Surprisingly this lawyer isn’t named “Captain Obvious.”
He’s James Kidney, an SEC Enforcement lawyer who joined the agency in 1986 and served there ever since with a four-year detour to work at Aetna. At his well-attended (about 70 people) retirement party, he fulfilled the dream of every retiring employee and called out the B.S. he’d witnessed in his years on the job. And at the SEC, that B.S. dealt mostly with a revolving door culture of fearful superiors more interested in harassing low-level offenders while turning a blind eye to anyone with responsibility on Wall Street.
* The shutdown has shuttered the Nuclear Regulatory Commission. I’m not really comfortable living without those regulators. [Breaking Energy]
* Don’t bother Goldman Sachs’s general counsel with your silly little questions. [Dealbreaker]
* The decisions you make in your twenties are rarely life-threatening. So get out there and make some atrocious life-decisions, kids! [Legal Cheek]
* Lawyer sent to prison for plotting to help a client hide jewels. That sounds way dirtier than it is. [ABA Journal]
* In scary news, Adrian Peterson’s 2-year-old son was brutally beaten. [TMZ]
* In case you missed our round-up, here are ten more highlights from a recent interview with Justice Scalia. He’s apparently a big Duck Dynasty fan, which explains a lot. Video embedded after the jump… [Bloomberg Law via YouTube]
I mean suing the bejeezus out of Goldman Sachs. And likely a number of other high-profile financial players.
Not over something mundane like the whole “taking part in collapsing the global economy” thing. That’s been discussed to death. I’m talking about something much more concrete and, apparently, easy to establish.
People sometimes derisively call bankers pirates, but it turns out they may be right. Software pirates, at least.
In this month’s issue of Vanity Fair, Michael Lewis looks at the prosecution of former Goldman Sachs programmer Sergey Aleynikov. In addition to detailing the outsized influence large banks have over the justice system and the ease with which the system can break down when the facts of a case are too complex for lay jurors, Lewis uncovers a small nugget that he doesn’t really pursue, but that could be trouble for Wall Street….
At the end of the day, he probably could have done the right thing. But he chose to play the game. It didn’t leave me feeling good about Wall Street.
– Evelyn Linares, a 61-year-old principal who served as a juror in the Fabrice Tourre civil fraud trial, sharing her feelings about Fabulous Fab — he “disappointed” her — after the verdict was announced.
* It’s just business as usual: Amid accusations of liberal court-packing, D.C. Circuit nominee Nina Pillard faced questions on abortion and religion during her testimony before the Senate Judiciary Committee. [USA Today]
* Biglaw isn’t as dead as we’ve been told and made to believe. Some of the largest firms are actually doing quite well, says American Lawyer’s editor-in-chief, who’d like her job to retain some meaning for now. [Am Law Daily]
* Fried Frank knew that it’d take a banker to pull the firm from its monetary funk, so it picked up David Greenwald, deputy general counsel of Goldman Sachs, to act as co-chair through 2015. [New York Law Journal]
* With the change in SEC policy, from allowing companies to use neither-admit-nor-deny language, to forcing them to admit guilt in “egregious” cases, lawyers may soon be very busy. [Corporate Counsel]
* Raj Rajaratnam is a firm believer in the “three strikes and you’re out” theory of law. A month after the Second Circuit affirmed his insider trading conviction, he’s asking for a rehearing en banc. [Bloomberg]
If you are black in America, you are not supposed to fight back. Ever. For any reason. Sorry.
If you are white, you can do whatever you want, and if you are Hispanic, you can defend yourself as long as you are defending yourself against a black man. But if you are black, you just need to sit there and take it. Or else you’ll get in trouble. You’ll get shot or arrested. The full force of the police state will be brought down upon you.
That’s the lesson from this weekend. George Zimmerman’s acquittal has gotten all the attention (and I’ve said all I need to say about that), but in New York City this weekend there was another story about the casual, every day, racist junk that black people have to deal with all the time. But this time the black guy defended himself and so, of course, the black guy got arrested…
The settlement with Goldman Sachs was not a glorious episode in the history of the Revenue.
–UK High Court Judge Andrew Nicol, employing the spirit of British understatement in a written opinion dismissing a claim by activists that the tax settlement Her Majesty’s Revenue and Customs made with Goldman Sachs in 2010 was an unlawful “sweetheart deal.”
If you’re a former Supreme Court clerk, the legal world is your oyster. In the words of one observer, “Supreme Court clerkships have become the Willy Wonka golden tickets of the legal profession. So many top-shelf opportunities within the law, such as tenure-track professorships and jobs in the SG’s office, [are] reserved for members of the Elect.”
If you work at a hedge fund, maybe after a stint at Goldman Sachs or a similarly elite investment bank, you’re the Wall Street version of a SCOTUS clerk — at the top of the field, but with way more money. There aren’t many Lawyerly Lairs out there that cost $60 million (the cost of hedge fund magnate Steve Cohen’s new Hamptons house).
What could lure four high-powered lawyers and hedge-fund types, including two former clerks to the all-powerful Justice Anthony Kennedy, to leave their current perches? How about the chance to earn the kind of money that would make a Supreme Court clerkship bonus look like a diner waitress’s tip?
* What do Tiger Woods’s sexts, Anthony Weiner’s wiener, and the newsworthiness exception to copyright infringement have in common? They’re all in this colorful Ninth Circuit dissent. [National Law Journal]
* Dewey have any idea when this “clawback” deadline will stop being extended? Partners have again been granted another extension to sign on the dotted line, but this time for only 48 hours. [WSJ Law Blog]
* If your reason for resigning from your position as a congressman has to do with “increasing parenting challenges,” becoming the managing director of Biglaw practice group likely isn’t a wise choice. [POLITICO]
* A shareholder suit filed against Goldman Sachs over mortgage-backed securities and early TARP repayment was dismissed. I didn’t watch the Daily Show last night, but I’m sure Jon Stewart had a great joke. [Reuters]
* Musical deans? Hot on the heels of Jeremy Paul’s announcement that he was leaving for Northeastern, Professor Willajeanne McLean has been appointed as interim dean at UConn Law. [Connecticut Law Tribune]
* Law school didn’t build that: as it turns out, a juris doctor isn’t as versatile a degree as it’s made out to be. Just because you managed to get a good non-law job, it doesn’t mean a J.D. helped you. [Am Law Daily]
* Jaynie Mae Baker, the Millionaire Madam’s sidekick, has struck a plea deal with the DA. She won’t be going to jail for her adventures in high-class hooking, and might walk away without a criminal record. [New York Post]
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…
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 protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months, and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.