Katherine Forrest: You'd smile too if you were this rich.
I recently wrote about Katherine B. Forrest, the celebrated litigatrix nominated to a federal judgeship on the breathtakingly prestigious Southern District of New York. Forrest currently serves as a deputy assistant attorney general in the Department of Justice’s antitrust division, but before joining the DOJ she was a longtime partner at Cravath, Swaine & Moore — a premier, if not the premier, American law firm. Forrest was one of CSM’s most popular (and most powerful) young partners.
So here’s what I wondered: Why did the amazingly accomplished Forrest, a partner at super-lucrative Cravath for over a dozen years, declare a mere $4.3 million on her net worth statement? Granted, $4.3 million is nothing to scoff at; KBF is rich (even by Elie’s standards). But it seemed to me that a lawyer of her distinction, who was a partner at a top firm for such a long time, should be even richer.
Thanks to information from helpful readers who saw my earlier post, I now know the truth. As it turns out, Katherine Forrest is considerably wealthier than that $4.3 million number suggests.
Katherine Forrest: Why isn't her net worth higher?
As I’ve previously mentioned, one of my favorite parts of the judicial nomination process is the attendant financial voyeurism. Judicial nominees are required to make detailed disclosures about their finances, allowing us to learn about their income and net worth. For example, thanks to her nomination to the Supreme Court last year, we got to learn about Elena Kagan’s net worth.
Last week, the Senate Judiciary Committee released financial disclosure reports for several of President Obama’s recent judicial nominees — including antitrust litigatrix Katherine B. Forrest. Forrest has been nominated to the mind-blowingly prestigious Southern District of New York, perhaps the nation’s finest federal trial court. As a highly regarded lawyer who has won numerous awards and accolades (listed in her SJC questionnaire), Forrest will fit right in if confirmed to the S.D.N.Y. — a superstar among superstars.
The fabulous Forrest currently serves as a deputy assistant attorney general in the Department of Justice’s antitrust division. She joined the DOJ last October — a commendable public-service commitment that required her to relinquish her partnership in one of America’s mightiest and most prestigious law firms, Cravath, Swaine & Moore. When she left to pursue government service, Forrest had been a Cravath partner for over 12 years (since 1998), and had been with the firm for about 20 years in all (since 1990).
At the time of her departure for the Justice Department, Katherine Forrest had been taking home hefty paychecks for decades. First she was an associate at Cravath, which pays its people quite well, in case you hadn’t heard. Then she was a partner at the firm (reportedly one of the most well-liked and most powerful younger partners) — from 1998 to 2010, a period in which average profits per partner at CSM routinely topped $2 million and occasionally exceeded $3 million. And remember that Cravath is a lockstep partnership with a reported 3:1 spread, meaning that the highest-paid partners make no more than three times as much as the lowest-paid partners. So it’s not possible that she was earning, say, $400,000, while other partners were earning millions (which can be the case at firms with higher spreads).
In light of the foregoing, what is Katherine Forrest’s net worth, according to her Senate Judiciary Committee financial disclosures? Not as much as you might expect….
Reports indicate that cloture has not been invoked for Goodwin Liu’s nomination to the Ninth Circuit. That means the filibuster is still on. That means he’s going to be a law professor, not a judge (at least until the next election cycle).
Senators Susan Collins (R-ME), Olympia Snowe (R-ME), and the totally [curse words] Ben Nelson (Something – NE) all voted against Liu. Game, set, match.
Maybe Goodwin Liu and Miguel Estrada should start a support group.
UPDATE (2:40 PM): The vote to end debate failed, 52-43; 60 votes were required.
* The Southern District of New York: gay bench, or the gayest bench? Like fellow S.D.N.Y. nominee Paul Oetken, Alison Nathan is an openly gay lawyer who clerked for SCOTUS and served as an associate White House counsel. [Poliglot / Metro Weekly; Main Justice]
Longtime readers of Above the Law will recall the colorful figure of Shanetta Cutlar. She was a high-powered Department of Justice lawyer who was known for her high-handed treatment of DOJ subordinates and colleagues.
(Read the blockquote in this post to get a sense of her antics, or read this juicy letter to former Deputy Attorney General Paul McNulty, in which ex-Cutlar underling Ty Clevenger describes the “atmosphere of fear and paranoia” created by Shanetta.)
We haven’t covered Shanetta Cutlar since March 2010, when she stepped down from her post as chief of the Special Litigation Section (“SPL”). After she left SPL, she took a post in the Bureau of Justice Assistance, part of the Office of Justice Programs (“OJP”). This move was interpreted by some DOJ insiders as a form of exile for the controversial Cutlar.
We haven’t heard anything about her since her move to OJP — until now….
* Several states are considering laws that would make it more difficult for college students and others to vote. College students fire back that they’re not going to take this lying down. But they’re going to get a little high first. [Washington Post]
* Lawyerly Lairs: Retired Law Professor Edition. Amidst all the bellyaching by state workers demanding rich, defined-benefit pensions (which are basically extinct in the private sector), isn’t it nice to read about two old people who can pay for their own retirements — and a $3.3 million condo? [New York Times]
* Wondering why Rep. Christopher Lee stepped down so quickly? Here’s a possible answer. [Gawker]
* Is Ashley Madison (the dating site for adulterers) a scam? [Forbes]
* Ah, the real reason Hosni Mubarak finally stepped down. [Slate]
* These are the kind of epic meltdowns that happen when hedge fund folks tangle with Bess Levin. [Dealbreaker]
* Which law firm claims to embrace diversity while one of its partners — a woman who was once married to a gay man, by the way — goes on TV to bash GOProud (a prominent gay conservative group)? [Pam's House Blend]
* Speaking of law firms and LGBT issues, why is it taking so long for WilmerHale partner Edward DuMont, the first openly gay nominee for a federal appeals court in U.S. history, to get a hearing? [The BLT: The Blog of Legal Times]
* How did Howrey start to unravel? The trouble might have started in Europe. [Washington Post]
* Congratulations to Arvo Mikkanen, a Native American nominee to the federal bench in Oklahoma (and “an all-around great dude,” according to a tipster). [The Atlantic]
* Washington & Lee Law School, which we recently praised for its honesty to prospective law students, gets even more transparent — in an interview with Vault. [Vault's Law Blog]
* In a recent visit to USC, Justice Kennedy presided over a Shakespeare-inspired trial — something he has donebefore — and denied that the justices think about the news media when making their decisions. Methinks His Honor doth protest too much. [USC News]
'Please don't ship me in a box with no air holes.'
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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 protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
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