* Most Americans want Supreme Court proceedings on video. Because C-SPAN is so popular. [Legal Times]
* It was bound to happen at some point. Eastern District of Louisiana Judge Martin Feldman, who you might remember from lifting the Gulf of Mexico drilling moratorium while holding thousands in oil drilling assets (which he sold the morning that he issued his decision), became the first judge since Windsor to uphold a ban on same-sex marriage as constitutional. [National Law Journal]
* Need white-collar representation? Milbank has Apps for that. Specifically, Antonia Apps, the federal prosecutor who took a leading role in the SAC Capital Advisors insider trading case, is decamping to Milbank. [Reuters]
* “What’s it like to be the lawyer for Mark Cuban or Jerry Jones? Depends if you’re winning.” I don’t know about that, Jerry Jones seems to be getting pretty used to accepting failure. [Dallas Business Journal]
* Gibson Dunn has left New York’s teacher tenure battle, leaving the job of gutting public education in the state to Kirkland & Ellis. [New York Law Journal]
* A professor carrying a concealed handgun shot himself in the foot. But remember the answer to school shootings is making sure all the teachers are armed. [TaxProf Blog]
* More Squire Patton Boggs defections: At least a dozen members of the IP group have bolted the newly-merged firm to open a D.C. office for Porzio, Bromberg & Newman. [Washington Post]
* DEA Administrator decides to up the ante on the stupidest argument against marijuana legalization ever: it’s harmful to dogs. The DEA’s plan to ban chocolate is still in draft. [The Volokh Conspiracy / Washington Post]
* Everyone’s up to date on the Florida lawyer and right-wing congressional candidate with the vampiric cosplay rape fantasies, right? Okay good. [Gawker]
* Jurors say police used excessive force but that the beating didn’t injure the plaintiff. In other news, Florida has a senility problem. [The Florida Times-Union]
* Did anybody notice that Chief Justice Roberts — the author of Shelby County — opened McCutcheon by labeling the right to participate in electing leaders as fundamental with absolutely no irony? [Reuters]
* Anti-gay job discrimination may already be illegal. [Slate]
* The bad economy pits criminal defense lawyers against each other. They shouldn’t do that. [Katz Justice]
* The SEC doesn’t have to abide by the Brady rule and Mark Cuban’s not happy about it. [Wall Street Journal]
* A look at how one expert witness helped Mark Cuban win in the insider trading case. The government should have hired the Spurs — they figure out how to beat Mark Cuban constantly. [The Expert Institute]
* This guy forgot to book a wedding venue and rather than admit it, called in a bomb threat. How mean would his bride-to-be have to be for him to commit a crime rather than disappoint? So anyway, he’s going to jail now. [Associated Press]
* Man arrested for punching a police horse. I mean, Mr. Ed shouldn’t have mouthed off like that. [Slate]
* The chief of FERC will be joining a top law firm in Portland. Someone send Jon Wellinghoff a complete box set of Portlandia so he knows what he’s getting into. [Breaking Energy]
* The fiscal impasse in our nation’s capital is over! The government shutdown is over! Obamaphones for everyone!!!!! [Washington Post]
* Tim Geithner was recently deposed as part of a lawsuit alleging that the government bailout of AIG was unconstitutional. Muammar Gaddafi was less recently deposed as part of a coup alleging that his female bodyguards were unconstitutionally sexy. [Fox Business]
* Cory Booker (Yale Law ’97) won a Senate seat last night, promptly bumping Lat from the cover of the next Yale Law alumni magazine. It was the Halloween issue — the annual Boo Haven edition. [ABC News]
* Mark Cuban was acquitted of insider trading charges yesterday. In related news, this basset houndloves fans. [CBS News]
* Brooklyn Law faces a possible debt downgrade from Standard & Poor’s. The school’s unemployed graduates, substandard and poor, have yet to weigh in. [Crain's New York Business]
* If the government shuts down and then defaults on its debt, Wall Street worries that it would “shake the foundations of the global financial system.” Hooray for political asshattery! [DealBook / New York Times]
* At least six of the Supreme Court’s judicial precedents are up for reconsideration in the upcoming Term, and high court commentators think the resulting decisions could be a mixed bag. [National Law Journal]
* Apparently low-income New Yorkers’ legal problems are “not worthy of a ‘real lawyer,'” or at least that’s the message that will be given if non-lawyers are allowed to provide legal services. [New York Law Journal]
* Sorry, lady, not enough prestige. A Brazilian journalist was allegedly on the receiving end of some “extremely violent” police behavior at Yale Law School after attempting to interview Justice Joaquim Barbosa at a private event. [The Guardian]
* Mark Cuban’s insider trading case is heading to trial today, but we genuinely wonder how he’ll be able to convince a jury that he’s “humble and affable,” rather than the “master of the universe.” [Boston Herald]
To get a sense of how old and long-drawn-out the SEC’s insider trading lawsuit against Mark Cuban is, consider this: the company in which he allegedly insider traded was Mamma.com. The .com was right there in the name. Future generations — hell, present generations — will indiscriminately add “.com” to the end of words to create an old-timey feel, the way we doeth with “-eth.”1
Actually it happened in 2004, and I don’t even need the “allegedly”: there’s no dispute that Cuban insider traded. Everyone agrees that:
Mamma.com was planning to sell some stock in a PIPE offering which would, inevitably, drive down its stock price;
Mamma.com’s CEO called Cuban and told him about the planned PIPE offering in advance, hoping to get Cuban to buy more stock;
Cuban instead sold the stock he already had, prior to the public announcement of the PIPE deal; and
Then the PIPE was announced and the stock dropped.
So he had material nonpublic information, and he traded on it, and he avoided losses by doing so. INSIDER TRADING. The only debate is whether he insider traded illegally, which, as I often find myself reminding people, is a separate question. The SEC’s lawsuit2 turns not on the facts above, but on whether Cuban agreed not to trade before learning the inside information. Here the evidence is less clear, but there’s enough evidence that he did for the SEC to survive summary judgment yesterday and take the case to trial. Here is that evidence:3
* Dewey was quick about getting its Chapter 11 plan confirmed, but all of these unfinished business claims are taking a little longer to resolve than previously hoped. But hey, at least Paul Hastings settled. [Am Law Daily]
* Because sometimes profit sharing isn’t enough: Theodore Freedman, a former Kirkland & Ellis partner, pleaded guilty to tax fraud after underreporting his partnership income by more than $2M. [New York Law Journal]
* Imagine a land filled with millions of little Honey Boo Boos. That’s what the great state of Arkansas is going to look like if the legislature passes the most restrictive abortion law in the country. [WSJ Law Blog (sub. req.)]
* Not only do the Mavericks suck, but Mark Cuban’s luck in court does, too. His bid to toss an insider trading case was denied. He’d probably jump over the bench and have a fit if he could. [DealBook / New York Times]
* Dawn Clark Netsch, beloved Illinois pol and one of the nation’s first female law profs, RIP. [Chicago Tribune]
What if your law dean didn’t look like everybody else?
Have you ever noticed how law school deans are all kind of all the same guy? They’re mostly white, mostly male, mostly smart, mostly charismatic, and mostly good at getting you to part with your money.
Law school deans are usually successful academics and respected faculty members. And when they’re not, we make fun of them. The virtue of having a dean who looks and thinks like everybody else is that you don’t risk getting a weirdo who will screw up your capital campaigns. There’s a reason why guys are generally happy when they show up to a party and they’re dressed like pretty much everybody else; it means that nobody screwed up.
Of course, the downside of picking 200 people with similar backgrounds is that it’s hard to get radical change in the way law schools are run. Instead of every law school being a “laboratory” of ideas, you get every law school just trying to follow the leader — and that leader is, of course, the hated U.S. News law school rankings.
A tipster who went to a school that is looking for a new dean asked Above the Law to suggest some “outside the box” candidates. We know that the school won’t seriously consider any of our suggestions, but it’s still a fun thought experiment. Who should be dean of your law school? We’ve got some thoughts…
So far, our Lawyers of the Month have been a motley crew. Dying helps. So does being incredibly stupid.
But this month we have a lawyer who won our Lawyer of the Month competition just for his old-fashioned practice of the law. Yep, in a month where we had naked people and dead people, an actual legal person won the competition….
Okay, we were really late with the May Lawyer of the Month reader poll. But that was in part because the May candidates were quite dull.
There is nothing dull about the June Lawyer of the Month candidates. I count two candidates who would be runaway winners if they didn’t have to face each other, and two other candidates that would be darkhorse choices to win in any other month.
The scandalous allegations about the June candidates put the sizzle in summer. And no, I don’t know why I wrote that sentence as if I were writing ad copy for Applebee’s…
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
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: