When I receive the sections of the Sunday New York Times that get delivered on Saturday, the first one I reach for is Real Estate. And one of the first features I read is The Hunt, Joyce Cohen’s delightful column chronicling the victories and defeats of those who dare to take on the New York City real estate market.
A recent installment of The Hunt featured a lawyer who was previously a movie star. With two daughters and a penchant for entertaining, she and her husband had outgrown their three-bedroom condominium on the Upper East Side. They wanted a townhouse. But with a budget of no more than $2 million, they had their work cut out for them.
Who is the actress turned attorney — a star of one of the most iconic films of the 1990s, in fact — and where is her new home?
Manhattan is going back to work today. The power is on, pretty much. The subways are running, basically. And, well hell there’s money to be made, so get your asses to your desks.
While Staten Island is still a soggy disaster, Emperor Bloomberg has gotten the corporate centers of wealth generation back online in his “luxury city.” And so the city that never sleeps is waking up.
But just because we have power doesn’t mean there is heat. Yeah, the power is back on in SoPo, but in many places the heat isn’t yet working. (This is the case in Lat’s apartment; luckily he’s already in Nashville for an eventtomorrow at Vanderbilt Law.)
So, I guess you need to be able to type with gloves on? A tipster at one Biglaw firm tells us a chilling story….
In the world of Manhattan real estate, life begins at $1 million. Sure, you can get a very nice studio or one-bedroom apartment for six figures. But if you’re looking for at least two bedrooms and two baths, in a decent part of town, be prepared to pay the mansion tax (although a 1,200-square-foot apartment is hardly a “mansion”).
In today’s edition of Lawyerly Lairs, we’ll present you with two apartments, both priced between $1 million and $2 million. Then we’ll ask you to vote in a reader poll and say which one you prefer. We’re all about interactivity here at Above the Law.
Being an associate at a large law firm isn’t easy. Partners can be extremely demanding, sometimes unreasonably so. But because the partners sign the paychecks, most associates, especially associates with student loans hanging over them, have no choice but to obey. The associate’s fantasy of telling his least favorite partner to take this job and shove it is just that — a fantasy.
But not for every associate. Some associates are so wealthy that working in Biglaw is just something they do for fun. In today’s Lawyerly Lairs, we introduce you to an associate whose new apartment puts many a partner pad to shame….
* 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]
The people building 1 World Trade Center still seem to be having trouble attracting big-time tenants. Especially law firms. Previous reports have indicated that Mayer Brown and Morgan Lewis have backed out of deals to take up residency in the new tower.
The latest law firm deal to fall through appears to be that of Chadbourne & Parke. In January, the New York Times reported with much fanfare that Chadbourne & Parke would be a “prime tenant” a 1 WTC. But this week, the New York Post is reporting that the deal has fallen through.
Chadbourne, currently housed at 30 Rock, doesn’t have to go downtown, but it can’t stay where it is. So where will Chadbourne be going?
Now, fabulous though they may be, beach houses in the Hamptons and Playboy model girlfriends sound… a bit flashy, a trifle arriviste. Some might view them as not very white-shoe, and not what you’d expect from partners of the oldest continuing Wall Street law practice in the United States. (Sure, some old-money people have places in the Hamptons, but these days the locale appeals more to celebrities.)
Thankfully there are some CWT partners who are kicking it old school. They live in exclusive prewar coops on Manhattan’s Upper East Side. No lofts in Tribeca or Soho — or, God forbid, Brooklyn — for these genteel types.
Let’s look at the Lawyerly Lair that a senior Cadwalader lawyer recently acquired — on Park Avenue, one of the world’s legendary thoroughfares — for just a shade under $6 million….
Remember Todd Remis? How couldn’t you? He’s the disgruntled groom with a Biglaw daddy whose ridiculous lawsuit against his wedding photographer made national news when it hit the New York Times. Why so ridiculous? Because he decided to sue six years after the wedding and one year prior to his divorce being finalized (and he continued to prosecute the suit even after the divorce).
At first glance, Remis’s suit seemed like a simple contract dispute. But thanks to Above the Law, he acquired the title of “groomzilla,” due to deposition testimony where he stated:
“I need to have the wedding recreated exactly as it was so that the remaining 15 percent of the wedding that was not shot can be shot.”
Many publications took our “groomzilla” title and ran with it, leaving Remis as the butt of many jokes. But now, more than two months after the story first broke, Remis has emerged from hiding to combat the New York Times version of his lawsuit. Remis wants to tell his side of the story, and he’s got a website to prove it….
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: