* When Dewey need to hire our own lawyers? Now would be good. As D&L leaders mull bankruptcy options, more than 50 former partners are expected to hire Mark Zauderer to defend them against potential clawback claims. [New York Law Journal]
* Day three of jury deliberations in the John Edwards campaign finance trial came and went without a verdict. The former presidential candidate must be wishing that he hadn’t came and went, because then there wouldn’t be a trial at all. [ABC News]
* Yet another law firm is walking away scot-free from the Dreier drama without losing a single dime. Ruskin Moscou Faltischek was able to get Fortress Investment Group’s case tossed on appeal. [Thomson Reuters News & Insight]
* A Facebook investor has sued NASDAQ, claiming that the stock exchange bungled the social networking site’s IPO. With FB’s stock price dropping as we speak, he’s seeking class-action status. Like. [Bloomberg]
* Nafissatou Diallo amended her civil suit against Dominique Strauss-Kahn to include a claim alleging his “animus towards women.” Really, she just wants to introduce evidence of DSK’s sordid sexual past. [Reuters]
* Wow. David Brock, head of the liberal watchdog group Media Matters, “paid a former domestic partner $850,000 after being threatened with damaging information involving the organization’s donors and the IRS,” according to allegations in a lawsuit. [Instapundit]
The lawsuit captioned Dreier LLP v. Judith Regan was filed back in March 2008, months before Ponzi schemer Marc Dreier’s eponymous law firm went bust. But it’s back in the headlines as of today, thanks to some juicy documents unearthed by the New York Times.
The documents in question — affidavits that were supposed to be kept under seal, but inadvertently kept in the public case file (until their recent removal) — implicate a number of famous figures. The boldface names include controversial publisher Judith Regan, Fox News chairman Roger Ailes, former New York City mayor (and presidential candidate) Rudy Giuliani, former New York City police commissioner (and current prison inmate) Bernard Kerik, and, of course, the now-defunct Dreier law firm….
Thanks to everyone who submitted possible nominees for our Lawyer of the Year award. We reviewed your 160+ comments and developed a slate of ten worthy candidates.
Before we reveal them, we’ll talk about a few folks we passed over. A number of you suggested Mike Leach, the lawyer turned football coach who was recently fired by Texas Tech University. Although Leach’s achievements on the gridiron are considerable, he’s more of a football figure than a legal figure, so he didn’t make the team.
A few of the lawyers you suggested, while certainly well-known, really belong to years prior to 2009. These include former New York governor and Attorney General Eliot Spitzer, who resigned in disgrace after his dalliances with prostitutes came to light; former administrative law judge Roy Pearson, of the infamous $54 million (originally $67 million) pants lawsuit; and prominent IP litigator Jeremy Pitcock.
Also named: Kathy Henry, a former Legal Secretary of the Day, whose alleged oversight could have cost PepsiCo a pretty penny — over a billion dollars (until the default judgment was vacated). But since she’s a legal secretary rather than a lawyer (or even a law student), we passed her over.
So who made the cut? Check out the nominees and vote for your favorite, after the jump.
* Meanwhile, a Pentagon official who inspected Guantanamo at Obama’s request is under fire from human rights activists for filing a report (which declares Gitmo humane) that is little more than good public relations for the administration. [The New York Times]
* What do you do when your boss gets indicted for securities fraud? You get another job. A team of seven bankruptcy lawyers left Dreier LLP for Epstein Becker Green. [EBG]
* A federal judge encouraged the Obama administration to decide whether to keep pursuing a case against 11 Vietnam War Veterans accused of trying to overthrow Laos’s communist government. [The Associated Press]
* Judge says: UBS must respond to the U.S. lawsuit seeking disclosure of 52,000 names of people who allegedly used Swiss accounts for tax evasion. [Bloomberg]
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: firstname.lastname@example.org.
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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