Out west, we’re in the middle of a gold rush. Programmers, marketers, and young business school grads are flocking to the Bay Area all with big dreams of striking start-up gold.
If you wander down Market Street, you’ll hear people mumbling a mantra: “Internet business. Internet business. Internet business.” Or perhaps, “Please let Google buy me. Please let Google buy me.”
Lawyers don’t usually play too much into this equation, except for the unfortunate in-house counsel tasked with explaining to a start-up’s management why playing beer pong in the conference room during work hours may be an unwise decision.
Or are attorneys much more relevant here than the layman might realize? Yesterday, the New York Times profiled a storied Biglaw firm that’s playing quite a part in the current techbubble boom. It’s not this firm’s first time at the rodeo, but other firms smell dollars in the air, too, and there’s a battle brewing over who will represent the next Google, Facebook, what have you.
So let’s stick with the theme. Today let’s take a look at the richest lawyers — or, to be more precise, the richest law school graduates — in America. (As we noted last year, many of these moguls never practiced law, or practiced only briefly, before making their fortunes in business.)
Our friends over at Forbes just released the Forbes 400, their annual ranking of the 400 wealthiest Americans. As in years past, the list contains a number of lawyers and law-degree holders. How many?
* Groupon: now ethical for advertising legal services in New York thanks to this recent opinion from the New York Bar Association Committee on Ethics. Will Biglaw start catering to deal hunters? Prediction: hell no. [WSJ Law Blog]
* Get off my lawn, you damn kids! A lawyer from Long Island was arrested after firing a warning shot into the air and holding a neighborhood teen at gunpoint following several rounds of “ding dong ditch.” [CBS New York]
It’s easy to forget that lawyering is a business that requires a significant amount of advertising. Lawyers offer a service, and as many unemployed attorneys know, the profession includes lots of people doing essentially the same work. You have to find your customers to make it rain.
For more and more attorneys, blogging has become one part of an overall marketing strategy. Is law blogging always advertising? The Virginia State Bar seems to think so. Last month, it disciplined a small-firm attorney for not providing adequate advertising disclaimers on his blog.
But they are pikers compared to members of the Forbes 400, the annual list of the 400 richest Americans prepared by Forbes magazine. The 2011 list has been issued — and it contains a number of lawyers and law school graduates….
* What kind of “reasonable accommodations” are alcoholics entitled to in the workplace? A three-martini mojito lunch sounds good to me. [Overlawyered]
* Some thoughts from Henry Blodget on Groupon and the SEC-mandated “quiet period.” Any thoughts, readers, on Blodget’s take on attorney/client privilege? [Business Insider]
* Professor Ann Althouse on the exoneration of Justice David Prosser (noted in Morning Docket): “A justice is despised because his decisions do not please liberals, and so, without thought, they forgot about things liberals like to love themselves for caring about, such as fairness and due process.” [Althouse]
Is it wrong to find Justin Bieber totally hot? Just askin'....
* E-discovery is moving to the cloud. What are the opportunities and the risks? Ben Kerschberg and Bret Laughlin discuss. [Forbes]
* Two and a half men no more: now that Charlie Sheen’s kids have been taken away, it looks like he’s down to just half a man. That’s okay, though, because he’s got tiger blood. [Washington Post]
* At this point, you’d think that the feds would let you do just about anything to grow the economy. Not so, though, when the thing you want to grow it with is pot. [New York Times]
* What’s the easiest way to get the FBI to install a secret tracking device in your car? By being a Muslim, apparently. [CNN Justice]
* If you’re a judge presiding over a case where a MLB team is the defendant, you probably shouldn’t wear the team’s gear outside court – and if you do, don’t get caught, because that’s not kosher. [New York Daily News]
* Groupon should be sued for their obnoxious commercials, but they’re actually being sued for selling “gift certificates.” Oops, someone should tell the plaintiff that Groupon sells “vouchers.” [NBC Chicago]
* Guys, next time you feel the urge to photoshop a little girl’s face onto the body of a naked woman, just don’t. It’s not sexy for normal people, and it’s not a form of free speech. [New York Law Journal]
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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