So let’s stick with the theme. Today let’s take a look at the richest lawyers — or, to be more precise, the richest law school graduates — in America. (As we noted last year, many of these moguls never practiced law, or practiced only briefly, before making their fortunes in business.)
Our friends over at Forbes just released the Forbes 400, their annual ranking of the 400 wealthiest Americans. As in years past, the list contains a number of lawyers and law-degree holders. How many?
Would that it were easy for women to dress professionally without being critiqued on every aspect of their ensemble. If that were the case, then we wouldn’t have so much to write about when it comes to the intersection of fashion and women’s issues. From hairstyle to hemline to heel height, women are constantly bombarded with differing opinions as to what’s acceptable to wear in the workplace.
With on-campus interviewing season right around the corner, you’ll need to look and act the part. The hour has drawn nigh for some tips that will allow our female readers to maintain a stylish appearance from a day in the office to a night out, all at the click of a button. Because fashion should be a piece of cake, even for lawyerly ladies who are too busy to shop….
But they are pikers compared to members of the Forbes 400, the annual list of the 400 richest Americans prepared by Forbes magazine. The 2011 list has been issued — and it contains a number of lawyers and law school graduates….
Kids running a lemonade stand: victims of overregulation? (Photo by Lat.)
When I was a little kid, my cousin and I set up a produce stand in front of my grandparents’ house. Splayed out on an uneven card table, we offered a variety of bruised, battered, and misshapen produce. From an oblong cantaloupe to a nicked-up watermelon, our “stand” carried the bounty of my grandfather’s patch of land, located somewhere on the Island of Misfit Fruit. My grandmother bought the cantaloupe, the watermelon ended up being thrown at my head, and we closed up shop after two hours of intense dumbf**kery.
I tell you this because my own experience suggests that (a) children are neither cute nor intelligent and (b) kids’ efforts to make money selling stuff are always doomed to failure. And so it was that a band of towheaded tykes got jacked by county officials when they attempted to sell lemonade and other beverages outside the Congressional Country Club golf course, site of this year’s U.S. Open. The kids were fined $500 by the Montgomery County Department of Permitting, for operating without a license.
Oprah is ending on May 25. Like most Americans, I am exhibiting signs of Empty Oprah Syndrome. During this time, as I mourn the loss of my “ultimate girlfriend,” I find myself asking one key question: why does Gayle King get to be Oprah’s actual best friend? I would be way better.
There are a few answers to that question. One answer, I guess, could be attributed to the fact that I have never met Oprah Winfrey. The other answer is that Gayle has something I do not. She has a shared history with Oprah, spanning thirty years. In other words, these women grew up together; they were friends before Oprah Winfrey became Oprah.
Why am I talking about Oprah and Gayle? Because I have Empty Oprah Syndrome, remember? And because there might be a lesson here for small-firm lawyers….
Fred Wilson wants to know why you're so expensive.
A prominent venture capitalist, Fred Wilson, has a question: Why do lawyers cost so darn much?
That’s the gist of Wilson’s recent blog post, A Challenge To Startup Lawyers, in which he discusses a recent investment his fund closed, a seed round. The parties used standard form documents, without negotiation, and the investors had no counsel: “We just signed the standard documents, which were tweaked to reflect the round size, share price, and board provision in the term sheet.”
The legal fees for this rather straightforward deal came to $17,000. That’s pocket change for a successful financier like Fred Wilson, but he still wasn’t happy about it. Given how little work was involved, couldn’t the legal bill have been even lower?
This experience led Wilson to come up with a challenge to lawyers who represent startup companies….
Today is a sad day for businesses established by lawyer-entrepreneurs. First we learned that David J. Stern, the South Texas Law grad who went on to become “Florida’s Foreclosure King,” will be relinquishing his crown and closing his once-thriving practice. And now we hear that Lev Ekster, the New York Law School alum who founded a popular mobile-cupcake business called Cupcake Stop, has decided to call it quits.
Longtime readers of Above the Law will recall Ekster and his business selling cupcakes out of a truck that roved around Manhattan. We first wrote about him in May 2009, when we were charmed by the NYLS grad’s creative response to being unable to obtain a law firm job. Spring 2009 wasn’t the best time to be looking for a Biglaw gig, as you might remember.
A few days after our first post, we got to taste Ekster’s cupcakes (and interview him). The cupcakes were delicious (not as amazing as my cousin’s, but pretty darn good).
In the months that followed, Ekster’s cupcake truck picked up momentum, literally and figuratively. On Twitter, @CupcakeStop acquired almost 16,000 followers.
And then today it all came to a screeching halt. What happened?
Back in September 2010, we bestowed Lawyer of the Day honors upon David J. Stern, aka Florida’s “Foreclosure King.” We noted Stern’s rise into the ranks of self-made millionaires, despite not having attended some fancy first-tier law school. (Stern graduated from the South Texas College of Law, a fourth-tier school.)
We marveled at Stern’s wealth: a $14 million mansion here, a $7 million condo there, Ferraris and Porsches galore, and a 130-foot, $20 million yacht. We noted that Stern, thanks to the success of his booming foreclosure-law practice, was “running financial circles around all those Stanford and NYU law grads who wound up as Biglaw partners.”
Alas, in the past few months, David Stern’s fortunes have taken a turn for the worse….
While bonuses are burning up the comments here at Above the Law, there’s another discussion raging over at the ABA’s SoloSez Listserv — where solo and small firm lawyers from around the country share resources, practice tips and the occasional anecdote.
Claiming the debt load for the average ASU grad has increased by $40,000 since she applied, the 3L is “reaching out to the online community to help [her] pay for it.” Good choice, since everyone knows that bloggers are just rolling in cash.
Given its entrepreneurial nature, this seems right up the small firm alley. But the plan has been received quite poorly by a majority of practitioners.
More about the sponsorship, what she’s willing to do for it, and the identity of the student, after the break…
Watch to find out what some of our subscribers received in their May box!
The proper hair styling product might just be the only thing standing between you and your dream job. And the best way to find what works for you is to try the best stuff on the market. Join Birchbox Man for $20 a month and you’ll get customized shipments of the best grooming and lifestyle gear on the market every month—everything from haircare and shaving supplies to style accessories and tech gadgets.
As the leading discovery commerce platform, Birchbox is redefining the retail process by offering consumers a unique and personalized way to discover, learn about, and shop the best grooming and lifestyle products out there. It’s a full 360-degree process: try, learn, buy. Once you sign up and fill out your profile, head over to Birchbox Man’s online magazine to find article and video tutorials on how to get the most out your monthly box products. Pick up full-size versions of anything you like in the Birchbox Shop and earn points for every purchase.
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!