(Fun fact: one of the members of Martoma’s trial team, Roberto Braceras, is the son-in-law of Judge José A. Cabranes. So if the Martoma case ever winds up before the Second Circuit, Judge Cabranes may have to recuse.)
Martoma earned millions while at SAC Capital, and some of that money will be making its way into the coffers of Goodwin Procter. And some of that money will then get paid out as associate bonuses, which the firm recently announced….
* Chief Justice John Roberts appointed Second Circuit Judge José A. Cabranes to the Foreign Intelligence Surveillance Court of Review. Roberts must be happy; few will criticize a moderate. [Washington Post]
* The Department of Justice plans to hire Leslie Caldwell, Morgan Lewis partner and ex-Enron prosecutor, to fill Lanny Breuer’s shoes. Way to leak the news while she’s on vacation. [DealBook / New York Times]
* Tell us again how sequestration isn’t having an impact on the judiciary. Private federal indigent defense attorneys are going to see their already modest rates slashed due to budget cuts. [National Law Journal]
* Sixteen lawyers will receive the New York Law Journal’s Lifetime Achievement Award, and a list like this obviously wouldn’t be complete without the names of some of Biglaw’s best and brightest. Congrats, Rodge! [New York Law Journal]
* Here’s something to aspire to for the ongoing law school lawsuits: Career Education Corp., a system of for-profit colleges, will pay $10 million to settle a dispute over its inflated job statistics. [Wall Street Journal]
* Penn State University is starting to issue settlement offers to young men who claim they were sexually abused at the hands of Jerry Sandusky, the school’s former assistant football coach. [Legal Intelligencer]
– Judge José A. Cabranes, writing for a three-judge panel of the Second Circuit in upholding the insider trading convictions of former hedge fund manager Raj Rajaratnam. On appeal, Rajaratnam unsuccessfully argued that federal prosecutors obtained a wiretap warrant with a “reckless disregard for the truth.” Rajaratnam will serve the remainder of his 11-year sentence.
(If you’re interested, continue reading for the Second Circuit’s opinion.)
While many of the law school deans and other administrators at the conference acknowledged problems with the system, most of the actual critiquing came from people with no power to change it. Media members (ahem) criticized law schools, judges criticized law schools, outgoing deans of law schools that shamelessly profiteered off of unwitting law students criticized — and the people who could actually change their systems dutifully listened.
But despite all of the critiques, there weren’t a lot of schools that seemed ready to institute sweeping change to the business of educating lawyers. And why should they? Change won’t come from above, and right now prospective law students are not demanding change from below…
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
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 seven years. You can reach them by email: firstname.lastname@example.org.
We at Kinney Asia have made a number of FCPA / White Collar US associate placements in Hong Kong / China thus far in 2014. Most of such placements have been commercial litigation associates from major US markets, fluent in Mandarin, switching to FCPA / White Collar litigation. Some have already had FCPA experience, but those are difficult candidates for firms to find (this will change in coming years as US firms are now promoting FCPA / White Collar to their 2L summers who are fluent in Mandarin and have an interest in transferring to China at some point).
Legal Week quoted Kinney’s Head of Asia, Evan Jowers, extensively in the following relevant article here.
There is a new trend in the market, though, where mid-level transactional US associates, fluent in spoken Mandarin and written Chinese, are interviewing for and in some cases landing junior FCPA / White Collar spots in Hong Kong / China at very top tier US firms.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.