Although Am Law and ATL covered the story first, the long spread in The New York Times alerted the whole world to the woes of Gregory Owens, a former Dewey partner who’s now a bankrupt non-equity partner at White & Case.
The legal blogosphere naturally lit up over this story, with Scott Greenfield dispensing his usual simple justice and the Volokh Conspirators (and their many commenters) debating Owens’ personal and professional worth.
But my emailbox filled up, too, with assorted reactions from people at all levels in the law. The most interesting rant — and the one I’m sharing with you today — came from a person who looks a lot like Owens; he or she is a non-equity partner at a Vault 50 firm who’s in his or her 50s. This person disagrees violently with the conventional wisdom about non-equity partners. My correspondent sings their praises and insists that both law firms and many law firm consultants terribly misjudge the value that non-equity partners provide to their firms. . . .
Let’s be honest: despite being the Biglaw version of the Titanic, the collapse of Dewey & LeBoeuf could have been worse. Even though the Dewey dissolution constituted the largest law firm collapse in history, many D&L lawyers and staff were able to find new employment. Even Steve Davis, the disgraced ex-chairman of Dewey, landed a new gig.
But not everyone emerged unscathed. Some attorneys and staffers never got back on their feet professionally. Many Dewey partners scored new positions, but not all of them took all of their people with them to their new firms.
And even some partners are still suffering. In fact, one former Dewey partner, now a partner at another major law firm, recently filed for personal bankruptcy….
(Please note the UPDATES at the end of this post.)
Yeah yeah yeah, we know, we’re not supposed to be making a federal case out of an affair. But this one’s just so juicy that we couldn’t resist.
On the one side, we’ve got national security analyst, author, and side piece Paula Broadwell sending harassing emails to social liaison and “honorary consul general” Jill Kelley, telling the party planner to butt out of her relationship with former CIA Director David Petraeus. On the other side, we’ve got Jill Kelley exchanging hundreds of “flirtatious” emails with General John Allen, the top U.S. commander in Afghanistan.
And stuck in the middle of this gigantic hot mess (aka the Petraeus Pentagon) is Jill Kelley’s twin sister, Natalie Khawam, who just so happens to be a lawyer — a lawyer who’s been characterized by a judge as “psychologically unstable.”
How can this possibly get any better? It’s like we’re watching a new Real Housewives series play out in real life. Attractive women (and twins!), sex, scandal… the only thing that’s missing is money.
Well, we know how our readers love money, so we’ve got the dirt on Ms. Khawam’s cash (or lack thereof)….
Say what? One of Above the Law’s favorite subjects, celebrity lawyer and author Elizabeth Wurtzel, got attacked by a penguin?
Yes — in a manner of speaking. Penguin Group, the publishing mega-house, recently sued the bestselling and critically acclaimed authoress, seeking the return of her advance money. Other prominent authors have been sued as well.
How much does the publisher want back from La Wurtzel? What are her possible defenses? And who are some of the other high-profile defendants being pursued by the angry Penguin?
Isn’t Jewel v. Boxer a great case name? Doesn’t it sound like one of the classics of the 1L curriculum, right up there with Pierson v. Post, Hawkins v. McGee, and International Shoe?
It is definitely a case that lawyers ought to know. This appellate decision, handed down by a California court in 1984, remains the leading case on how to divvy up attorneys’ fees generated by cases that were still in progress at the time of a law firm’s dissolution. Dewey care about this case? Absolutely.
But Jewel might not maintain its status as the key precedent on so-called “unfinished business,” at least if one judge has anything to say about it. Check out an interesting ruling that just came down from the Southern District of New York, arising out of one of the biggest Biglaw bankruptcies of recent years….
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: