Bill Lerach

Bill Lerach, looking sex-ay.

* Lawsuit lending, i.e., investing in lawsuits, is a booming business — but are plaintiffs getting screwed (again)? [New York Times]

* The “state secrets” doctrine goes before the Supreme Court tomorrow. [USA Today via How Appealing]

* Elsewhere in SCOTUS news, Justice Breyer gets a shout-out in the title of a new study: “‘People Did Sometimes Stick Things in my Underwear': The Function of Laughter at the U.S. Supreme Court.” [Washington Post]

* The new year is off to a great start for M&A lawyers. [Am Law Daily]

Arthur Cutillo

* A second ex-Ropes & Gray associate, Arthur Cutillo, pleaded guilty on Friday to charges arising out of the Galleon Group insider trading scandal. (Brien Santarlas pleaded guilty back in December 2009.) [Bloomberg via ABA Journal]

* If Cutillo and Santerlas go to prison, what can they expect? Check out Nathan Koppel’s interesting interview with former high-flying plaintiffs’ lawyer Bill Lerach, which touches on Lerach’s time in the big house (including a story about how he got the prison TV switched back to CNBC). [WSJ Law Blog]

* Steven Harper, the Kirkland & Ellis partner turned blogger, writes: “Are law schools deceiving prospective students into incurring huge debt for degrees that aren’t worth it? Of course they are.” [The Belly of the Beast]

Victims of what anti-law-school bloggers have dubbed “the law school scam” might argue that working for a law school, or at least the kind of law school that saddles students with debt and can’t get them jobs, is closer to a crime than community service. There is certainly an argument that law professors who aren’t part of the solution are part of the problem.

But the notorious William Lerach, the securities plaintiffs’ lawyer turned convicted felon, believes that law teaching is a noble calling — and wants the community service credit to show for it….

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