The old ball and chain, dischargeable in bankruptcy only in the most limited of cases. Go ahead, try and prove you’ve got a ‘substantial hardship’ preventing you from paying. We dare you.
* Now that a federal judge has classified California’s death penalty as unconstitutional, it’s only a matter of time before the issue reaches the Supreme Court. We have a feeling the justices will likely roll their eyes. [National Law Journal]
* Word on the street is that Bingham McCutchen has got the urge to merge, and has apparently spoken to a handful of potential partners over the course of the past three months. We’ll have more on these developments later. [Reuters]
* As it turns out, it was neither Wachtell Lipton nor Jenner & Block that managed to snag the coveted GM litigation oversight job. Nice work, Quinn Emanuel — you’re considered a “well-respected outside law firm.” [WSJ Law Blog]
* Congrats, Flori-duh, you did something right. A state court judge has ruled that Florida’s ban on gay marriage violated the U.S. Constitution in the latest post-Windsor victory for equality. Yay! [Bloomberg]
* Thanks to their hundreds of thousands of dollars in law school debt, many graduates are considering declaring bankruptcy. Too bad most won’t be able to get their loans discharged. [Connecticut Law Tribune]
* There’s a very good chance that if you go in-house, you could wind up making more money than even the wealthiest of Biglaw partners. But how much more? Take a look at the latest GC compensation survey. [Corporate Counsel]
* GM has hired outside counsel to review the way the company handles its litigation practices. Since we’re not sure which, we’ll take bets on whether this “well-respected outside law firm” is Wachtell or Jenner & Block. [WSJ Law Blog]
* A federal judge in California ruled that the state’s death penalty was unconstitutional. It seems that allowing a defendant to live with the “slight possibility of death” violates the Eighth Amendment. Damn you, appeals! [New York Times]
* “He hasn’t been charged with anything at the moment and we’ll deal with the charges when they’re filed.” Sgt. Bowe Bergdahl is currently being represented by Yale Law lecturer Eugene R. Fidell, a recognized military law expert (and husband of noted legal journalist Linda Greenhouse). [New Haven Register]
* We all know that George Clooney’s fiancée, Amal Alamuddin, has both beauty and brains. What we didn’t know is that she poses for incredibly embarrassing pictures, just like the rest of us. [Us Weekly]
Like a GM automobile, claims against the company arising from its faulty ignition switches might unexpectedly stop working.
While GM is talking a big game about compensating those who suffered damages due to the company’s defective cars, GM’s definition of “damages” is cleverly designed to save the company billions.
As you might remember, GM filed for bankruptcy about five years ago. “Old GM” sold all of its valuable assets to “New GM” — which was a federally backed company. All of Old GM’s bad assets and liabilities were handled through the chapter 11 bankruptcy process. In simplified terms, that means that anybody who had a beef with Old GM needed to settle their business with the company in 2009.
That’s bad news for some people who bought faulty GM cars.
* Partners from Patton Boggs and Squire Sanders may vote on their merger sometime this week. Get ready to say hello to Squire Patton, House of Boggs, Hodorific of Its Name. [Reuters]
* “[E]xcuse me, sir, you may not be here in five years.” Biglaw firms are becoming more “egalitarian” about office space because attorneys have expiration dates. [National Law Journal]
* After a flat year in 2013, and much to Biglaw’s chagrin, “[i]t is going to be harder to sustain year-over-year profitability gains.” Oh joy, time to power up the layoff machine. [Philadelphia Inquirer]
* Tech giants Apple and Google have called a ceasefire in their dueling patent suits in a quest to reform patent law — and so Apple can concentrate all of its efforts on suing the sh*t out of Samsung. [Bloomberg]
* GM’s in-house legal department is being heavily scrutinized in the wake of the car maker’s ignition switch lawsuit extravaganza. You see, friends, people die when lawyers don’t even bother to lie. [New York Times]
* Donald Sterling found a lawyer willing to represent him, an antitrust maven who thinks the NBA should take its ball and go home because “no punishment was warranted” in his client’s case. [WSJ Law Blog]
* A Minnesota court ruled that it is not a crime to encourage people to commit suicide. So… keep commenting assholes, just know that you’ll feel really bad if I do it. [Gawker]
* I might be in the market for a used car, and I’m hoping to get a really good deal on one of these “recalled” GMs. I hope the DOJ doesn’t screw up my plans. [Reuters Legal]
* Speaking of cars, Alan Dershowitz calls for vigorous prosecution of reckless drivers. I call for vigorous prosecution of any box-blocking suburbanite who drives around Manhattan on a Saturday like they’re cruising to the country fair. [ABA Journal]
* Alabama thinks that people over 70 should be excused from jury duty. YES, they deserve to be excused and I hope they burn in Hell! [WSJ Law Blog]
So should Weil Gotshal associates be rooting against a government bailout of GM and the other big automakers?
GM bankruptcy –> more fees for Weil –> bigger bonuses (which WGM has not yet announced)?
UPDATE (1:00 AM): As of now, it looks like the auto industry bailout talks have failed. This makes a GM bankruptcy even more likely.
But even if GM does file for Chapter 11 (or even Chapter 7), thereby generating thousands of billable hours for Weil associates, it’s unlikely that Weil will pay out Skadden-sized bonuses (although the speculation sure is fun). As noted in the comments, Weil generally follows the market, and the market has settled around Cravath.
Paying above market could create problems for Weil. As one reader previously noted, “Weil will never be a bonus leader because there is concern at the firm that it would seem unsightly by the firm’s bankruptcy clients to lead the market with bonuses.”
That concern seems warranted. As GM director George Fisher told Bloomberg last week, “We are fearful, very fearful, of a prolonged [bankruptcy] proceeding that would just destroy our brand in the marketplace and therefore that is not considered a viable option…. These Wall Street geniuses and law firms are coming up with all these solutions that make them a lot of money.”
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 seven years. You can reach them by email: email@example.com.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at firstname.lastname@example.org or email@example.com. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!