Like a GM automobile, claims against the company arising from its faulty ignition switches might unexpectedly stop working.
While GM is talking a big game about compensating those who suffered damages due to the company’s defective cars, GM’s definition of “damages” is cleverly designed to save the company billions.
As you might remember, GM filed for bankruptcy about five years ago. “Old GM” sold all of its valuable assets to “New GM” — which was a federally backed company. All of Old GM’s bad assets and liabilities were handled through the chapter 11 bankruptcy process. In simplified terms, that means that anybody who had a beef with Old GM needed to settle their business with the company in 2009.
That’s bad news for some people who bought faulty GM cars.
* Partners from Patton Boggs and Squire Sanders may vote on their merger sometime this week. Get ready to say hello to Squire Patton, House of Boggs, Hodorific of Its Name. [Reuters]
* “[E]xcuse me, sir, you may not be here in five years.” Biglaw firms are becoming more “egalitarian” about office space because attorneys have expiration dates. [National Law Journal]
* After a flat year in 2013, and much to Biglaw’s chagrin, “[i]t is going to be harder to sustain year-over-year profitability gains.” Oh joy, time to power up the layoff machine. [Philadelphia Inquirer]
* Tech giants Apple and Google have called a ceasefire in their dueling patent suits in a quest to reform patent law — and so Apple can concentrate all of its efforts on suing the sh*t out of Samsung. [Bloomberg]
* GM’s in-house legal department is being heavily scrutinized in the wake of the car maker’s ignition switch lawsuit extravaganza. You see, friends, people die when lawyers don’t even bother to lie. [New York Times]
* Donald Sterling found a lawyer willing to represent him, an antitrust maven who thinks the NBA should take its ball and go home because “no punishment was warranted” in his client’s case. [WSJ Law Blog]
Imagine that you’ve raked in millions upon millions of dollars in fees thanks to your high-profile personal injury practice. What are you going to do with all of that money? Spend it on fast women and even faster cars, obviously — and when one of your automobile babies is hurt in an accident, you’ll approach the situation with all of the fervor and aggression that you would one of your own personal injury cases.
For example, if your $215,000 Bentley Continental had been in an accident and the body shop took more than two weeks to repair it — and allegedly did a crappy job on the repairs — you’d be inclined to sue. After all, how dare someone deprive you of the right to use and enjoy your convertible during this year’s especially hard winter?
Of course, when such a lawsuit is filed, you can’t exactly blame the other side for name-calling you…
* A Minnesota court ruled that it is not a crime to encourage people to commit suicide. So… keep commenting assholes, just know that you’ll feel really bad if I do it. [Gawker]
* I might be in the market for a used car, and I’m hoping to get a really good deal on one of these “recalled” GMs. I hope the DOJ doesn’t screw up my plans. [Reuters Legal]
* Speaking of cars, Alan Dershowitz calls for vigorous prosecution of reckless drivers. I call for vigorous prosecution of any box-blocking suburbanite who drives around Manhattan on a Saturday like they’re cruising to the country fair. [ABA Journal]
* Alabama thinks that people over 70 should be excused from jury duty. YES, they deserve to be excused and I hope they burn in Hell! [WSJ Law Blog]
I wonder if the driver who honked and made the rude gesture when the light changed at the intersection was as surprised as I was to discover that we were both headed to the law school for a class that he attends and I teach.
If you’re looking for an attorney to smite your enemies with the power of Thor, we have your man.
One lawyer vows to “pound money out of big insurance companies” on your behalf, and he’s willing to provide a visual demonstration. In a new television commercial, Georgia attorney Jamie Casino takes a hammer to those insurance companies threatening to deny plaintiffs their just compensation for everything from car accidents to dog bites.
Let me explain how this started. The American Association of Law Schools had its annual conference this weekend here in New York. On Saturday, I spoke on a panel about law school rankings with Bob Morse (U.S. News), Karen Sloan (National Law Journal), Katrina Dewey (Lawdragon), and Dimitra Kessenides (Bloomberg BNA). It was a fun and lively discussion in which we explained the different things we were trying to capture with our law school rankings, and how law school rankings are used and should be used. My plan was to cover the conference on Friday, speak on Saturday, then get drunk on Saturday night to make up for not being able to get drunk on Friday night.
But there was a huge snowstorm in NYC on Thursday night and I did not have the will to pull out my dogsled and make it to midtown on Friday morning. Instead, I followed the conference via various Twitter feeds of people who did make it. This was surprisingly effective (the internet is an amazing thing). Instead of being stuck in one room, I was following reports from many. So I was just sitting, warm and cozy in my basement, when this tweet went up:
Dean: Tuition costs not only reason grads in debt. They don’t apply for scholarships, drive nice cars. #aals2014
This isn’t the first car-related foolishness we’ve heard from defenders of law school; the former president of the ABA told law students that they should sell their cars to pay for law school. And this needs to stop. There are too many people in charge of law schools who remember tuition costs from when they went to school, which is beyond irrelevant.
Since some of these guys appear to be too addled to do the math, I’ve come up with something easier: pictures. I want you to show us what kind of car you drive in law school (or what kind of car you drove). Send us your jalopy; hell, if you have a sweet ride, send that too (subject line “Law School Car”). I would love to see if any of these cars could even put a dent in the current price of law school tuition.
Some of our Twitter followers were more than happy to start us out….
(A stock photo of a teen driver — not actually Ethan Couch.)
I’m sure that by now you’ve all heard the story about the wealthy white teenager who killed four people while drunk driving. As we mentioned in yesterday’s Non-Sequiturs, 16-year-old Ethan Couch got off — sentenced to therapy — because the judge agreed that the kid was a victim of “affluenza”: his parents gave him everything he wanted, and he believed that being rich meant that he wouldn’t have to face consequences for his actions.
The kid’s not wrong; the fact that he’s not facing incarceration for killing four people kind of proves the point. A poor white kid would be in jail right now. A rich black kid would be in jail right now. A poor black kid would be picking out items for his last supper right now. Anybody who thinks that this kind of lenience would be given to anybody other than a wealthy white dauphin is wrong and stupid (and probably racist). The rich kid isn’t in jail because rich people don’t suffer the full force of consequences for their actions.
That said… the judge isn’t wrong either. When you have a jerk-off prick of a 16-year-old, as this kid appears to be, it’s probably not his fault. Not really. My outrage isn’t that Couch is getting off, it’s that so many other teens and young people are being incarcerated without this kind of compassion.
Not that there aren’t people who deserve jail time behind this. It’s just that those people are Couch’s parents….
… because you’ll find a sad man crying himself to sleep.
Here we are on the eve of Thanksgiving, and it is traditional to publicly spew all of the things we are thankful for ad nauseam. Fine. Despite the horror of not yet knowing the exact bonus benchmark that “elite” firms will set for themselves this year, I am sure there is something for which I am thankful. Well, I am on a large project that seems like it will last through the end of the year. That is pretty much the best a contract attorney can hope for — especially in a week where we will miss out on two days of work (you call it a holiday, I call it forced budgeting).
This weekly column has really been about the nature of the worst legal job, and the underlying message is that it can be a sad existence. I am not saying this to garner sympathy — let’s face it, anyone who decided to go to law school probably isn’t a great candidate for sympathy — but rather to describe reality. Packed into a room of people who were positive, in the not too distant past, that they were better than the life they are currently living can be disheartening. We’ve focused a lot on the dollar amount associated with being a contractor, and the actual tasks you might do, but what is life really like for the legal underground?
You won’t believe the extremes one West Coaster is going to for an hourly wage…
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
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: