Farmers

‘Keep your lousy lunches and wine tastings. I’d rather be driving a tractor!’

We recently extended an enthusiastic hello to Biglaw summer associates. And now, barely into June, it’s time to say goodbye — to one unusual summer associate.

Summer associate gigs are highly coveted positions. They involve lavish lunches, pool parties, and big paychecks for little work. And they’re harder than ever to obtain, which only increases their allure.

Yet one summer associate just voluntarily left his law firm — and sent around a colorful, firm-wide departure memo explaining why. Check it out; what do you think of his decision?

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Ed. note: Please welcome Matt Kaiser, our new Supreme Court columnist at Above the Law. His photo and bio appear after the jump.

This is my first column for Above the Law on the Supreme Court. In an effort to help me generate effective linkbait, the Supreme Court issued an opinion yesterday at the intersection of bankruptcy and tax law for farmers — Hall v. United States.

Basically, Hall means that, if you’re a farmer and you declare bankruptcy on your farm under Chapter 12 (“the one just for farmers”), and, while in bankruptcy, you sell your farm, you will still have to pay capital gains tax on the sale of your farm — any liability to the IRS is not dischargeable.

Perhaps the most exciting part of the opinion is that Ninth Circuit was affirmed. Though, in fairness, the Ninth Circuit opinion was written by Judge O’Scannlain, so it’s not as though the Supreme Court affirmed Judge Reinhardt.

Also, farmers who are in bankruptcy and sell their farms now have to pay tax on the profits from those sales. I’m sure much of the Midwest is rioting in response.

For those who practice tax law, bankruptcy, or farming law, you will definitely want to read the opinion and some of the write-ups on it.

But the most exciting part of the morning involved new members of the Supreme Court bar….

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