Forbes

Since the Great Recession, it’s far too often that the public hears tales of horror about lawyers drowning in debt. We think it’s time for a change of pace. There are plenty of lawyers out there who have really made it financially — in case you’re mistaken, these people aren’t millionaires, they’re billionaires. These people would laugh at the thought of people suffering under the weight of six puny figures of law school loans.

As luck would have it, there’s a way to keep track of these luxurious creatures. Earlier this week, Forbes released its annual list of the richest people in America, the Forbes 400. Each year, we pore over the list to find the wealthiest lawyers, and in 2014, legal eagles continue to make a strong showing.

Which lawyers made the list this year? Keep reading to find out…

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Tracy Morgan

* Weil Gotshal is tired of winnowing its workers, so this time around, the firm is relinquishing some of its real estate. The firm will have the same address as usual, but its space will be smaller — 20 percent smaller. [WSJ Law Blog]

* It’s not just leaders of Biglaw firms who are looking to downsize. Leaders of midsize firms are trying to do the same thing, but with their management responsibilities instead of their people. Charming. [Pittsburgh Post-Gazette]

* Lawyers are typically stereotyped by the uninformed as being some of the richest people in America. As luck would have it, some lawyers are the richest people in America. Which ones? We’ll have more on this later. [Am Law Daily]

* “If I could redo a year ago, I would still go. Just because I know that [law school] still opens doors.” We’ve got a correction: Silly 2L, Columbia Law — not law school in general — still opens doors. [USA Today]

* Tracy Morgan has spoken out for the first time since his tragic accident this summer, but only after Wal-Mart blamed him for getting hurt in the first place. It’s a rollback on pure class. [New York Daily News]

We were facing increasing financial pressure. So we undertook a substantial restructuring, and that restructuring put us on a solid economic and financial footing, allowing us to do a combination to meet our strategic needs.

Many if not most of the U.S.-based law firms in the 350 to 600 or 700 lawyer-range are feeling a great deal of financial pressure. We felt it more than many because we had a number of very large cases—totaling, at the end of the day, nearly $80 million of a $330 million budget—settle and wind up through normal course. That dramatic decline in revenue exacerbated the pressure on us, but the financial pressure on all law firms today are very significant.

Ed Newberry, co-managing partner of Squire Patton Boggs, explaining in an interview with David J. Parnell of Forbes, why he led the charge to a Biglaw mega merger with Squire Sanders as managing partner of Patton Boggs.


Back in February, we covered a lawsuit filed by Mayer Brown that some critics called “disgusting” and “despicable.” The case challenges the placement of a memorial for World War II “comfort women” in a public park in Glendale, California — partly on administrative procedure grounds, and partly because the memorial allegedly “presents an unfairly one-sided portrayal of the historical and political debate surrounding comfort women.”

Filing a lawsuit that effectively seeks to deny the historical phenomenon of the comfort women — women who were forced into sexual slavery by the Japanese military during World War II — didn’t go over too well in many quarters. And now the case is back in the news, surely to Mayer Brown’s chagrin….

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About two weeks ago, we reported on a study of the law schools whose graduates earned the highest median starting salaries. The rankings were based on numbers culled from Payscale.com, and if you thought the list looked a bit odd, you weren’t the only ones. “Those median starting salary figures are about as believable as Santa Claus and the Easter Bunny,” remarked one of our commenters, while others cried T14 tears over Penn’s mysterious absence from the list.

Wipe your tears, friends, because today we’ve got a new and improved list for you — one with salary numbers delivered straight from the law schools themselves, including the percentage of recent graduates who reported their salaries.

Which schools are on the new list? Keep reading to find out…

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* The NCAA’s president thinks Northwestern’s sports union will be the first case of its kind to be heard by the Supreme Court, and his brain hasn’t even been scrambled by concussions. [Bloomberg]

* “If I’d come up with it, I’d probably be proud of it.” If this Georgia lawyer had used the “my client is too handsome for rape” defense, perhaps there wouldn’t have been a conviction. [Daily Report (reg. req.)]

* A few weeks ago, we wrote about the best law schools for making money. Since then, the rankings were revised due to error. Where does your school stand now? We’ll chat about this today. [Forbes]

* “[L]awyers aren’t retiring or dying nearly fast enough for us to fill their spots.” Perhaps statements like this about the job market wouldn’t be so prevalent if U.S. News told pre-law applicants the truth. [NPR]

* Law students will call you out for your behavior, even if you’re a police officer This one is suing the NYPD for false arrest after questioning their food truck tactics. We’ll have more on this later. [New York Post]

Are you ready for MOAR rankings? We certainly hope so, because hot on the heels of the release of the 2015 U.S. News law school rankings, we’ve got yet another set of rankings for you to feast your eyes upon. These rankings, brought to us by Forbes, focus on one of the most-discussed areas when it comes to the value of legal education as of late: starting salaries.

Money makes the world go ’round, and that statement rings especially true today. From your ability to pay your loans to your ability to get a mortgage, your starting salary will likely determine your income over the course of your life — you better hope you start making bank as quickly as possible.

How can you get the best shot of making that happen? Not all law degrees are worth a million dollars, but you might come close to making that much if you attend one of these law schools…

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Ronan Farrow: a former Forbes 30 Under 30 honoree turned contest judge.

Since 2012, the list-loving folks at Forbes have been publishing “30 Under 30″ compilations for various fields of endeavor. The 2014 lists just came out, and they include, of course, a 30 Under 30 for law and public policy. We noted the news in yesterday’s Non-Sequiturs.

Such lists generate great traffic, but they also exhibit a somewhat arbitrary character that can be criticized, even mocked. The New Yorker, for example, took inspiration from Forbes to create 3 Under 3: Entrepreneurs, Intellectuals, Toddlers.

A list of notable legal eagles under 30 presents additional problems. Unlike, say, sports or the arts, where people over 30 might already be “over the hill,” law doesn’t lend itself to super-young prodigies. As Miguel Morales of Forbes points out in introducing the list, “It’s never easy for FORBES staffers to sniff out the 30 best and brightest Millennials making an impact on their fields. In law and public policy, where most people are barely out of law school by 30, let alone blazing trails in their fields, the task sometimes felt farcical.”

Whether it’s farcical or not, we know you want to see the list. Let’s have a peek, shall we?

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* Who are the real victims of insider trading? It’s the Duke brothers, duh. [DealBook / New York Times]

* Judge Ellen Huvelle has ordered the government to turn over to her an executive order that the feds claim is subject to executive privilege. Judge Huvelle rejected the administration’s argument that privilege exists because, “we don’t want to give it to you.” [Politico]

* Pepper Hamilton has joined the greener pastures of Silicon Valley, opening an office with three partners poached from Goodwin Procter. [Reuters Legal (sub. req.)]

* Speaking of poaching, Martin Dunn, former deputy director of the SEC and O’Melveny partner is joining Morrison & Foerster. [The Blog of the Legal Times]

* And while we’re at it, M&A partner Sean Rodgers has left Simpson Thacher to merge with Kirkland & Ellis. [The AmLaw Daily]

* Publisher ALM (The American Lawyer, Corporate Counsel, The National Law Journal, The New York Law Journal) has a new technology partner and hopes to boost its readership. If they want to boost their readership, wouldn’t starting a new law school be a better investment? [Talking Biz News]

* Conservative groups are miffed about video of this Democratic party lawyer “attacking” a Republican at the polls and trying to “steal” an election. It seems like he put his hand over the lens of a camera phone, but sure, this is exactly like telling minorities the wrong day to vote. [Bearing Drift]

* The Amanda Knox case has a trade secret component as a battle rages over DNA testing technology. [Trade Secrets Watch / Orrick]

Almost everyone who steps foot inside a law school in pursuit of a degree dreams of someday becoming a powerful voice on the world stage, but only a few are able to see that goal through to fruition. In fact, according to the latest Forbes ranking of the World’s Most Powerful People, only 10 lawyers or law school graduates truly matter.

Each year, Forbes compiles a list of the most influential people on the planet, and this year, out of the 72 leaders chosen (one “power broker” per every 100 million people in the world), about 14 percent of those who made the list are lawyers or law school graduates.

Which legal eagles soared to great heights and made their way onto this year’s list? Let’s find out…

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