* While Dewey’s former culture gets roasted on a spit, and the seemingly unending drama gets turned into a montage of living lawyer jokes, we’re still waiting for the final punchline. [New York Times; Wall Street Journal]
* Don Verrilli tried so hard, and got so far (depending on who you ask), but in the end, it doesn’t even matter. When Linkin Park lyrics apply to your oral argument skills, you know you’re kind of screwed. [New York Times]
* The 9/11 arraignments went off without a hitch this weekend. And by that, we mean that it was a 13 hour hearing filled multiple interruptions, and grandstanding about “appropriate” courtroom fashion. [Fox News]
* In a “re-re-reversal,” Judge Jerry Smith, on a three-judge panel of the Fifth Circuit, reinstated Planned Parenthood’s injunction against Texas without even so much as a homework assignment. [Dallas Observer]
* The It Gets Worse Project: if you thought that the Law School Transparency debt figures were scary before, then take a look at them now. Six figures of debt just got a lot harder to swallow. [National Law Journal]
* Scalia gets busted on a case of hot-dog hooking. No, not that Scalia. A woman from Long Island has been accused, for the second time, of selling swallowing foot-longs in the back of her food truck. [New York Post]
* “I think that you know what the president said … was appropriate.” While the DOJ scrambles to meet Judge Smith’s memo deadline, Attorney General Eric Holder is busy defending Obama’s con law faux pas. [CNN]
* Six more partners have fled from Dewey & LeBoeuf, bringing the grand total of partner defections to at least 46 since January. Good Lord, somebody needs to get this firm a freakin’ tourniquet. [Wall Street Journal]
* Facebook filed a motion to dismiss Paul Ceglia’s ownership claims, but he isn’t going anywhere soon. Ceglia’s got two months to submit expert reports as to the authenticity of his fake contract. [Associated Press]
* Joe Jamail, “America’s richest practicing lawyer,” donated his $3M law library to TSU’s Thurgood Marshall School of Law. Now students can learn more so they don’t have to sue over being graded on a curve. [Fox]
* McDonald’s doesn’t have to worry about its G-rated Happy Meal toys in California anymore. It’s that XXX-rated lawsuit over a former employee’s “Filet-O-Fish” that the company’s really got to keep an eye on. [Reuters]
* AG Eric Holder can thank Obama for this homework assignment from Fifth Circuit Judge Jerry Smith, because it seems like our president forgot about Marbury v. Madison. More on this to come later today. [CBS News]
* Dewey need to buy this Biglaw firm a functional calculator? New information shows that the imploding firm was off by roughly $153M when partners reported 2011 earnings to the American Lawyer. [Am Law Daily]
* You know there’s got to be something questionable about a law school when the accreditation machine that is the ABA gives it the side eye. And no, Duncan Law, a judge still won’t force its hand. [National Law Journal]
* Stephen McDaniel pleaded not guilty at his arraignment for the murder of Mercer Law classmate Lauren Giddings, but will he be released on bail before trial? Only if he’s got $2.5M sitting around. [Macon Telegraph]
* More law school lawsuits are coming down the pipeline, but local lawyers in Massachusetts don’t think that they stand a chance. Why? The highly-educated consumer argument strikes again. [Boston Business Journal]
* Thanks to Gloria Allred, transgender beauty queen Jenna Talackova may be able to participate in the Miss Universe pageant if she can meet the legal requirements for being a woman in Canada. [MSNBC]
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: email@example.com.
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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