Let’s preface this story with the following: if you accept friendship requests on Facebook from people you don’t know, you might be an idiot.
Okay, now let’s take it a step further. If you’re an alleged gang member who brags about alleged criminal activity on your Facebook page, and you still accept friendships from people you don’t know, you may have had a lobotomy.
That’s what reportedly happened last week in New York, when more than a dozen alleged Brooklyn gang members were arrested after one of them accepted a friend request from — wait for it — a New York police officer.
* Dewey retired partners with unfunded pensions get a seat at the table for this bankruptcy circus? Yeah, but only because the U.S. Trustee did something unheard of and appointed a committee of former partners as creditors. [WSJ Law Blog]
* Yesterday was definitely a great day to be gay on the east coast. In addition to the First Circuit’s DOMA decision, a New York appellate court ruled that being called gay is no longer defamatory per se. [New York Law Journal]
* Milberg is the latest firm to dump Paul Ceglia of Facebook lawsuit fame, but Dean Boland, his other lawyer, says the Biglaw firm just “serve[d] as a distraction.” Somebody please give this man a dislike button. [Buffalo News]
* Elizabeth Warren has confirmed that she told Harvard Law and Penn Law that she was a Native American, but only after she had been hired. She didn’t get any action of the affirmative variety, no sir. [Associated Press]
* Activision settled a lawsuit with two Call of Duty developers, but isn’t worried about an effect on its financials due to a strong third quarter performance. And you can thank your damn Elite packages for that. [PCMag]
* Dewey have some novel issues for our bankruptcy lawyers, or what? As we noted last night, now that D&L has filed for Chapter 11, they’ll have to deal with bank debt, and bondholders, and possible criminal proceedings, oh my! [New York Law Journal]
* And did we mention that Dewey’s defectors and their new firms might get screwed out of millions thanks to the recent Coudert decision? You really should’ve tried to finish up your business before the firm flopped. [WSJ Law Blog]
* Our SCOTUS justices’ summer plans don’t include debating the results of their landmark health care and immigration cases. They’ll be off to fabulous destinations to teach by the first week of July. [Associated Press]
* A federal judge in Brooklyn doesn’t like what seems to be happening in the “game of grams” when it comes to mandatory minimum drug sentencing. Perhaps the DOJ will heed his call for reform. [New York Times]
* Facebook’s IPO was an epic fail, but it’s been great business for plaintiffs lawyers. Twelve securities class action firms are gathering leads and getting ready to sue, and two have already sued. [National Law Journal]
* This wasn’t exactly well planned: if you’re involved in state politics, it’s probably not a good idea to fake a legal internship with a state representative so that you can graduate from law school. [Concord Monitor]
* In happier news, a New York Law School graduate walked across the stage to receive her diploma with the help of her seeing-eye dog. The pooch hasn’t lifted a leg on her law degree… yet. [New York Daily News]
... and so do folks down under.
* “Brothels are never going to be a vote winner.” But even so, if you’re looking to get it in down under, a plan to build Australia’s largest cathouse may soon gain approval if lawyers are able to do their work quick and dirty. [Bloomberg]
* Thanks to this case, stupid teenagers in New Jersey who send texts to others that they know are driving can now revel in the fact that they can’t be held liable for injuries that may occur thanks to careless driving. [New Jersey Law Journal]
* Colin Powell continues his tradition of saying the right things only when he has no power to do anything about it. [CNN]
* A new poll shows Americans think it’s more “morally acceptable” to kill criminals than to love somebody of the same sex. After I saw that poll, I turned to Jesus and said, “Now your failure is complete.” [Atlantic]
* Kashmir Hill was on the Kojo show talking about the Dharun Ravi sentence. Sure, like she’s never been taped having a gay hook-up. [The Kojo Show]
* Black people who wear hoodies get shot to death, and white people who wear hoodies don’t live up to their IPO expectations. What a lovely post-racial world some people seem to be living in. [Dealbreaker]
* Here come the men in black. Won’t let you remember. Here come the… what are you doing? Decapitate him? Come on, he’s not an alien, you get that we just saw a movie, AAAAHHHHHHHH NOOOOOOO. [New York Daily News]
Facebook went public less than a week ago. But, not unexpectedly, a lot has happened in the few days since. As with many highly anticipated events (e.g., the Star Wars reboot and Barack Obama’s presidency) a lot of the reaction to Facebook’s IPO has been negative and filled with disappointment.
We’ve already got shareholder lawsuits against Facebook and the NASDAQ stock exchange, a privacy lawsuit settlement, and questions about how the IPO may have revealed broader problems about the way the system works. On the upside, the company’s GC, Ted Ullyot, has been making headlines in a more positive way, which is to say the dude is making mad bank for someone working in-house.
* 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]
* “I want to apologize. Obviously, mistakes were made.” Admitting you’ve got a problem is just the first step. Greenberg Traurig’s executive director apologized for the Biglaw firm’s apparentscrew-ups in a Rothstein-related trial. [Miami Herald]
* Blind Chinese dissident Chen Guangcheng will be enrolling at NYU Law School on a fellowship. The administration is giving him a ritzy faculty apartment that comes complete with a kitchen full of Chinese food. He already knows how to eat like a law student. [New York Times]
* “What [the f**k] comes next?” That’s what law school grads asked themselves when their commencement speakers tried to slap on a happy face and speak positively about the job market. [Connecticut Law Tribune]
* But perhaps future law school grads will be able to find jobs more easily thanks to class offerings geared toward in-house counsel lawyering skills. Keep on dreaming that impossible dream. [Washington Post]
* How does a small-time DUI attorney from California go from being an unknown to being a household name overnight? By filing a lawsuit filled with tawdry allegations against actor John Travolta. [Los Angeles Times]
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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