On the transactional side, things seem to be going gangbusters for Skadden Arps. As we noted yesterday, the firm took the top spot in three separate rankings of 2012 M&A work. In 2011, a different firm sat atop each set of rankings, but in 2012, Skadden ruled them all.
On the litigation side, though, the new year has brought new headaches for Skadden. Earlier this month, a high-profile partner at the firm, along with another partner and an associate, got hit with a big benchslap. A federal judge issued an order to show cause, asking the Skadden lawyers to explain why they should not be sanctioned, and set “a status hearing in open court…. [at which the attorneys] are all directed to appear in person.” Ouch.
Skadden recently filed its response to the OSC. Let’s review the benchslap, then see what the Skadden lawyers had to say for themselves….
* “I’m sorry Ms. Jackson, I am for real. Never meant to make your planet cry, I apologize a trillion times,” is likely what Barack Obama told Lisa Jackson when he found out she was stepping down as EPA administrator. [New York Times]
* Cook County, Illinois, is experiencing problems wherein the kookiest of judges get “electoral mulligans” every six years. Public humiliation and harsh ratings might be a great way to finally put an end to this practice. [Chicago Magazine]
* Another way to get revenge against the schools that screwed grads with their allegedly misleading employment stats: disciplinary action for ethical violations committed by those licensed to practice law. [WSJ Law Blog (sub. req.)]
* What happens in Vegas, stays in Vegas, unless you’re accused of being a murdererbirderer. Boalt Hall law students Justin Teixeira and Eric Cuellar have now been criminally charged for their alleged roles in the decapitation of an exotic bird. [Las Vegas Sun]
* Harvard Law is offering a free online copyright class, and anyone can enroll — even 13-year-olds. This may be your only chance to take a course at an Ivy League school, so hurry up and apply. [National Law Journal]
* George Zimmerman and his lawyer are being sued by a private detective for failure to pay $27K for security services, which included a detailed escape plan to get the murder defendant into a hidey-hole. [Boston Herald]
As you might expect from the founder of one of the world’s great law firms, Frederick Winston was an impressive individual. He graduated from Harvard Law School in 1852. His first law partner, Norman Judd, was the delegate who nominated Abraham Lincoln at the 1860 Republican National Convention. His next law partner, after Judd became President Lincoln’s ambassador to Germany, was Henry Blodgett — no, not thatHenry Blodget (one “t” versus two) — who later served as a federal judge. In 1894, Frederick Winston became law partners with Silas Strawn — and the rest, as the say, is history.
If you’d like to own a piece of history, you can purchase the 1896 mansion that was built for Frederick Winston. It’s now on the market, for just under $10 million.
No, this is not an apartment building (although it could be converted into one). It’s a single-family house — the house that Winston built….
Back in July, we brought our readers a story about an Illinois judge who had allegedly been using his courthouse computer to view hardcore pornography while in chambers. Most would’ve lodged an objection to the judge’s alleged behavior, because after all, he could’ve waited until he got home to sate his supposed desire for untoward viewing pleasures, just like everyone else.
After the inception of a judicial ethics inquiry, some of the porn sites the judge visited were revealed by a Chicago-area newspaper (and based on his pervy predilections, it seems the good jurist is a chubby chaser). But alas, the only thing the judge is chasing now are his hopes of keeping himself on the bench.
Late last week, the alleged porn procurer found himself before the Illinois Courts Commission (ICC) to defend his honor and his livelihood. During the hearing, the judge confessed to many of his sins, and revealed the reason why he couldn’t wait until he was within the comforts of his own home to visit his favorite XXX sites….
* When it comes to the art of law firm valuation, you may be surprised when you find out which Biglaw firm is worth the most. Here are a few hints: it’s not Baker & McKenzie, and it’s not DLA Piper or Skadden, either. [American Lawyer]
* Evening students are capable of doing more than ruining your class rank. Jacob Lew, once a night student at Georgetown Law, is now the White House chief of staff assisting with fiscal cliff negotiations. [New York Times]
* For now, the only thing that’s keeping Florida from gaining another law school is a lack of square footage in the real estate rodeo. But that’s probably a good thing, because adding a twelfth law school would be more than a little ridiculous. [Daytona Beach News-Journal]
* Samsung’s trying to get out of paying $1.05B to Apple, and their lawyers are trying to pin knowledge of the jury foreman’s misrepresentations on their technological nemesis to get the verdict thrown out. [Bloomberg]
* Shakira’s hips don’t lie, but her contracts allegedly do. The sexy singer’s ex-business partner (who’s also her ex-boyfriend) is suing her for $100M to “recover his share of past and future partnership profits.” [Billboard]
During the 2000 presidential campaign, Al Gore famously alluded to “powerful forces and powerful interests” that were out to get ordinary Americans. He received derision from some quarters for his vague invocation of mysterious forces that were conspiring to keep the people down — but maybe he had a point? As Henry Kissinger famously observed, “Even a paranoid has some real enemies.”
This brings us to the first of our two Judges of the Day, both out of the Chicago area. The first claims that she is “being persecuted extensively by many people in many ways.”
Let’s learn about the mysterious forces who are supposedly causing trouble for this jurist. Does she have actual enemies, or is she simply cuckoo in Cook County?
When renowned federal prosecutor Patrick Fitzgerald stepped down as U.S. Attorney in Chicago, he reacted skeptically to the suggestion that he join the dark side jump over to private practice and become a defense lawyer. When asked about this at a press conference regarding his departure, he quipped, “Can you see me as a defense attorney?”
Well, pooh-poohing something isn’t the same as rejecting it out of hand. Yesterday brought news that Pat Fitzgerald will be entering private practice after all.
* “You’re paying a partner $800 to $1,000 an hour and they’re charging you because they ordered sushi.” In-house counsel are paying more attention to their bills, and they’re refusing to pay for things like photocopies and food. [Wall Street Journal (sub. req.)]
* According to litigators, who are the ten most notable federal district court judges to watch? Three come from S.D.N.Y., but one from N.D. Cal. captured our hearts this summer when she asked counsel for Apple if he was “smoking crack.” [American Lawyer]
* A guide for law students with disabilities says: “If you are thinking that you’re a shoe-in for LSAT accommodations since you had accommodations in undergrad, think again.” But thanks to these suits, LSAC’s policies may soon be changing. [National Law Journal]
* Seeing as there are only nine law schools in Illinois, and given the abysmal job market for new law grads, it’s clear the state needs a tenth school. Say hello to Bradley University College of Law. [Peoria Journal Star]
* Jets backup quarterback Tim Tebow trademarked “Tebowing.” Yes, seriously. But don’t worry, he didn’t do it to make money, he just wants to “control how it’s used, make sure it’s used in the right way.” [Washington Post]
These days, passing or failing the bar exam can have a great impact on employability in what little remains of the entry-level job market for recent law school graduates. That’s probably why those who took the July exam have been so cranky lately — they want to know if they’ll even have a chance to launch their careers.
Not even a month has passed since our last open thread devoted to bar exam results, but it appears that we’ve got a lot of catching up to do. It’s not yet November, so New York and California test takers still have some time left to wait, but we do have confirmed news about results from other states.
Within the past week, including today, at least three states announced their bar exam results. In fact, test takers from one state were so desperate to find out whether they passed that a post about the state’s results from two years ago is one of our most heavily trafficked pages today.
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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