I am a maverick and a reformer so I started a new program for U of I undergrads to apply in their junior year and we don’t require the LSAT. We have additional essays and an interview instead. That way, I can trap about 20 of the little bastards with high GPA’s that count and no LSAT score to count against my median. It is quite ingenious.
It’s time to check in on the scandal involving the University of Illinois College of Law and its false reporting on the qualifications of its admitted students. Every time we do look at Illinois, the school tells us that “this time” they’ve figured out the full extent of the problem — and it’s a bigger mess than the last time they piped up.
On that scale, today is no different. When the story first broke in September, Illinois claimed that admissions data had only been falsified for one year. Then, a few weeks later, Illinois said that data for four class years had been falsified. Today, Illinois says it has completed a two-month investigation that cost the school $1 million. Now they’re saying that the admissions data for six class years have been compromised, based on a report prepared for the school by Jones Day and Duff & Phelps.
I wonder how many years of lying Illinois would have discovered if they spent $2 million?
But people will be distracted from the ever growing number of times Illinois is self-reporting it lied to people. That’s because today, Illinois has offered up a sacrificial lamb. There’s a head on a platter, there’s a body on the pyre, and Illinois College of Law would have you believe that it has identified the one, the only, the sole person responsible for this entire scandal….
It’s not just the federal government that’s desperate for money. The states are, too.
One way that states are looking to fill their coffers is by auditing unclaimed property on companies’ books — so-called “escheat audits.” This isn’t the world’s sexiest topic, but an in-house lawyer might serve a valuable purpose by double-checking corporate escheat policies.
In the financial services industry, many companies must deal with unclaimed deposits and securities. But even outside that sector, most companies find themselves holding unclaimed property, in the form of uncashed vendor or payroll checks, undistributed benefits payments, or the like. Complying with escheat laws may pose a challenge.
States are now doing two things related to escheat laws to increase their revenue. First, they’re shortening the amount of time that a holder can retain unclaimed funds before turning those funds over to the state. Second, states are accelerating their use of “escheat audits” — auditing corporate books to see whether companies have complied with the applicable laws.
This has recently become big business — with implications for in-house counsel….
When Chintan Panchal decided to leave a global BigLaw partnership to start his own firm, he could only hope that he would face the high-quality problem of firm building that many had cautioned him about. Focused on the uncertainty surrounding of a new firm launch, he decided to tackle staffing needs, IT challenges, and financial planning requirements after he had built up his legal practice.
Panchal Associates LLP–a corporate/finance and outside general counsel boutique–was quickly off to a great start. Clients and matters were flying in the door, and Chintan soon had a team of lawyers and staff with a variety of operational needs. To continue building an excellent team and provide them with a competitive benefits package, to expand his physical presence to include a European practice and additional partners, and to scale his operations and IT capabilities to support this growing enterprise brought with it demands of time, money, and expertise. Chintan knew he needed help.
“With the assistance of NexFirm, we have upgraded the capabilities of our firm to meet, and in some cases exceed, the standards we were used to at our former BigLaw firms. Operationally, we can now attract and service clients we didn’t have the bandwidth to support in the past, and continue to build our team with the best and brightest legal talent in the industry,” said Chintan Panchal, adding “It has worked out quite well in our case; NexFirm is an essential partner for us.”
The holiday season is upon us, and yet again, you have no idea what to get for the fickle lawyer in your life. We’re here to help. Even if your bonus check hasn’t arrived yet, any one of the gifts we’ve highlighted here could be a worthy substitute until your employer decides to make it rain.
We’ve got an eclectic selection for you to choose from, so settle in by that stack of documents yet to be reviewed and dig in…
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.
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