* You may have been following the story of Justice Ginsburg’s officiating a wedding in New York this weekend. Well, if so, here’s the Times write-up. [New York Times]
* The federal courts are looking at tightening the word limits on appellate briefs. How do you feel about this move? I’m with the author that “The number of cases where attorneys think they need a word extension is greater than the number of cases that actually warrant one.” [New Mexico Appellate Law Blog]
* Scott Brown, formerly of both Massachusetts and the Senate, is threatening to sue Harvard’s Larry Lessig after Lessig labeled the Nixon Peabody “advisor on governmental affairs” a “lobbyist.” Lessig asks if the campaign preferred he write the more technical, “sold his influence to a DC lobbying firm.” Ha. [Time]
* Fordham professor Susan Scafidi, founder of the Fashion Law Institute and designer Narciso Rodriguez make the case for strong legal protection for fashion designs. [Room for Debate / New York Times]
* On Friday, Keith Lee wrote about a lawyer who billed a client for sanctions. We’ve written before about lawyers billing for the time spent boning their clients. A law professor who teaches professional responsibility asks: “Is billing for sanctions better or worse than billing for sex. I say sanctions. Can we have a survey on this?” Of course you can. Poll after the jump….
* We’ve discussed the troubling statistics showing that black people are by and large shut out of career advancement in Biglaw. Aric Press, editor-in-chief at ALM, discusses the study with Lee Pacchia below…. [Mimesis Law]
If I spend time reminiscing about the wayback times — all the way back to when I was a summer associate — I am reminded that one of the benefits of litigation (at least as described to me by an older associate nearly a decade ago) was supposed to be that it was recession proof. Meaning that just when the deals that characterize good economic times were slowing down that was when the real litigation would begin. So you’d be busy with new cases created by deals gone bad while your friends that joined corporate departments would find themselves without work to do at the same time a firm might be looking to make some cuts.
Now that didn’t prove quite true — when it’s time for Biglaw to do layoffs, litigation personnel find themselves as much at risk as every other department. But it is accurate that we do see an uptick in litigation after bad economic events. After all, it was only about two years ago when nearly every document reviewer or contract attorney found themselves on cases dealing with residential mortgage backed securities (RMBS). Yes, those same deals that nearly crippled the economy spawned massive litigation that kept food on my table. It didn’t matter what firm, agency or even city you worked for/in all the big document review projects seemed to be about RMBS. Now that that boom is nearly over we are left to wonder — what questionable business practice will lead to tomorrow’s doc review boom?
Last week, Netflix announced that it received a Wells notice from the SEC. Apparently, while the SEC was cruising Facebook (what else is there to do while neglecting to investigate Wall Street?), someone noticed Netflix CEO Reed Hastings posting that Netflix had surpassed one billion hours of streaming old episodes of Facts of Life to shut ins.
The SEC staff thinks Hastings disclosed material information in this Facebook post, possibly violating Reg FD, the 2000 regulation that put a stop to companies giving an advantage to small subsets of investors by disclosing material information between blowing rails of coke off strippers.
But Facebook isn’t a seedy strip club full of free drugs and prostitutes (read: Christian Mingle). Reed Hastings has over 200,000 “fans,” many of whom are analysts and reporters. In pursuing enforcement without exercising a little discretion, the SEC ignores these facts.
Netflix is arguing that the disclosure was not material and that most investors knew that the CEO’s Facebook page is recognized as an avenue for public disclosure.
Regardless of the specific resolution of this matter, this is one more reminder that the SEC is woefully behind when it comes to adapting to technological developments. Like, oh I don’t know, HFT perhaps?
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: