Citibank
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Morning Docket
Morning Docket: 07.06.16
* In case you haven’t been keeping score like we have, these are the firms that recently raised salaries: Jackson Walker. Where are the rest? If you’re worried you’ve missed any of our coverage on pay raises, check out our omnibus 2016 salary chart where we collect these stories. [2016 Salary Increase / Above the Law]
* “[I]t’s stunning that it takes a court decision for federal employees to be held accountable to the law.” Perhaps someone should tell Hillary Clinton about this, but according to the D.C. Circuit, federal officials may not use private email accounts to avoid having their documents and messages fall under public records laws. [The Hill]
* Steven Davis, the former chairman of Dewey & LeBoeuf, owes quite the pretty penny to Citibank in the form of an unpaid loan. Davis was ordered by Judge Nancy Bannon to pay nearly $400K to the bank to cover what was once his capital contribution to the firm before it flopped under his leadership. [New York Law Journal via ABA Journal]
* Thanks to a string of victories in fending off complaints about its controversial practices, it’s highly unlikely that the Securities and Exchange Commission will stop using its system of in-house administrative law judges any time soon. The SEC is very reluctant to give up its perceived “home court” advantage. [DealBook / New York Times]
* If you’re thinking of applying to law school with a criminal record, you probably don’t need to worry too much about whether you’ll be accepted. From murderers to bank robbers, plenty of ex-cons have gone to law school before you, and many of them are successful in their non-criminal careers. [Law Admissions Lowdown / U.S. News]
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Bankruptcy, Student Loans
Broke Law Grad Gets Bar-Study Loan Discharged In Bankruptcy
Thanks to this judge, there's now a chance you could shed your bar-exam loans in bankruptcy. - Sponsored
Are Small Firms Going Big On Legal Tech?
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Morning Docket
Morning Docket: 01.19.16
* The New York Times editorial board believes SCOTUS justices “already have all the evidence they need to join the rest of the civilized world and end the death penalty once and for all” — and they may get the chance to do so this Term (but won’t). [New York Times]
* A Texas lawyer has filed the first “birther” lawsuit against Republican candidate Ted Cruz, seeking a declaratory judgment that the Canadian-born senator isn’t eligible to run for president. The filing is a pretty entertaining read in that it’s completely insane. [KHOU 11 News]
* Just when ex-Dewey & LeBoeuf chair Steven Davis thought his legal troubles were over, Citibank swooped in to slap him with a suit seeking repayment of a $400,000 loan for his capital contribution to the failed firm. [New York Law Journal via ABA Journal]
* The U.S. Copyright Office has formed an academic partnership with George Mason University School of Law. We bet students and law school administrators alike are probably hoping it’ll turn into an employment partnership as well. [IP Watchdog]
* Lower-ranked law schools ought to thank their lucky stars that U.S. News “ranking competition” exists, because if not for fear they’d sink in the rankings, higher-ranked schools would’ve enrolled students typically bound for unranked schools. [Forbes]
* Not only has Dzhokhar Tsarnaev’s first bid to get a new trial been rejected, but in what’s been called a “symbolic gesture,” the convicted Boston Marathon bomber has now been ordered to pay more than $101 million in restitution to his victims. [Boston Globe]
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Biglaw, Partner Issues, Small Law Firms
2015 Was A Weak Year For The Legal Industry... And You Should Expect More Of The Same In 2016
As 2015 draws to a close, 2016 looks to be a weak year for law firms. -
Biglaw, Partner Issues, Partner Profits
Stat Of The Week: Second-Tier Firms Strike Back
The Am Law 51-100 firms still have plenty of life left in them. -
Finance
Orrick's Financial Industry Week in Review
On December 2, the Federal Financial Institutions Examination Council (FFIEC) released the revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. -
Bankruptcy, Biglaw, Citigroup, Dissolution, Lateral Moves, Law Firm Mergers, Partner Issues, Partner Profits
A Closer Look At The Morgan-Bingham Deal
Sources say that Bingham will NOT go bankrupt. -
Biglaw, Conferences / Symposia, In-House Counsel, Money, Partner Issues, Partner Profits
How Did Biglaw Do In The Third Quarter Of 2014?
Some firms should be happy, but others should be worried. - Sponsored
Early Adopters Of Legal AI Gaining Competitive Edge In Marketplace
How to best leverage generative AI as an early adopter with ethical use. -
Biglaw, Citigroup, Money, Partner Issues, Partner Profits
How Did Law Firms Fare In The First Half of 2014?
Pretty decently, as it turns out. -
Biglaw, Citigroup, Money, Partner Issues, Partner Profits
Managing Partners Take Survey; What Happens Next... Won't Amaze You
How are managing partners feeling about the legal business and the economy as a whole? -
Biglaw, In-House Counsel, Money, Partner Issues, Partner Profits
How Did Biglaw Fare In The First Quarter Of 2014?
What are the reasons for optimism in a recent report from Citi Private Bank? -
Biglaw, Citigroup, In-House Counsel, Money, Partner Issues
Managing Partners More Confident In Market -- Not Intended As An April Fools' Joke
If you didn't completely believe the headline that managing partners see the market improving, then you were right. -
Biglaw, Citigroup, In-House Counsel, Money, Partner Issues, Partner Profits
Law Firm Profits Projected To Grow 5 Percent -- Don't Get Too Excited
Everyone's gushing about that positive profit projection and increasing demand, but the new Citi report delivers some bad news, too.
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Are Small Firms Going Big On Legal Tech?
Early Adopters Of Legal AI Gaining Competitive Edge In Marketplace
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Biglaw, Citigroup, Money, Partner Issues, Partner Profits
Citi Report Reveals A Mixed Bag For Law Firms
It doesn't look like law firms have done much to adjust to the "New Normal." -
Biglaw, Citigroup, Job Searches, Partner Issues, Partner Profits, Quote of the Day
Where Are All The Midlevels? Oops, You Laid Them Off!
Biglaw leaders aren't confident about much, except for their need of more warm bodies... -
Biglaw, Citigroup, Federal Government, Money, Partner Issues, Partner Profits
Yikes! Are D.C. Law Firms In Trouble?
Quite possibly, according to a recent survey of law firm performance. -
Biglaw, Citigroup, Money, Partner Issues, Partner Profits
How Did Law Firms Fare In The First Half of 2013?
Biglaw is no longer in free fall, but things are still far from fabulous. -
American Bar Association / ABA, Bankruptcy, Bar Exams, Biglaw, Constitutional Law, Federal Judges, Gay, Gay Marriage, Howrey LLP, Law Professors, Law School Deans, Law Schools, Money, Morning Docket, Ruth Bader Ginsburg, SCOTUS, Supreme Court
Morning Docket: 08.19.13
* Justice Ruth Bader Ginsburg is definitely one of our favorite judicial divas. When asked if she thought the Supreme Court’s work was art or theater, she mused, “It’s both, with a healthy dose of real life mixed in.” [New York Times]
* According to the Citi Private Bank’s Law Firm Group report on the first half of the year, the legal industry should count itself lucky if it manages to meet last year’s single-digit profit growth. This “new normal” thing sucks. [Am Law Daily]
* Howrey going to celebrate these “monumental” settlements with Baker & Hostetler and Citibank? The failed firm’s trustee might throw a party when he’s finally able to file a liquidation plan. [Am Law Daily]
* Uncommon law marriage? A man stuck in an inheritance battle who lived with his late partner since 1995 now asks the District of Columbia to declare him common-law husband. [Wall Street Journal (sub. req.)]
* The ABA’s Section of Legal Education and Admissions to the Bar proposed a major overhaul to its accreditation standards. Action, of course, likely won’t be taken until next year. [National Law Journal]
* Despite the fact that these measures could help struggling graduates, law deans are at odds over the ABA’s proposed changes to tenure requirements for professors. [Capital Business / Washington Post]
* “Sooner or later you’ve got to make a choice, because you need enough revenue to cover what your expenses are.” Cooley will weather the storm by introducing a massive tuition hike. [Lansing State Journal]
* “How would you feel if you spent well over $100,000 on law school, only to have to spend an extra couple of thousand dollars on a course to get you to pass the bar?” You’d probably feel like everyone else. [CNBC]
* Requiring porn stars to wear condoms might not be sexy, but a federal judge says it’s constitutional. Don’t worry, unlike its actresses, the adult film industry won’t go down without a fight. [Los Angeles Times]
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Biglaw, Citigroup, Money, Partner Issues, Partner Profits
Survey Points To Managing Partners' Malaise
How confident are managing partners feeling right now? Not very, according to the latest survey from Citi. -
Biglaw, Commencement, Crime, Dewey & LeBoeuf, Morning Docket, Murder, Sentencing Law, State Judges, State Judges Are Clowns, Trials
Morning Docket: 05.10.13
* Growth was “steady” for New York’s top firms, with Latham & Watkins and Skadden Arps leading the pack in terms of gross revenue — which wasn’t surprising, considering their Am Law 100 gross revenue ranking. [New York Law Journal]
* Dewey know when we’ll be able to stop using this pun? Hmm, at this rate, probably never. Steve Otillar and Citi recently settled their dueling suits over the ex-D&L partner’s capital contribution loan to the failed firm. [Am Law Daily]
* Cahill Gordon was supposed to investigate the Rutgers basketball scandal, but the firm cited a conflict of interest, so Skadden Arps stepped in. [Insert the joke of your choice here. I don’t like or watch this sport.] [Reuters]
* Surely you’ve heard about Justice Orie Melvin’s sentence by now. As it turns out, shaming a judge like you’d shame your dog online might not be enforceable… which is too bad. [Pittsburgh Post-Gazette]
* When we last spoke about “controversial” commencement speakers, we didn’t bring up the fact that Nancy Pelosi would be pulling double duty at UC Davis and Baltimore. Thoughts? [National Law Journal]
* She’s got a death wish: the aggravation phase of the Jodi Arias trial was postponed at the last minute yesterday, and some think it’s because of the interview she gave after the verdict was announced. [CNN]