Mary Schapiro

It looks like a silly marginal tax increase on the personal incomes of the top 2 percent is the last thing the barons of Wall Street need to worry about. President Obama is sending a new sheriff into the regulatory fray.

Dealbook reports that Obama will nominate former U.S. Attorney Mary Jo White to head the Securities and Exchange Commission. Sending in White to the SEC is a little bit like calling the Wolf to drive home your blood-soaked vehicle. It’s a bold move for an agency that is often overwhelmed by the impressive lawyers marshaled on behalf of the financial industry in defense of their most complex transactions.

Unlike Elizabeth Warren (bless her heart), Mary Jo White is no academic, she’s a hard-nosed litigator. And she might be exactly what the SEC needs…

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Justice RBG rocking her doily.

* As soon as Mary Schapiro announced she was stepping down as chairwoman of the SEC, Obama nominated another woman to take her place. Congrats to SEC Commissioner Elisse Walter! [WSJ Law Blog]

* In other breaking news that no one will care about now that bonus season is upon us, Justice Ruth Bader Ginsburg swapped out her neck doily for a blingy necklace from Glamour. [Josh Blackman's Blog]

* You know what the ancient Romans would’ve hated more than watching the fall of the Roman empire? The Citizens United decision. Cato, Cicero, and Julius Caesar wouldn’t have been impressed with this. [Slate]

* Why go to law school if you’re already doing well financially? Perhaps you’re just another prestige hunter. If you are, then all the better for you, because that seems to be what all of the law schools are selling these days. [Inside the Law School Scam]

* Don’t cry for Argentina: they may be in the middle of a billion-dollar bond dispute, but the uber-prestigious lawyers on either side of the case (Boies; Olson) are enough to make you forget about their troubles. [Reuters]

* A Biglaw attorney from Alston & Bird with a rare sleep disorder confronts Big Pharma and… doesn’t win. At least not yet. But on the bright side, she’s not sleeping for 18 hours anymore. [The Last Word on Nothing]

* We’re honored to announce that Above the Law was named as one of the ten law blogs in the ABA Journal’s inaugural Blawg 100 Hall of Fame. Please click here if you’d like to help us win again this year. [ABA Journal]

* After the jump, Bloomberg Law’s Lee Pacchia speaks with Bill Lawlor, a Dechert partner, who claims “hope springs eternal for M&A attorneys.” Will the mergers and acquisitions market begin to boom once again?

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New attorneys for the next administration.JPGNew lawyers to lead the nation are sending in their résumés. Already, UC Berkeley School of Law Dean Christopher Edley has received a choice position as part of Obama’s transition advisory board. (I wonder if he’s accepting resumes from his students?)

Here’s an interesting choice for Edley and the rest of the transition team that will be picking the next Solicitor General. According to the Legal Times:

No woman has ever served as solicitor general, but a number have been mentioned as candidates for the job in an Obama administration. Stanford Law School professors Kathleen Sullivan and Pamela Karlan and Harvard Law School Dean Elena Kagan are possibilities, as well as Morrison & Foerster partner Beth Brinkmann and MetLife litigation counsel Teresa Wynn Roseborough.

They could also be considered to lead of the Justice Department’s Office of Legal Counsel, which produces legal opinions on complex matters for the attorney general and the president. Lawyers who have held both positions have gone on to become Supreme Court justices. Chief Justice Charles Evans Hughes and Justices Stanley Reed and Thurgood Marshall were solicitors general. The late Chief Justice William Rehnquist and current Justice Antonin Scalia once headed the Office of Legal Counsel. That experience could come in handy should one or more Supreme Court justices step down in the next four years.

Speculation has also centered on prominent African-American attorneys who may be ready to step forward:

Valerie Jarrett (Stanford, Michigan Law): Jarrett is a longtime Obama adviser, who’s now one of three people heading his transition team. She told the WSJ that blacks won’t be pigeonholed into “historically conventional” roles, such as secretary of housing and urban development or assistant attorney general for civil rights.

Other high profile positions after the jump.

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