Judge Leo Strine Jr.

Megyn Kelly

* Watch out, Biglaw, the tax man is coming for you. If this bill goes through, it could put a hurting on partners’ pocketbooks at law firms with more than $10 million in gross receipts. [Blog of Legal Times]

* International firms are just discovering Africa, and are moving quickly to set up shops there. Before opening up your firm, take a quick lesson from DLA Piper: Africa is a continent, not a country. [Am Law Daily]

* Juan Monteverde, one of our Lawyer of the Year nominees, received a very public spanking from Chancellor Leo Strine of the Delaware Court of Chancery over outsized attorneys’ fees in a “dubious” shareholder suit. Ouch, that’s really gotta sting. [WSJ Law Blog (sub. req.)]

* Oh mon dieu, BU Law set up an exchange program between a law school and a foreign management school. Students might not get jobs out of it, but at least they’ll get to go to Paris. [National Law Journal]

* Politico has put together a fun little list of the ten journalists to watch in 2014, and a few lawyers made the cut, including Glenn Greenwald, Ronan Farrow, and Megyn Kelly. Congratulations, everyone! [Politico]

* Once again, Justice Ginsburg offers us some perspective on behind the scenes action at the Supreme Court. We bet you didn’t know that “Get over it” is one of Justice Scalia’s favorite expressions. [Politico]

* The chief justice of Delaware’s Supreme Court turned in his resignation papers on Friday, and rumor has it that the legendary Leo Strine will try to replace him. Best of luck, Chancellor! [Reuters]

* “I wasn’t looking for a job.” Paul Aguggia, the chairman of Kilpatrick Townsend & Stockton, will step down to cash in as the CEO of a New Jersey bank where he served as outside counsel. [American Banker]

* This is what it’s like when bankruptcies collide: AMR Corp. is now disputing Dewey’s billables, including 1,646 hours of contractually prohibited work completed by first-year associates. [Am Law Daily (sub. req.)]

* Bank of America is bleeding money in settlement payments. A $39 million payout in a Merrill Lynch gender bias case brings the total to about $200 million in under two weeks. [DealBook / New York Times]

* GW Law starts its dean search next month, and whoever takes the position needs to be good at raising funds, because the school has struggled in that department ever since Dean Berman left. [GW Hatchet]

* An Ivy League law professor tells us the third year of law school is a “crucial resource” to ensure lawyers are well-trained, so classes like “Understanding Obama” must be social imperatives. [Washington Post]

* It seems to me that the only jurors who might be influenced by the depiction of the legal system on Law & Order are the ones who were too dim to figure out how to get out of jury duty. [WSJ Law Blog (sub. req.)]

Chancellor Leo E. Strine Jr.

We remind Delaware judges that the obligation to write judicial opinions on the issues presented is not a license to use those opinions as a platform from which to propagate their individual world views on issues not presented. …

To the extent Delaware judges wish to stray beyond those issues and, without making any definitive pronouncements, ruminate on what the proper direction of Delaware law should be, there are appropriate platforms, such as law review articles, the classroom, continuing legal education presentations, and keynote speeches.

– The Delaware Supreme Court, in an en banc decision, stepping away from the case at hand in Gatz Properties v. Auriga Capital to comment on Delaware Court of Chancery Chancellor Leo E. Strine’s tendency to make rather colorful comments and observations in his opinions.

(Continue reading for one of Chancellor Strine’s most recent greatest hits, which came in the form of an awesome courtroom digression.)

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Gotta have that entourage.

The world is diverse enough that it is conceivable that a mogul who needed to address an urgent debt situation at one of his coolest companies (say a sports team or entertainment or fashion business), would sell a smaller, less sexy, but fully solvent and healthy company in a finger snap (say two months) at 75% of what could be achieved if the company sought out a wider variety of possible buyers, gave them time to digest non-public information, and put together financing.

In that circumstance, the controller’s personal need for immediate cash to salvage control over the financial tool that allows him to hang with stud athletes, supermodels, hip hop gods, and other pop culture icons, would have been allowed to drive corporate policy at the healthy, boring company and to have it be sold at a price less than fair market value, subjecting the minority to unfairness.

– Delaware Court of Chancery Chancellor Leo E. Strine Jr., rejecting lawsuits claiming that Hansjoerg Wyss, the chairman of Synthes, shortchanged shareholders when he sold the company to Johnson & Johnson.