* If the government shuts down and then defaults on its debt, Wall Street worries that it would “shake the foundations of the global financial system.” Hooray for political asshattery! [DealBook / New York Times]
* At least six of the Supreme Court’s judicial precedents are up for reconsideration in the upcoming Term, and high court commentators think the resulting decisions could be a mixed bag. [National Law Journal]
* Apparently low-income New Yorkers’ legal problems are “not worthy of a ‘real lawyer,’” or at least that’s the message that will be given if non-lawyers are allowed to provide legal services. [New York Law Journal]
* Sorry, lady, not enough prestige. A Brazilian journalist was allegedly on the receiving end of some “extremely violent” police behavior at Yale Law School after attempting to interview Justice Joaquim Barbosa at a private event. [The Guardian]
* Mark Cuban’s insider trading case is heading to trial today, but we genuinely wonder how he’ll be able to convince a jury that he’s “humble and affable,” rather than the “master of the universe.” [Boston Herald]
* With a government shutdown looming, the Supreme Court will likely go about business as usual. In fact, Justice Alito is rolling his eyes at the mere concept of closing the Court’s doors as we speak. [SCOTUSblog]
* But in the meantime, both the Department of Justice and the federal judiciary are hunkering down and waiting for the collapse of law and order thanks to all of our petulant politicians in Washington, D.C. [Blog of Legal Times]
* Justice Scalia thinks the NSA’s surveillance programs may come before SCOTUS for an examination of a “right of privacy that comes from penumbras and emanations, blah blah blah, garbage.” [Associated Press]
* Perhaps it’s due to the “hangover from the collapse of the markets in 2008,” but white-collar defense practices are on the rise in Biglaw, and the firms’ leaders could not be happier. [Philadelphia Inquirer]
* Another law school ranking just means there’s another way for Yale to whoop Harvard’s ass. Now we know that Lat’s alma mater is slightly better at producing law deans than Elie’s. [National Law Journal]
* A motion to dismiss has been filed, and now Jill Kelley, the Florida socialite who assisted in bringing about the end of General David Petraeus’s career in the CIA, is watching her legal case unravel. [CNN]
As we mentioned in Non-Sequiturs last night, JPMorgan Chase is getting out of the student loan business. The bank will stop accepting new student loan applications this October.
A spokesperson for the bank said: “Students and their families are increasingly relying on government-backed loans rather than private student loans, and as a result the market has declined by 75% in the last five years.”
My friends, this is a bad sign. JPM is just a minor player in the student loan game, but the fact that they don’t think lending money to students for education is a good business anymore should make us worried. The fact that the federal government has crowded out this private lender is not good.
It means that we’re one step closer to the whole student loan bubble bursting…
The federal government isn’t exactly in rapid growth mode right now (which may explain the pain of D.C. law firms). But if you’re interested in working for the government, some opportunities still remain.
If you’re a 3L or law clerk who’s interested in the Honors Program, you need to submit your application materials very soon — about a week from now. The Honors Program application deadline is SEPTEMBER 3, 2013 (and note that the Labor Day holiday falls during this period, which could affect your ability to obtain transcripts or contact references). For complete application information and the full hiring timeline, see the DOJ website.
We wish you good luck — because you’ll definitely need it….
D.C. is dysfunctional, as pundits constantly complain about. Has the lack of productivity on Capitol Hill expanded to affect the private law firms of Washington?
Perhaps. According to Citi Private Bank’s recent survey of law firm performance, which showed that the first half of 2013 was bad for Biglaw nationally, D.C.-based law firms did even worse than their counterparts in other cities.
I got a raise when I had my baby, which was a very nice gesture from the Breaking Media CEO. It was also the only way I could keep working here. You see, child care costs are such in this city that before my raise I would have saved money by quitting my job and taking care of the baby full time, instead of having to pay somebody to look after him while I’m at work. Now, I’m a little bit past the break-even point, so I take what they pay me, give it to my creditors and my child’s nanny (we can only afford to have her for 30 hours a week, but I’ve gotten much better at typing with one hand, as I’m doing right now), and have a little bit left over to buy liquor and ad-free porn (err… typing practice). My wife’s salary handles all the rest — trivial items such as “rent” and “food.”
So yeah, I pretty much write every day just because I love spending time with you guys [weeping softly].
It turns out, I’m not alone. An article in the New York Times details the child-care squeeze on middle-class families. We’re not talking about “working poor” families who have always struggled with child care costs while Republicans berate them for not pulling themselves up by their bootstraps. The article focuses on mothers with good jobs, professors and lawyers, who can’t really afford to pay someone to take care of their brood.
I suppose it’s not really a “Biglaw” problem. If you have one of those jobs, you can probably afford child care, or (more likely) afford for your spouse not to work. But if you don’t cash in with Biglaw, you’d probably settle for having your kids raised by wolves if the wolves came cheap….
* Dewey know which Biglaw firms and ex-partners were sued by the failed firm’s bankruptcy estate? Sadly, they must all be asking, “Howrey going to survive now that Allan Diamond is on the case?” [Am Law Daily]
* You’d probably love to work as an associate on a 9-5 schedule with billable requirements so low you’d get canned anywhere else. There’s just one catch: You’d have a “proportionately lower salary.” [Daily Report]
* “Law professors and law deans are paid too much,” so the ABA is reducing tenure requirements for law school accreditation, which will make it easier for them to be laid off. [Wall Street Journal (sub. req.)]
* The ABA also decided to cut law schools some slack in terms of graduates’ employment data, and it’s likely due to the U.S. News rankings reckoning. Say hello to the 10-months-after graduation jobs statistic. [National Law Journal]
* Following the Windsor ruling, the Social Security Administration is paying claims for married gay couples living in states where same-sex marriage is recognized. As for the rest, better luck next time. [BuzzFeed]
* Author John Grisham was so pissed his books were banned at Guantánamo Bay that he took up the cause of prisoners wrongfully accused, detained for years, and released without apology. [New York Times]
* Almost as if to add insult to injury, Bernie Madoff was allegedly involved in a love triangle with one of his employees who’s about to go to trial. Apparently having dirty money is a desirable trait in a man. [Reuters]
* Amanda Bynes is still in the psych ward on a 5150, and her mother was granted a temporary conservatorship over her cray cray kid’s financial affairs. Way to follow in Britney Spears’s footsteps. [CNN]
Ed. note: We are having an Above the Law retreat this afternoon, so we may be less prolific than usual today. We will return to our regularly scheduled programming tomorrow.
* “I think I am now the hardest-working justice. I wasn’t until David Souter left us.” Justice Ginsburg celebrates her twentieth year on the high bench in true diva style. [USA Today]
* Sorry, EA, the Ninth Circuit thought your First Amendment free expression defense to allegedly stealing college sports players’ likenesses was a load of hooey. [Wall Street Journal]
* “It’s a decision that clearly favors the merchants.” A federal judge gave the Fed a spanking in a ruling on its cap for debit card fees earned by banks after consumer swipes. [DealBook / New York Times]
* The firm that outed J.K. Rowling as author of “The Cuckoo’s Calling” will make a charitable donation as an apology — getting the book to the bestseller’s list wasn’t charitable enough. [New York Times]
* As the bar exam draws to a close today, here’s something to consider: 12,250 people signed up to take the test in New York alone. Are there jobs out there for them? Best of luck! [New York Law Journal]
* Cleveland kidnapper Ariel Castro is expected to speak at his sentencing hearing today, where a judge will decide if a term of life in prison plus 1,000 years is appropriate punishment for him. [CBS News]
* When it comes to the U.S. Congress — especially the current one, said to be the least productive and least popular in history — and federal lawmaking, “action isn’t the same as accomplishment.” [Boston Globe]
* The Department of Justice won’t seek the death penalty against Edward Snowden, but only because the crime he’s charged with doesn’t carry that kind of punishment as an option. But oh, Eric Holder can wish. [CNN]
* Sorry to burst your bubble, but Biglaw as we know it is on a respirator, so be prepared to recite its last rites. The New Republic’s Noam Scheiber responds to the critics of last week’s hard-hitting piece. [New Republic]
* The grass isn’t greener on the other side right now. Revenue per lawyer rose at Biglaw firms in 2012 (up 8.5 percent), but small firms struggled (with RPL down 8.1 percent). Ouch. [National Law Journal]
* Let me Google that for you: Hot new technology startups have been looking to lawyers who hail from the innovative internet company’s ranks when staffing their own legal departments. [The Recorder]
* If you’re wondering why more financial crimes haven’t been prosecuted since the Wall Street meltdown of 2008, it’s probably because they’re too just difficult for most juries to understand. Comforting. [NPR]
* In a recent interview having to do with all of the problems that law schools are currently facing, from shrinkage to joblessness, Professor Paul Campos sat down to politely say, “Told ya so.” [Denver Post]
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: email@example.com.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
If your firm is in ‘go’ mode when it comes to recruiting lateral partners with loyal clients, then take this quiz to see how well you measure up. Keep track of your ‘yes’ and ‘no’ responses.
1. Does your firm have a clearly defined strategy of practice groups that are priorities of growth for your office? Nothing gets done by random chance, but with a clear vision for the future. Identify the top practice areas for which you wish to add lateral partners. Seek input from practice group leaders and get specifics on needs, outcomes, and ideal target profiles.
2. In addition to clarifying your firm’s growth strategy, are you still open to the hire of a partner outside of your plan? I’ve made several placements that fit this category. The partner’s practice was not within the strategic growth plan of my client, but once the two parties started talking with each other, we all saw how it could indeed be a seamless fit. Be open to “Opportunistic Hires.” You never know where your next producing partner might come from, so you have to be open to it. I will be the first to admit that there is a quirky element of randomness in recruiting.
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!