Renowned diplomat Richard Holbrooke, who came very close to becoming Secretary of State, passed away in December 2010. His wife, noted journalist Kati Marton, recently sold the magnificent apartment they shared at the Beresford, the legendary prewar co-op on Manhattan’s Upper West Side.
Over the years, as noted in the building’s Wikipedia entry, the Beresford has been called home by such celebrities as “comedian Jerry Seinfeld, singer Diana Ross, tennis player John McEnroe, Citigroup CEO Vikram Pandit, actor Tony Randall, and musician Laura Nyro.” (I was going to say that Nyro’s publicist must be a Wikipedia admin, but it seems that Nyro passed away back in 1997.)
UPDATE (1/16/2013, 11:45 AM): We just heard from a longtime Beresford resident who advises us that Diana Ross never lived in the building (although the Diana Ross Playground is across the street).
Now the Beresford will be graced by a former Biglaw partner, who bought Holbrooke’s home for an eight-figure sum. Sharing an elevator with Jerry Seinfeld will be….
Women often get the short end of the stick when it comes to upward mobility in their careers. Despite the fact that firms claim to be rectifying these inequities, for every two steps forward the legal industry takes, women seem to be pushed two steps back. Be it smaller salaries or fewer leadership opportunities, women lawyers are usually left holding the bag. It’s almost as if they’ve got to make up for what they lack (dangling genitalia), in all of their dealings.
Women already have a hard enough time as it is without being unfairly subjected to unspoken policies that affect both firm politics and partnership decisions. But, such is life when you’ve thrust yourself into the wonderful world of Biglaw, where the “boys club” reigns supreme, and women are essentially railroaded into the pink ghetto.
How would you like to work for a firm where men hog all of the origination credit, and do their damnedest to exclude women from client pitches? How would you like to work for a firm where women are encouraged to have intimate relationships with firm leaders in order to be promoted?
That doesn’t sound like a friendly working environment, but that’s exactly what a $200 million class action suit against Greenberg Traurig alleges….
* Billable hours in Biglaw are down 1.5 percent, and 15 percent of U.S. firms are planning to reduce their partnership ranks in early 2013. Thanks to Wells Fargo for bringing us the news of all this holiday cheer! [Thomson Reuters News & Insight]
* Hostess may be winding down its business and liquidating its assets, but Biglaw will always be there to clean up the crumbs. Jones Day, Venable, and Stinson Morrison Hecker obviously think money tastes better than Twinkies. [Am Law Daily]
* How’s that “don’t be evil” thing working out for you? Google’s $22.5M proposed privacy settlement with the FTC over tracking cookies planted on Safari browsers was accepted by a federal judge. [Bloomberg]
* Perhaps the third time will be the charm: ex-Mayer Brown partner Joseph Collins was convicted, again, for helping Refco steal more than $2B from investors by concealing the company’s fraud. [New York Law Journal]
* H. Warren Knight, founder of alternative dispute resolution company JAMS, RIP. [National Law Journal]
There’s always something interesting going on over at Greenberg Traurig. Over the summer, we covered their capital call. Earlier in the year, we wrote extensively about the drama in Coquina Investments v. TD Bank, a case in which the firm got sanctioned. Last month, we mentioned in passing the firm’s quiet settling of claims brought by current and former NFL players alleging that the firm failed to warn them adequately about investing in an ill-fated Alabama casino project.
The summer of 2012 brought a great deal of worry for Biglaw’s summer associates. Would they receive offers of permanent employment after all of their hard work? (And by “hard work,” we of course mean completing work assignments amid multiple forays into the world of being wined and dined.) In fact, this year’s summers were so anxious about whether they’d get an offer that their average “worry level” was higher than it had been since the height of the recession.
But as it turns out, all of their worry was for naught, because nearly all firms indiscriminately doled out offers like they were going out of style. According to the American Lawyer’s Summer Hiring Survey, responding firms hired 15.5 percent more summer associates this year than they did in 2011. That said, while things seem to be looking up, that doesn’t mean that all firms handed out offers like candy.
When we last spoke about summer associate offer rates, we wanted to know which firms had low offer rates. Now, thanks to Am Law, we’ve got some dirt for you. Which firms fell below the 100 percent mark?
Looks like Fiona was picturing all the “Criminal” headline puns that she knew were coming.
* In the continuing tales of “It’s not easy being Green(berg),” the firm is settling more than 30 claims from NFL players who say the firm didn’t warn them about investing in an unlicensed casino project. Well, at it’s least better than investing in unlicensed dog-fighting. [Daily Business Review]
* If I got stuck behind one of these d-bags who pays tolls with a hundred-dollar bill, I would be more concerned about whether it’s a civil rights violation for me to smash their back window with a tire iron. [FindLaw]
* Hey beer nerds, the top secret White House brew recipe has been declassified. This is some crucial government transparency in action. [Legal Blog Watch]
As regular readers of Lawyerly Lairs know well, some attorneys have beautiful — and expensive — homes. As we’ve just learned from the impressive submissions in our contest to find the best law firm offices in America, many attorneys’ workplaces are no less spectacular.
With the help of Mary Kate Sullivan, our wonderful intern here at Above the Law, I’ve winnowed the large and impressive field to eight finalists. There’s nice diversity here, in terms of firms (Biglaw versus non-Biglaw); decor (traditional versus modern); and geography (seven different cities, located all over the country).
I’m just kidding. We’ve got a fun departure memo from an associate who happens to be from Greenberg, but I don’t think this woman’s departure has anything to do with the firm’s financial health. Instead, she’s just pursuing new opportunities.
And it looks like she’ll be leaving with fond memories of her time at Greenberg. We know that from her choice of ’90s R&B bands that she used to herald her leaving….
The current CEO of Greenberg Traurig, Richard Rosenbaum, recently gave an interview to the Daily Business Review in which he discussed the firm’s recent capital call (among other subjects). We mentioned the interview in Morning Docket, but because it contains a lot of grist for the mill, it merits a second look.
The subtext of the interview — and, at one point, the explicit text of the interview — could be summarized as, “Look, we are not like Dewey!” The bad news is that such statements should even be necessary. The good news is that they seem to be true (at least based on the information currently available).
* That’s one hell of a “rainy day fund.” Greenberg Traurig is asking for $24M over the next two years, and has no plans to do it again in the near future. [Daily Business Review]
* Lots of law firms have been listening to that Petula Clark song about how great things are downtown, because that’s where their offices are headed. [WSJ Law Blog]
* Republicans are begging Todd “Legitimate Rape” Akin to quit, but he’s vowed to stay the course. “[A]bortion is never an option,” not even for his campaign. [New York Times]
* Dipping and squeezing is serious business in the condiment world, and that’s why there’s a patent lawsuit over this innovative ketchup packet. [Huffington Post]
* Career alternatives for attorneys: sci-fi salvaging savior? This entertainment lawyer is taking out-of-print fantasy novels and turning them into e-books. Sometimes being a nerd is pretty cool. [New York Daily News]
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: