Skilling, Enron’s former chief executive officer, is getting a little shaved off the top of his 24-year prison sentence thanks to a deal with the Department of Justice. He’ll be out in 2017. [CNBC]

    * Biglaw expected to have a slow start in 2013, but no one expected it to be this slow. The latest Citi report wasn’t exactly encouraging; on average, firms saw a 0.2% increase in revenue during the first quarter. [Am Law Daily]

    * In the past decade, the American Bar Association has created six task forces to explore changing the face of legal education as we know it. Funny… nothing’s really changed. [National Law Journal]

    * Bail for Ariel Castro, the accused Cleveland kidnapper, has been set at $8 million. “Just think of how many ribs and salsa albums could be bought with that, bro,” said Charles Ramsey. [Chicago Tribune]

    * Casey Anthony had a bankruptcy hearing yesterday, but that news was overshadowed because everyone cared more about the girl who wasn’t going to get away with murder. [Orlando Sentinel]

    1 Comment / / May 9, 2013 at 9:13 AM
  • gatsby

    2nd Circuit, Bankruptcy, Books, Law Schools, Movies, Non-Sequiturs, Police

    Non-Sequiturs: 05.08.13

    * Professor Alfred Brophy wonders if The Great Gatsby (affiliate link) provides an early preview of product placement. In any event, I’m willing to bet the new movie will provide a stellar latter day view of product placement. [The Faculty Lounge]

    * Brooklyn Law School will begin offering a 2-year JD program. This makes too much sense. [Brooklyn Law School]

    * Former Dora the Explorer star rebuffed in effort to unwind settlement, in part over claims that she overpaid for her lawyer. He charged $755/hour plus a 37.5% “success fee.” This is the sort of thing that happens if a monkey is your most trusted confidant. [Hollywood Reporter]

    * Oreck files for bankruptcy. Not Orrick, Oreck. They make vacuum cleaners that suck. Figuratively. [USA Today]

    * Urinating on police stations? Detroit sounds like such a charming place. [Legal Juice]

    * If you don’t mind spoilers, here are the answers to all your Iron Man 3 legal queries. Not answered: why was the post-credits scene so lame? [Law and the Multiverse]

    * While created for short-sighted criminal defendants, this applies equally to the hubris of civil defendants who are just SURE they’re going to win. [What the Public Defender?]

    * Caroline Kennedy just paid up her lapsed bar admission. Just in time for a Senate confirmation hearing… you know if she were to get nominated for something. [WiseLawNY]

    3 Comments / / May 8, 2013 at 5:40 PM
  • Casey Anthony

    Bankruptcy, Biglaw, Books, Crime, Department of Justice, Dewey & LeBoeuf, Federal Judges, Job Searches, Law Schools, Litigatrix, Morning Docket, Partner Issues, Securities and Exchange Commission, Securities Law, Trials, Women's Issues

    Morning Docket: 05.08.13

    * “Is there a public interest in unwanted pregnancies … that can often result in abortions?” The judge who ordered that Plan B be made available to all women regardless of age is pissed at the DOJ. [The Caucus / New York Times]

    * Mary Jo White, the littlest litigatrix, will “review” the Securities and Exchange Commission’s policy of allowing financial firms to settle civil suits without affirming or denying culpability, but for now, she’s defending it. [Reuters]

    * Dewey know what this failed firm is supposed to pay its advisers for work done during the first nine months of its bankruptcy proceedings? We certainly do, and it’s quite the pretty penny. [Am Law Daily]

    * In a round of musical chairs that started at Weil Gotshal, Cadwalader just lost the co-chairs of its bankruptcy practice and another bankruptcy partner to O’Melveny. [DealBook / New York Times]

    * Another day, another law school comparison website. Take a look at Law Jobs: By the Numbers, which includes a formula from the laughable National Jurist rankings system. [National Law Journal]

    * In a move that shocked absolutely no one, attorneys for Colorado movie theater shooting suspect James Holmes announced they will enter a plea of not guilty by reason of insanity for their client. [CNN]

    * From the “hindsight is 20/20″ file: the judge who presided over the Casey Anthony trial thinks there was enough evidence to convict the ex-MILF. He also likened Jose Baez to a used car salesman. [AP]

    * Check out Logan Beirne’s book (affiliate link). Even when sensationalizing George Washington’s rise from general to president, attention must be paid to the rule of law. [Wall Street Journal (sub. req.)]

    1 Comment / / May 8, 2013 at 9:04 AM
  • gun and gavel

    Bankruptcy, Biglaw, Disasters / Emergencies, Divorce Train Wrecks, Edwards Wildman, Guns / Firearms, Job Searches, Law Schools, Litigatrix, Morning Docket, SCOTUS, Supreme Court

    Morning Docket: 04.16.13

    * Without issuing any reasoning, the justices of the Supreme Court gave a thumbs down to New York’s “de facto ban” on carrying guns in public, prompting members of the National Rifle Association to poop their pants. [New York Times]

    * Now that Mary Jo White is the chief of the Securities and Exchange Commission, Debevoise has picked her successor to act as co-chair of the litigation department. Congratulations go out to Mary Beth Hogan. [DealBook / New York Times]

    * In its latest court filings, Ropes & Gray explains why failing to give its “token black associate” a recommendation letter wasn’t an act of retaliation. That’ll surely be an interesting read. [Am Law Daily]

    * A former client sues a major law firm, raising fraud, breach of fiduciary duty, and other claims. [Bailey & Glasser (press release and complaint)]

    * Boston Biglaw firms — like Dechert, Edwards Wildman, and Foley & Lardner — were “really shaken” by yesterday’s blasts, but report that all employees are safe and accounted for. [National Law Journal]

    * Six out of 10 of the 4,967 class of 2012 graduates from New York’s law schools were able to find full-time, long-term positions as lawyers nine months after graduation. Yay? [New York Law Journal]

    * Secrets, secrets are no fun; secrets, secrets hurt… someone’s wallet. Sorry, Jamie McCourt, but all of the secret MLB documents concerning the Dodgers’ $2 billion sale will remain secret. [Bloomberg]

    9 Comments / / Apr 16, 2013 at 9:15 AM
  • 11th Circuit, 4th Circuit, 7th Circuit, Bankruptcy, BAR/BRI, Career Alternatives, Disability Law, Drugs, Frank Easterbrook, Law Professors, Law Schools, Marijuana, Non-Sequiturs, Paralegals, Technology

    Non-Sequiturs: 04.12.13

    * The Dukes of Hazzard and Braveheart cited in the Eleventh Circuit. Other circuits, the gauntlet has been thrown down. [Volokh Conspiracy]

    * Dave’s not here, man. Probably not the smartest stoner on the planet. [Lowering the Bar]

    * Former Skadden attorney loses her appeal claiming that insomnia constituted a disability. It’s a setback for her, but nothing worth losing sleep over. [National Law Journal]

    * The Second Circuit agreed with every other court that heard the motion and denied the effort to recuse Magistrate Judge Peck from the Da Silva Moore predictive coding case. [IT-Lex]

    * Maybe it’s time for law professors to get off their duffs and try helping out their unemployed students directly. [Concurring Opinions]

    * Judge Easterbrook allows a $25K student-loan discharge for a ‘destitute’ paralegal. The educational-industrial complex is not going to sit still for this. [ABA Journal]

    * Saira Rao, of Chambermaid (affiliate link) fame, has a new publishing venture — check it out. [Kickstarter]

    * Oh, BARBRI. What’s the Matter with Kansas, indeed (after the jump)….

    * Posted previously on Facebook (now pulled):

    3 Comments / / Apr 12, 2013 at 4:31 PM

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