* Maybe things are getting better. Per the latest Law Watch Managing Partner Confidence Index, Biglaw partners have shown an uptick in confidence in the first quarter of 2014. [Am Law Daily]
* Thanks to this ruling, Chevron can sue Patton Boggs over claims it engaged in fraud during the Ecuador case. Don’t worry, we’re sure the merger with Squire Sanders will be just fine. [Reuters]
* Dewey know how much the latest clawback suit seeks from this failed firm’s ex-COO? About $9.3 million, for his “astronomically generous” employment contract. [WSJ Law Blog (sub. req.)]
* No more “unfounded” filings for this unfound plane: A firm’s attempts to get documents from Malaysian Air to file a possible lawsuit have been thwarted by a judge, with the possibility of sanctions. [Bloomberg]
* When your “concerned uncle” is writing to a pre-law adviser about your future when you haven’t even gone to college yet, you know you’re probably destined to be a gunner. [Law Admissions Lowdown / U.S. News]
If you’re a former Supreme Court clerk, the legal world is your oyster. In the words of one observer, “Supreme Court clerkships have become the Willy Wonka golden tickets of the legal profession. So many top-shelf opportunities within the law, such as tenure-track professorships and jobs in the SG’s office, [are] reserved for members of the Elect.”
If you work at a hedge fund, maybe after a stint at Goldman Sachs or a similarly elite investment bank, you’re the Wall Street version of a SCOTUS clerk — at the top of the field, but with way more money. There aren’t many Lawyerly Lairs out there that cost $60 million (the cost of hedge fund magnate Steve Cohen’s new Hamptons house).
What could lure four high-powered lawyers and hedge-fund types, including two former clerks to the all-powerful Justice Anthony Kennedy, to leave their current perches? How about the chance to earn the kind of money that would make a Supreme Court clerkship bonus look like a diner waitress’s tip?
In May 2006, then-Judge J. Michael Luttig made major news in the legal world by resigning from the U.S. Court of Appeals for the Fourth Circuit to become senior vice president and general counsel of aerospace giant Boeing. Luttig served as a Fourth Circuit judge for almost 15 years, during which time he reigned as the #1 feeder judge, sending almost all of his clerks into Supreme Court clerkships, and came extremely close to becoming a justice himself.
Luttig’s resignation from his life-tenured Fourth Circuit judgeship came as a shock to many (and was viewed by some as “taking his toys and going home,” after he got passed over for the SCOTUS seats that ultimately went to John Roberts and Samuel Alito). But Luttig, who’s only 56 — he was appointed to the Fourth Circuit at the tender age of 37 — seems to be enjoying the new challenges of serving as GC of a large public company.
During his four years at Boeing, Luttig has given its in-house ranks a major makeover. He has brought in some top talent, including at least four Supreme Court clerks: John Demers (OT 2005/Scalia), Grant Dixton (OT 2000/Kennedy), Brett Gerry (OT 2000/Kennedy), and Jake Phillips (OT 2004/Scalia). Is there any in-house legal department with more former Supreme Court clerks than Boeing? Don’t forget to count Luttig himself, who clerked for Chief Justice Burger (OT 1983), after clerking for then-Judge Scalia on the D.C. Circuit.
UPDATE: Boeing boasts at least eight (8) SCOTUS clerks. Here are three who were inadvertently omitted from the original version of this post: Bertrand-Marc Allen (OT 2003/Kennedy), Lynda Guild Simpson (OT 1984/Powell), and Eric Wolff (OT 2000/Scalia).
And Luttig has given his net worth a makeover, too. At the time of his May 2006 resignation, federal circuit judges earned $175,100 a year. As executive vice president and general counsel of Boeing — the country’s largest aerospace and defense company, #28 on the Fortune 500 — he makes millions.
Luttig no longer has to worry about covering college expenses for his two kids (which he cited in his resignation letter as a reason for leaving the bench). And this past May, he and his wife, Elizabeth Luttig, bought a fabulous second home in beautiful Kiawah Island, South Carolina.
How much did Mike Luttig pay for his new place? And how does the price tag compare to his in-house compensation at Boeing?
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: