* “There’s too much at stake—too much money and interest.” Biglaw firms in West Africa are surviving, nay, thriving, despite the fact that the area is afflicted by the terrors of Ebola. [Am Law Daily]
* “[T]ake a step back, to pause to consider, I hope, a change of course.” The head of the FBI is pissed about cell encryption, and he wants tech companies to cut it out with this privacy stuff. [WSJ Law Blog]
* Buchanan Ingersoll & Rooney has a new chief financial officer. At Pittsburgh’s third-largest firm, the former litigation practice director could really make a name for himself. [Pittsburgh Business Times]
* According to NY AG Eric Schneiderman, 72% of Airbnb rental sites in New York City are operating illegally. This is going to be problematic for those who enjoy the services of faux hotels. [New York Times]
Ed. note: Please welcome Steve Dykstra, our newest columnist, who will be covering the Canadian legal market.
I am a Canadian-trained lawyer and legal recruiter. I recruit throughout North America so I really get to study the legal systems on both sides of the border. I thought it would be fun and interesting to highlight some of the differences between the American and Canadian systems — hence the column’s title, “The View From Up North”.
As this is my first column, I want to provide a bit of an overview. In coming weeks, I’ll focus more narrowly on specific topics.
* According to a confidential report from Deloitte, another major firm is set to follow in Heenan Blaikie’s footsteps within the next year. The sheer number of “sorries” after another Canadian Biglaw collapse would be simply terrifying. [Legal Post]
* Dean Demleitner of Washington & Lee Law doesn’t think its 3L reform program is to blame for its decline in rank. It’ll “take five to 10 years for the benefits of the program to become apparent.” Oh, that’s great… for the Class of 2023. [Fortune]
* Here’s another look at the U.S. News rankings. Compare Nebraska and Hofstra. One shot up in rank and tuition increased slightly. The other sank like a stone and tuition skyrocketed. [WSJ Law Blog (sub. req.)]
* For the first time in years, the number of LSAT test takers has increased by a whole 1.1 percent year over year. We can guarantee law schools will fight to the death to enroll those 213 students. [LSAT Blog]
* Judge Judy has never sued anyone, but now she’s suing a personal injury firm for using her picture in its ads. Damages recovered will be donated to scholarships for women. Classy lady. [New York Daily News]
* Two Biglaw firms and their even bigger revenue meltdowns: Patton Boggs and Bingham McCutcheon have posted the most dramatic revenue declines revealed thus far by Am Law. [Wall Street Journal (sub. req.)]
* Dewey know why this malpractice case is being brought against an ex-LeBoeuf Lamb partner? You know your case is screwed if one of the questions the judge asks you is “[W]hy are you here?” [Am Law Daily]
* Those who remain at Heenan Blaikie, the imploding Canadian Biglaw firm, are pretty “pissed off” they haven’t received word on their severance packages. So much for that “orderly wind down,” eh. [Law Times]
* Career alternatives for former Biglaw attorneys now allegedly include breaking and entering and assaulting state delegate’s wives. We’ll probably have more information on this juicy story later today. [NBC29 WVIR]
* This guessing game is over, even though we’d guessed this from the start. After decamping from the Securities and Exchange Commission, George Canellos will return to his old stomping grounds at Milbank Tweed. [DealBook / New York Times]
* Heenan Blaikie’s talks may have fallen through with DLA Piper, but another Biglaw firm swooped in to rescue more than 20 of the failed Canadian firm’s survivors. You can call Dentons their knight in shining billable hours. [Globe and Mail]
* You can’t always get what you want. Accused Boston Marathon bomber Dzhokhar Tsaernaev’s trial is scheduled for November 2014, despite his lawyers asking for a September 2015 start date. [Bloomberg]
* A Tennessee lawmaker just introduced the “Turn the Gays Away” bill, which would allow businesses to refuse goods and services to gay people. If this isn’t ‘MURICA, we don’t know what is. [MyFOX Memphis]
* “We have offered generous buyouts—generous by anyone’s standards—and we are now waiting for volunteers.” Yeah, good luck with that. Things don’t look great for profs at Albany Law. [WSJ Law Blog]
* Secrets secrets are no fun, secrets secrets hurt someone: Chief Justice Roberts named two judges to two secret courts. Congrats to Judges Boasberg and Tallman. [Legal Times]
* Bankruptcy just got a lot more fabulous. AG Eric Holder announced that the government would extend recognition of same-sex couples in federal legal matters. [New York Times]
* With reports of firms’ financials beginning to trickle out, partners are getting anxious. No one wants to be the next Dewey — or the next Gregory Owens. [Am Law Daily]
* This is the second year in a row that Greenberg Traurig has posted financial declines. Perhaps the firm started its lower pay, non-partner track residency program for a reason. Something to think about. [Daily Business Review]
* “It’s our duty as partners to help.” Law students articling at the recently dissolved Heenan Blaikie are learning a lesson in Canadian collegiality. The firm is trying to help them get new jobs. [Montreal Gazette]
* Speaking of Heenan Blaikie, we’re hearing chatter that the firm’s talks with DLA Piper may be in trouble. HB says the talks they’re off, but DLA says they’re ongoing. Hmm, that sounds dramatic. [WSJ Law Blog]
* “It’s a very L.A. thing. We’ll see how long it lasts.” If you had to choose, you’d probably go to Dumb Starbucks over Starbucks. Order a Dumb Frappuccino before they get a C&D letter. [Los Angeles Times]
About two years ago, in May 2012, Dewey & LeBoeuf filed for bankruptcy. It was the largest law firm bankruptcy in the history of the United States. Shortly thereafter, industry insiders began to speculate as to when the next big firm would fold. In June 2012, our own Mark Herrmann suggested that it was a “near certainty that a firm [would] collapse within the next two years.”
Lo and behold, he was correct, for it was just last night that another embattled Biglaw firm decided to close its doors. Perhaps the loyal employees clinging to this firm’s carcass should have been better prepared for something like this, since it was preceded by waves upon waves of partner defections and talks of a “major restructuring,” likely due to financial problems, among the firm’s leaders.
You’ll want to keep reading, because this is the largest law firm to ever fail….
* According to Justice Kagan, Justice Ginsburg “is responsible for eliminating sex discrimination from American law.” Whoa, that’s a nice thought, but let’s not get ahead of ourselves with wishful thinking. [New York Law Journal]
* After handing out pink slips staff, Heenan Blaikie lawyers sat down and voted to dissolve the Canadian firm’s partnership and wind up its business. It’s kind of like Dewey, but with maple syrup! [Legal Post / Financial Post]
* Jack W. Butler, the bankruptcy bigwig who managed to negotiate the American Airlines / US Airways merger, will leave his home at Skadden Arps after 23 years and head to Hilco Global. [DealBook / New York Times]
* Vermont Law School has partnered with several historically black colleges and universities in order to put warm bodies in empty seats promote the expansion of racial diversity in the legal profession. [VT Digger]
* David Savner, a corporate partner at Jenner & Block, recently donated $1 million to his alma mater, Northwestern Law, to fund a high-tech classroom. It must be nice to be rich. [Crain's Chicago Business]
* The ABA Journal wants to know what the “oddest” elective course you ever took in law school was. If you took a “Law and _____” class and didn’t get an “A,” you should hang your head in shame. [ABA Journal]
* Morgan Stanley will settle with the Federal Housing Finance Authority for $1.25 billion to resolve a suit over the sale of craptastic mortgage-backed securities. It’ll be the third-largest settlement of its kind. [DealBook / New York Times]
* “Sometimes the voters and the legislature get it wrong. So, we have you.” With those bold words from Ted Olson, the federal judge overseeing the challenge to Virginia’s ban on gay marriage has promised a speedy ruling in the case. [Washington Post]
* DLA Piper announced changes to its leadership, naming Roger Meltzer and Nigel Knowles as Earth’s co-chairs. We look forward to news on the DLA Venus and Mars outposts. [WSJ Law Blog]
* In other DLA Piper news, it looks like the one of the world’s largest firms may be coming to the rescue of a Canadian Biglaw firm in financial trouble. Welcome aboard, Heenan Blaikie lawyers! [Globe and Mail]
* Dean Michael Fitts of Penn Law School is leaving his position after 15 years to take a position as the president of Tulane University. There’s no word yet on who’ll serve as interim dean. [Daily Pennsylvanian]
* In case you haven’t heard about it yet, a former Roger Williams Law student was involved in an all-day standoff with police after threatening school administrators. We may have more on this. [ABC 6 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: