Dechert

* In the wake of fired CEO Martin Shkreli’s arrest for securities fraud, KaloBios Pharmaceuticals has filed for Chapter 11 bankruptcy. The company will be repped by Hogan Lovells (and likely won’t be charged 4,000 percent more than it should be). [Reuters]

* “Not all of it is law at its grandest but all of it is the practice of law.” Yet another contract attorney’s suit for overtime pay has bitten the dust with a recent dismissal. This time, Quinn Emanuel was the Biglaw firm victorious in keeping doc reviewers downtrodden. [WSJ Law Blog]

* Since Dechert decided to up the ante on first-year associate salaries, other Philadelphia Biglaw firms have responded in kind. Drinker Biddle has matched, while Pepper Hamilton and Cozen O’Connor are following close behind. [Philadelphia Inquirer]

* Facebook needs a “dislike” button: The social media titan’s suit against DLA Piper and Milberg for their defense of alleged con man Paul Ceglia in a fraudulent breach of contract case versus Zuckerberg’s first baby was dismissed. [Buffalo Business First]

* From “weird to wildly costly,” check out some of the craziest malpractice cases that were filed against Biglaw firms during the course of 2015. The McDermott Will & Emery elder abuse case here is particularly creative. [Big Law Business / Bloomberg BNA]

* Which Biglaw firm just raised its starting salary for associates? Will this be the beginning of a revolution? Don’t you wish your firm would follow this firm’s lead? We’ll have more on this exciting salary news later today. [Legal Intelligencer]

* “With the decline of lawyers and law students, we were looking for new avenues to attract students.” William Mitchell Law may say its hybrid J.D. program was for its students’ benefit, but it was really only to put asses in seats — even digital ones. [CNBC]

* It’s so hard to say goodbye to yesterday… when you’re a Biglaw partner trying to escape the terms of your contract by making a lateral move. Some firms are even holding capital contributions hostage to discourage partners from leaving. [Recorder via ABA Journal]

* Potential penalties for Supreme Court protesters seem to be getting stiffer. Perhaps federal prosecutors are pissed about 99Rise’s persistence, because this time, members of the social justice group are facing jail time for “haranguing” our justices. [Legal Times]

* According to the Administrative Office of the U.S. Courts, the U.S. District Court for the Southern District of Florida was the most productive federal trial court in the nation last year. When Flori-duh is kicking your ass, it’s time to reevalute your life. [WSJ Law Blog]

* According to the latest data from NALP, summer associate hiring is up for the fifth year in a row. Hooray! But wait, don’t go licking each other’s popsicles just yet — some law firms (35 percent of them, in fact) actually reduced the number of offers they made. [National Law Journal]

* In response to outcry over bar exam reforms, this Dechert partner took time out of his day to wonder: “Is it too much to expect that future lawyers know the difference between a tort and a tenancy in common, or do we expect clients to pay them $400 an hour to learn it?” [Wall Street Journal]

* Now that oral arguments in King v. Burwell have concluded, it’s probably time you found out what’s at stake for you if you haven’t done so already, procrastinators. This is what will happen if SCOTUS strikes down Obamacare subsidies. [WSJ Law Blog]

* Edward Snowden is reportedly ready to return to the United States, provided, of course, that he’ll receive a “legal and impartial trial.” Attorney General Eric Holder has already promised Snowden that he won’t face the death penalty, so that’s a start. [CNN]

* An ADA in Texas apparently referred to defense counsel as a “motherf*cker” in front of jurors during a trial. We think now would be a great time to add this to the list of things that will get you kicked off a case. [Austin American-Statesmen via ABA Journal]

* Things seem to be getting worse and worse over at Patton Boggs. Sure, the firm is trying to shack up with Squire Sanders, but Chevron/Ecuador lawsuit engineer James Tyrell may soon lead a new brigade of defectors out the door. [Businessweek]

* Morgan Lewis & Bockius just poached its first chief operating officer from a rival Biglaw firm. Anthony Licata most recently served as COO at Dechert, so we have a feeling he’ll do just fine at his new home in Philly. Congratulations! [Law 360 (sub. req.)]

* It’s a whole lot easier to get into law school these days, especially when some of the new admissions requirements including having a pulse and the ability to sign loan documents. Case in point: 42% percent of applicants were accepted at this “top-tier” school last year. [GW Hatchet]

* Just saying, but if you “dislike stressful, busy work environments,” the time to determine if law school was right for you was before you actually went to law school. [Law Admissions Lowdown / U.S. News]

* A California man is suing McDonald’s because he only received one napkin with his meal. Meh, the woman who claimed McDonald’s turned her into a hooker was a more sympathetic plaintiff. [News One]