* At least two firms probably won’t be handing out spring bonuses like candy this year. While gross revenue remained steady at Dickstein Shapiro and Crowell & Moring, PPP dropped at both firms. [Legal Times]
* Not-so breaking news: the Thirteenth Amendment applies only to humans. It seems like the only people who didn’t already know that were the lawyers PETA hired for their orca whale slavery case. [Washington Post]
* Washington has approved a bill to legalize same-sex marriage, and Governor Gregoire has vowed to sign it. Wedding planners can prepare for a fabulous summer season, and divorce practitioners can create a new niche. [CNN]
When news emerged last week that the Wall Street protests were spreading to London, I dared to dream. Maybe I could inculcate myself among the protesters, I wondered, and persuade their leaders to target a Biglaw firm rather than a bank. Then, I fantasized, having obtained the relevant door-code from one of my disgruntled Biglaw contacts, perhaps I could lead the protesters inside to set up an encampment. At which point, I hallucinated, I’d be able to live-tweet my experiences and, as the only journalist on the scene, become a star.
Disappointingly, it didn’t work out that way. The protesters proved frustratingly unmoved by my suggestions that they target a law firm. Instead, they tried to occupy the square in front of the London Stock Exchange. Prevented from doing so by the police, they ended up milling around the adjoining forecourt of St. Paul’s Cathedral, where their hard-core was diluted by confused tourists. What the New York Times accurately described as “a picnic atmosphere” prevailed, with “people streaming in and out of a nearby Starbucks.”
Even an appearance by Wikileaks founder Julian Assange — who arrived mid-afternoon wearing a Guy Fawkes mask to deliver a sermon on the steps of St. Paul’s — wasn’t enough to kick-start some proper rebellion. Indeed, with his claim that the Occupy Wall Street/London Stock Exchange movement “is not about the destruction of law, but the construction of law,” Assange sounded less like a revolutionary, and more a regulatory expert in the U.K. on a business trip….
It takes a while to get over squandering an empire. As our habit of placing the prefix “Great” before “Britain” suggests, we’re still not quite there yet. But deep down we know we blew it. The evidence is everywhere: from our dentists, who don’t really know what they’re doing anymore, to our universities, which are crumbling, just like our schools, hospitals, and public transport.
Somehow, though, the U.K’s legal system has avoided being dragged into this spiral of decline. Yes, we’re still good at law — so good, in fact, that London is the top destination in the world for international companies to settle disputes, and English law the most popular among international in-house counsel (40% use it, with just 14% opting for New York law). And, in spite of the relatively tiny size of the British domestic legal market, our law firms manage to give yours a run for their money, with the Magic Circle quartet of Clifford Chance, Linklaters, Freshfields and A&O outdoing most of their U.S. rivals in terms of turnover and profits.
Doubtless part of this success stems from the fact that Britain is the home of the Common Law, which, unless some joker on Wikipedia is deceiving me, was invented around the 1150s by King Henry II. And as we saw during the April nuptials between Prince William and his bride Kate, our “Ye Olde Ingland” nostalgia sells very nicely to foreigners….
* While med school grads can stop a person from bleeding out, law school grads could probably treat a papercut (but that’s a bit of an overstatement). Who will be there to stop our bleeding? [Am Law Daily]
* Annie Le’s family is suing Yale over her death, saying the school failed to protect women. Yale says the suit has no basis, but when someone has died, that just makes them sound like tremendous d-bags. [CNN]
* The unhappiest workers in professional fields are unmarried, middle-aged, female lawyers. Figures. Maybe we need to arrange some Geriatric Courtship Connections for these gals. [ABA Journal]
* China’s new marriage law interpretation has set women’s rights back a few decades. Next thing you know, women will be back in the kitchen, with bound feet and pregnant. [New York Times]
* Is it defamatory to say someone is a millionaire, not a billionaire? Don’t mess with the Donald’s money. Apparently he has enough of it to appeal even the dumbest of lawsuits. [Wall Street Journal]
* A noise complaint against Madonna will go to trial. Her neighbor was borderline, but the Material Girl’s not sorry. It’s human nature. And I’m all out of applicable lyrics. [New York Daily News]
Google announced yesterday that hackers in China had gotten access to hundreds of Gmail accounts. And it wasn’t just anyone’s email. The attack targeted senior government officials in the United States, Chinese political activists, officials in several Asian countries, military personnel, and journalists.
I have a feeling we will hear a lot more about this over the next few days. For the moment, let’s take a look at the details we know so far….
Lobsang Sangay could be the new leader of the Tibetan government in exile.
I’m not a hippie, but I have attended a Free Tibet rally (it was college, I was experimenting). I support a free Tibet, in that American way of admonishing China while in no way depriving myself of any Chinese products or consumer markets. My dog is a Tibetan breed (Lhasa Apso). I spent a not-insignificant amount of time trying to add a Tibetan motif to her playthings, until I realized I was engaged in the dumbest anthropomorphism of all time. I think it’s cool when the Dalai Lama makes cameo appearances, like in the movie 2012.
All of this is by way of saying that the ongoing Tibetan occupation and oppression seems bad but doesn’t really make the list of top ten unacceptable world situations that somehow are allowed to continue.
And if I may be so bold, I think some of that has to do with the Dalai Lama himself. He seems nice, thoughtful, and at peace. The very picture of a 20th-century saint. But maybe it’s time to turn up the volume? More rending of garments and fiery speeches?
The Dalai Lama wants to step down and relinquish his political leadership to focus on his spiritual mission. And right now the front-runner to replace him is currently a fellow at Harvard Law School.
Surely an HLS man will be more skilled at the bitching and moaning I’m looking for from 21st century exiles…
Confucius say: "Sit down and watch my home video of my Carnival cruise or I'll sue you."
Chinese New Year is this week (February 3rd). May the year of the rabbit bring you health and good fortune. Holiday preparations are well underway, and hopefully people will take the time to reconnect with family and friends.
And if you don’t visit your parents, they might sue you. A new proposal from the Chinese Civil Affairs Ministry seeks to mandate parental visits from Chinese children. And if the children don’t regularly visit their parents, the parents can sue.
We shouldn’t look at this as a new law: it’s just a modern update on an ancient law. Old people have long tried to find ways of forcing their kids to pay attention to them. Some societies use laws, others use the magical threat of eternal damnation. Some parents merely trust that their own skills in psychological torture will keep the kiddies hanging around on the off chance that one day mommy or daddy will be “proud” of them.
But as modern medicine artificially extends life, every society is wrestling with the problem of what to do with old people nobody cares about anymore. China has a long history of trying to regulate the most intimate of familial interactions, so when you think about it, this proposal isn’t really shocking…
* The bankruptcy judge has made several decisions to keep Chrysler afloat including allowing a $4.5 billion credit line from the U.S. and Canadian governments. [The Detroit Free Press]
* State attorneys general will meet with Craiglist to discuss the elimination of advertisements for “illegal sexual activities.” [The Associated Press]
* In the Court’s first public appearance since Souter announced his retirement–there were many announcements of decisions and upcoming cases–but no mention of the elephant in the room. One case that will be decided is whether it is cruel and unusual punishment to give minors life sentences for serious crimes like rape. [The Washington Post]
* A group of biker lawyers has gotten together to form a small Los Angeles firm that represents victims of motorcycle accidents. [The Los Angeles Times]
* The story of a Beijing lawyer who took on Communist officials in court is evidence of how little freedom Chinese citizens really have. [The Los Angeles Times]
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: email@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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