Sandusky, Penn State’s former assistant football coach, has been charged with 48 counts of sex abuse against 10 boys over a 15-year period, and after only two days of deliberations, Jerry Sandusky’s fate has been sealed by a jury of his peers.
* “At the Supreme Court, those who know, don’t talk. And those who talk, don’t know.” If that’s the case, then there must be a lot of people who “don’t know” — it’s rumored that the Court’s decision on Obamacare will be released today. [CNN]
* Dewey know what kind of news this week’s conference call will bring for the failed firm’s former partners? On Tuesday afternoon, we might get some information on the status of a global partner contribution plan. [WSJ Law Blog]
* Guys in my high school ambassadorial nominations pool used to have extramarital affairs with WSJ reporters all the time, it was no big deal. Obama still supports Brett McGurk, despite his racy emails. [Reuters]
* The $64,000 question in the Jerry Sandusky case: will the allegedly histrionic former football coach take the stand to testify in his own defense? He should, because apparently it’s his “only shot.” [Legal Intelligencer]
* Looks like Facebook decided to initiate the use of a proverbial “dislike” button when the company pointed the finger at NASDAQ in defense against dozens of lawsuits over its incredibly glitchy IPO. [New York Daily News]
* It’s actually possible to have an “offensive personality” as a matter of law: former prosecutor Kenneth “I Am the Prize” Kratz will plead no contest to six ethics violations for his sordid sexting scandal. [Associated Press]
* “Careful … that is a Lewis [sic] Vuitton.” It seems that at least one federal judge in Manhattan holds comedic value to a higher standard than our favorite fashion house’s trademark infringement claims. [Chicago Tribune]
* Loose lips may sometimes sink ships, but not all gossip is bad. After all, without gossip, your ATL editors wouldn’t be able to bring you some of the juiciest stories out there in the legal world. [New York Times]
* The first day of jury deliberations in the Rajat Gupta insider-trading case ended without a verdict. Benula Bensam’s boredom is epic — the poor girl can’t even blog about the trial anymore. [Bloomberg]
* Baker & McKenzie is celebrating its 50th year in Toronto, Canada by handing out spring bonuses luring in lateral hires. Welcome aboard to Kent Beattie, formerly of Slavies Davies. [Globe and Mail]
* You can run, you can hide, but you can’t escape Sandusky’s love. Alleged Victim No. 9 testified that he screamed for help in vain while staying in the former coach’s allegedly “soundproof” basement. [CNN]
* It’s hard out here for a shoeshiner: Cooley Law grads suing their alma mater over allegedly misleading employment statistics may face an “uphill battle” when it comes to fraud allegations. [WSJ Law Blog]
* The CEO of Caesars Entertainment has proclaimed that he has “tremendous confidence” that online poker will become legal in the near future. So much for keeping your poker face on that one, eh? [MSN Money]
* Imagine my surprise when I found out that a yet another man in Springfield, MA, was arrested for assault and battery with a dangerous weapon. Here’s the surprise… the dangerous weapon was wasabi sauce. [TIME]
* Kleiner Perkins responded to Ellen Pao’s gender discrimination suit, and it’s not pretty. Not only does the firm’s answer deny her allegations, but it also calls into question her work product. [San Jose Mercury News]
* Joe Amendola’s preferred strategy at the Jerry Sandusky trial seems to be the use of the “tried and tested technique” of ignoring all of the alleged accusers’ tears and making them cry all over again. [New York Times]
* Who in their right mind would attempt to fake being a lawyer these days? Michelle Fyfe, a 43-year-old woman from Texas, is accused of forging a law degree from SMU Dedman School of Law. [Dallas Morning News (sub. req.)]
* Say hello to Baltimore Law’s new dean, Ronald Weich, the former assistant attorney general who penned the notorious false gun letter to Congress. Surely this ex-DOJ official will stand up to Bogomolny. [The Hill]
* This must be like getting it caught in your zipper — but much, much worse. A Brooklyn man claims that members of the NYPD “strangled his penis,” so he’s suing. [Huffington Post via Courthouse News Service]
* Reuben G. Clark Jr., a founding partner of Wilmer Cutler & Pickering (WilmerHale), RIP. [Washington Post]
* Dewey even care if we spent money like it was going out of print? A new D&L bankruptcy court filing states that the failed firm used $43M of secured lenders’ funds in just one month in an attempt to save the ship from sinking. [Bloomberg]
* The Jerry Sandusky trial continues: Mike McQueary’s testimony in the former football coach’s case was pretty disgusting, but then again, most things are going to be pretty disgusting when you’re dealing with an alleged child predator. [Daily Item]
* A few ways you can tell this isn’t England: 1) our dental hygiene is generally better; 2) our royalty is entirely made up of reality TV stars; and 3) you still can’t serve people via social networking sites like Facebook. [paidContent]
* “Do I have to read the whole settlement?” Yup! UC Irvine Law’s consumer protection clinic will work to see if banks are keeping their end of the bargain in a $25B foreclosure-abuse settlement. [Los Angeles Times]
* Anna Gristina, the accused “Millionaire Madam,” claims in a motion to dismiss that police tried to make her name her johns, one of whom is apparently “a prominent Manhattan lawyer.” But which one? [New York Post]
* CBS claims that ABC’s “Glass House” is a rip off of “Big Brother,” and the network is trying to block the show from airing. OMG, please let it air so we can see this law school dropout in action. [Celebrity Justice / FindLaw]
* Dewey know how insolvency laws work in Dubai? The failed firm’s partners in the United Arab Emirates have filed for creditor protection in the hopes of receiving end-of-service payments. [The National]
* “This is your fault.” “Uh, no, this is all your fault.” “I’m going to sue you.” “Not if I sue you first.” Florida and the DOJ got into a good old fashioned slap fight yesterday over the purging of the state’s voter rolls. [Reuters]
* And now for your morning dose of nasty ass sexual abuse allegations. The testimony in the Jerry Sandusky case will continue today, with more lurid accounts from the former football coach’s accusers. [Bloomberg]
* Is this what it’s come to in the legal profession? Are people really so desperate for work that they’re willing to apply in droves for a job that pays less than minimum wage? By all accounts, it sure looks like it. [ABA Journal]
* Tips for parents of law school applicants? Screw that, ours are better: 1) tell your kid to read ATL; 2) smack your kid in the face if he still wants to apply; 3) repeat if necessary. [Law Admissions Lowdown / U.S. News]
* A female security official for the NBA who happens to be a law school graduate is suing for employment discrimination. And no one cares about women’s basketball any more than they did before. [New York Times]
* Have you ever wondered why Justice Clarence Thomas hasn’t spoken during oral arguments before SCOTUS in more than six years? It’s probably because he hates them so much that he thinks we should “do away” with them entirely. [Charlotte Observer]
* Former Solicitor General Paul Clement, he of unparalleled oral advocacy skills, claims that there’s “no magic formula for time management” — but having a superior legal mind certainly helps the situation when preparing for argument. [Appellate Daily]
* It’s “highly likely” that Rajat Gupta will won’t take the witness stand to testify in his own defense at his insider-trading trial. Query what Benula Bensam would have written to Judge Rakoff about that. [Los Angeles Times]
* If you’re thinking of hopping on the “blame the ABA” bandwagon in defense of your employment statistics, think again. A federal judge rejected Cooley Law’s argument on that front last week. [National Law Journal]
* Meanwhile, Cooley “isn’t interested in reducing the size of its entering class on the basis of the perceived benefit to society,” but at least ten other schools will be reducing class sizes. [Wall Street Journal (sub. req.)]
* A judge denied Jerry Sandusky’s motion to dismiss the charges against him. The former football coach clearly needed 1-800-REALITY check if he seriously thought that his request was going to be granted. [CNN]
* If you’re planning on living rent-free in New York City for almost a decade, make sure you’re doing it in a building that isn’t up to code. You’ll never be evicted thanks to this Court of Appeals ruling. [New York Times]
* You know what’s really got to suck hard? Turning down a Supreme Court nomination to be governor, and then losing your gubernatorial re-election bid. Mario Cuomo is the Bad Luck Brian of our time. [New York Daily News]
* And speaking of bad luck, this prominent antitrust lawyer is like the harbinger of Biglaw doom. In the last four years, Marc Schildkraut has bounced from Heller to Howrey to Dewey. Good luck to his new firm, Cooley LLP. [Washingtonian]
* Another judge — this time from the S.D.N.Y. — has found that the Defense of Marriage Act is unconstitutional. Paul Clement, the patron saint of conservative causes, is probably facepalming right now. [Reuters]
* “I don’t know how you all practice law in Texas.” It looks like the judge presiding over the Roger Clemens case hasn’t been keeping up with all of our crazystories from the Lone Star state. [Wall Street Journal]
* “[T]he epitome of unprofessionalism”: State Attorney Angela Corey couldn’t take the heat from Harvard Law professor Alan Dershowitz, so she threatened to sue the school and get him disbarred. [Orlando Sentinel]
* “What did you guys do to deserve me? How did you guys get stuck with this? Ay yi yi.” At least Jerry Sandusky’s got a sense of humor about a potential 500 year sentence. [Thomson Reuters News & Insight]
* The election outlook for birthers may not be so bleak after all. Sure, Orly Taitz lost her bid to be a senator, but Gary Kreep might get to be a judge in San Diego County. We’ll find out later today. [North County Times]
* Dewey know the firms that have been tapped to represent the groups that this failed firm owes money to? Yes, we do! Brown Rudnick for the unsecured creditors’ committee, and Kasowitz Benson for the former D&L partners. [Am Law Daily (sub. req.)]
* The Ninth Circuit is supposed to be issuing an order today regarding an en banc reconsideration request on the Prop 8 case. They really ought to slap a big fat denial on that motherf’er and call it a day so we get some SCOTUS action. [Poliglot / Metro Weekly]
* Matthew Kluger, most recently of Wilson Sonsini, has been sentenced to 12 years in prison, which is the longest sentence that anyone’s ever received in an insider trading case. Uh yeah, he’ll be appealing. [Wall Street Journal (sub. req.)]
* Hughes Hubbard & Reed has billed more than $17M in the first four months of its work on MF Global’s unwinding. Will the firm will be handing out spring“special” bonuses like they did last year? [Reuters]
* Mattel is appealing MGA’s $310M copyright award, claiming that the judgment was based on “erroneous billing invoices.” Don’t you call my billable hours into question, Kathleen Sullivan. [National Law Journal]
* Jerry Sandusky’s accusers will be named in court thanks to this judge’s ruling. But don’t worry — there’s no tweeting, texting, or emailing allowed in his courtroom. Like that’ll make a difference. [Legal Intelligencer]
* Trust me, I’m a lawyer: a now-disbarred Colorado attorney managed to scam a convicted con artist out of more than $1 million. Now that’s some pretty sweet karmic intervention for you. [Missouri Lawyers Media]
* A bus driver is suing a hospital because he claims that instead of treating his painful erection, the staff watched a baseball game on TV. Whatever, that was a really great Yankees game. [Associated Press]
* Dewey have any cash to pay the people helping to wind down our firm’s business? Nope! Even though JPMorgan backed D&L’s $8.6M motion to fund the firm’s ongoing operations, Judge Glenn insisted that the bank “[r]oll [its] truck up and start collecting accounts receivable.” [Am Law Daily (reg. req.)]
* “The jury has sent a note that they’ve reached… [dramatic pause] … a good stopping point.” Judicial humor lightened the mood after the seventh day of deliberations without a verdict in the John Edwards trial. [ABC News]
* Dharun Ravi finally issued an apology for his “stupid and childish” behavior, and he’ll be heading off to serve his 30-day jail sentence on Thursday. And you know, that jail sentence is joke enough for this blurb. [CNN]
* “Dumb Blonde” isn’t a name that Elizabeth Warren takes too kindly to being called. She much prefers the name that her Native American ancestors bestowed upon her: “Running Joke.” [San Francisco Chronicle]
* Four of the alleged victims in the Jerry Sandusky case have asked the court to protect their identities. It’s kind of like the Michael Jackson case, but everyone cares more because this one involves football. [Bloomberg]
* Hundreds of lawyers, notaries, and other legal professionals took to the streets in Montreal earlier this week to publicly protest Bill 78, a law that limits public protests. That’s so meta, eh Canadians? [Montreal Gazette]
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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