* Dewey know when Judge Martin Glenn will issue his ruling on the failed firm’s proposed partner contribution plan? If all goes according to plan, we can expect to learn if the PCP’s been approved or rejected as early as next week. [Am Law Daily]
* Hot on the heels of Google’s digital-book settlement, the company announced that it would be appealing its copyright infringement jury verdict in the Oracle trial. One thing’s for sure: Judge Alsup will be angered terribly by this. [Bloomberg]
* David Askew, formerly the director of Edwards Wildman’s pro bono program, will now lead the National Association of Minority and Women Owned Law Firms as CEO and general counsel. [Corporate Counsel]
* The American Bar Association submitted an amicus brief in support of using race as a factor in college admissions, because diversity in college education is a must for diversity in law schools, duh. [ABA Journal]
* Remember the family law judge who got caught beating his daughter in a video that went viral? Now he wants the Texas Supreme Court to reinstate him, over his ex-wife’s objections. Good luck with that. [CNN]
Last month, we provided you with detailed information about how much various former partners of Dewey & LeBoeuf earned in the last two years of the firm’s existence. We also reported on how much these partners were each being asked to pay into the “Partner Contribution Plan,” a global settlement that would provide these partners with releases from future Dewey-related liability.
At the time of that report, we didn’t know which partners decided to sign up for the PCP and which ones declined the offer. But now we do, thanks to a recent bankruptcy court filing by Dewey.
Earlier this week, we wrote about the lavish payments that Dewey & LeBoeuf made to its former executive director, Stephen DiCarmine, and its former chief financial officer, Joel Sanders, in the year leading up to the firm’s bankruptcy filing. Each man received almost $3 million in salary, bonuses, and expense reimbursement. (There’s additional detail and number crunching over at The Lawyer.)
Today we bring you additional interesting information from — and speculation about — the Dewey bankruptcy filings. For starters, who are the two Dewey partners who received more than $6 million each in the year leading up to the Chapter 11 petition?
In the words of Mark Zauderer, counsel to almost 60 former Dewey partners, “I’m not seeing overwhelming enthusiasm for the proposal.” A former D&L partner was even more blunt: “I think this is destined to fail. Let the trustee [of a Chapter 7 liquidation] go for it.”
But not everyone holds such negative views. One ex-partner — who claims that he’s being asked to pay more than he thought he owed, and that he’ll have to postpone his retirement by several years due to Dewey’s downfall — told Thomson Reuters that he will vote for the deal anyway. “My view is there’s nothing less desirable than having this drag out for years,” he said. “I’m willing to pay a lot of money to have this go away.”
Dewey have other issues besides how to deal with former partners? Most certainly. There are pressing problems regarding the disposition of client files, as well as issues regarding retirement benefits for former Dewey & LeBoeuf employees….
* Dewey know how many professional firms have been allowed to stay on as advisers for the largest law firm bankruptcy in U.S. history? Six out of nine firms were permitted to continue services, but Proskauer wasn’t one of them. [Am Law Daily (sub. req.)]
* In other defunct firm news, Al Togut will be presenting Dewey & LeBoeuf’s former partners with a proposed settlement on Wednesday. You’ve been warned: prepare yourselves for some Biglaw-style bitching. [Thomson Reuters News & Insight]
* Despite reports of the billable hour going the way of the dodo bird, it looks like they’re here to stay. Right now, corporate law departments are still much more excited about alternative billing arrangements than law firms. [WSJ Law Blog]
* Judge Sam Sparks, the King of Benchslaps, dismissed Lance Armstrong’s lawsuit against the USADA in record time. That ruling came too quickly — guess it’s time to investigate judicial doping. [New York Times]
* Marc Dreier’s son, Spencer Dreier, is representing himself pro se in a defamation suit against his former college roommate. Looks like Daddy couldn’t spring for his kid’s lawyer while he was in the clink. [Bloomberg]
* A California woman claims that the Food and Drug Administration’s methods regarding sperm donations are unconstitutional. Why should she have to go to an intermediary to get sperminated? [Huffington Post]
* Do you smell what The Rock is cooking? It’s not exactly something to be proud of. Actor Dwayne Johnson is listed as a “co-conspirator” in a $1.8M fraud lawsuit that’s been filed by a South Florida family. [NBC Miami]
* Vicious infighting, “arm twisting,” and discord at the Supreme Court? It almost sounds like the justices are in a sorority. According to this report, there hasn’t been so much bitterness and tension at the high court in almost 70 years. [CBS News]
* The Supreme Court might have issued a ruling on the Affordable Care Act, but the battle is far from over. With a repeal vote coming this week in the House, critics are now on the offensive about interpretations of insurance subsidy provisions. [New York Times]
* Dewey have a bankruptcy filing potpourri for you! With countless objections from the U.S. Trustee and many D&L motions on tap, advisers for the failed firm may be in for a long, bumpy ride at this afternoon’s hearing before Judge Martin Glenn. [Am Law Daily (sub. req.)]
* Noting that legislators hadn’t violated the New York Open Meetings Law, an appellate court overturned a trial court decision and refused to push the Empire State’s gay marriage law back into the closet. [Bloomberg]
* Lincoln Memorial’s Duncan School of Law has again been denied ABA accreditation. Seeing as the ABA would likely accredit a shoe, maybe the administration should throw in the towel. [Knoxville News Sentinel]
* If you’re having trouble getting a job as a scientist, you might want to consider going to law school instead. Many schools have near-perfect employment rates nine months after graduation. /trolling [Washington Post]
* Footloose in NYC: a middle-aged couple was arrested for dancing on a subway platform, and now they’re suing. We shudder to think what would would have happened if the pair was drinking soda. [New York Post]
* Chief Justice John Roberts might “enjoy that he’s being criticized,” but that’s probably because he’ll get the chance to show his true conservative colors this fall when issues like affirmative action and same-sex marriage are before SCOTUS. [Reuters]
* Dewey know why this failed firm thinks a bankruptcy judge is going to allow it to hand out $700K in “morale” bonuses? You better believe that Judge Martin Glenn is going to tell D&L where it can (indicate). [Bankruptcy Beat / Wall Street Journal]
* It seems like attorneys at Freshfields may actually need to get some sleep, because it was the sole Magic Circle firm to report a decline in in revenue and profitability in its latest financial disclosure statements. [Financial Times (reg. req.)]
* Judge Kenneth Lester Jr. didn’t do George Zimmerman any favors when he set his bond at $1M. Watch how quickly the defense fund Zimmerman concealed from the court disappears as he struggles to post bail. [CNN]
* Whatever it takes (to count you as employed): 76% of law schools report that they’ve now changed their curriculum to include more practical skills courses in light of the dismal job market. [National Law Journal]
* Texas Christian University is expanding its graduate programs, but a law school isn’t necessarily in the works, because TCU is only interested in “programs that promote employability.” Well, sh*t, y’all. [TCU 360]
It has been a few days since our last detailed story about the largest law firm bankruptcy in history. So let’s check in on the Chapter 11 proceedings of Dewey & LeBoeuf, currently pending in bankruptcy court for the Southern District of New York.
There have been a few recent developments. For example, as we mentioned in Morning Docket, Dewey is being counseled in bankruptcy by some pretty pricey advisers.
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.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
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.
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.