But some of you will still go to law school for the wrong reasons and pay rip-off prices. Ego, familial expectations, and peer pressure may play a role in your decision. So I want to finish the law-school-themed posts by issuing a warning to students and their parents about the consequences of graduating without a meaningful job and with six figure, nearly nondischargeable student loan debt….
Lawyers and their real estate transactions continue to make the news. Last weekend’s New York Times, for example, chronicled the hunt of a former Cahill Gordon associate and her husband for an apartment large enough for themselves and their three children. Boji Wong and Benjamin Berkman ultimately found what they were looking for, paying just a shade under $3.8 million for a 2,200-square-foot, three-bedroom co-op in tony Tribeca.
For our latest Lawyerly Lairs column, though, we’re going to take a trip uptown. We’ll check out the beautiful pre-war apartment that a noted entertainment lawyer and his wife, a high-profile journalist and writer, recently sold for a tidy sum — $5.3 million, to be more precise….
If corporations really were people, ExamSoft would have to go into hiding right now. Did you see how every New Yorker suddenly had a farm implement or a rifle to deal with Sharknado 2: The Second One last night? That’s what would happen if Mr. ExamSoft was spotted strolling past a group of bar exam takers.
But ExamSoft isn’t a person, it’s a corporation, a corporation that royally screwed up. YOU HAD ONE JOB, ExamSoft, and you didn’t get it done. In America, you are supposed to be able to get your money back when a business screws up this badly. Kids paid between $100 and $150 for software that not only didn’t work but almost ruined their lives. Saying “I’m sorry” isn’t going to cut it.
Unfortunately, “I’m sorry” seems to be the only thing ExamSoft is willing to do at the moment…
* When it comes to bans on same-sex marriage, for Justice Anthony Kennedy, animus is a “doctrinal silver bullet” — the fact that there was no animus involved in the enactment of many of them may be problematic at the high court. [New York Times]
* Relying on some obscure Supreme Court precedent, the Fifth Circuit saved Mississippi’s lone abortion clinic after striking down as unconstitutional a state law that would have required doctors to have hospital admitting privileges. [National Law Journal]
* Given the situation over at Bingham McCutchen, people are starting to wonder about whether all the guaranteed contracts to members of merger partner McKee Nelson’s partnership helped to shape the firm’s current financial plight. [Am Law Daily]
* Hot on the heels of Cooley Law canceling its first-year class at Ann Arbor and announcing tentative plans to close the campus, the ABA approved the school’s affiliation with Western Michigan. Yay? [MLive.com]
* Here’s one way to become a lawyer without racking up massive amounts of debt: you could try to “read” the law like Abraham Lincoln, and work as a law firm apprentice. That sounds delightful. [New York Times]
* The Second Circuit ruled that the World Trade Center Cross may remain on display in the September 11 Memorial and Museum. Apologies, atheists, but it’s a “genuine historical artifact.” [New York Daily News]
* Howrey going to get money back when judges keep tossing unfinished business claims like they’re yesterday’s trash? We’ll see if such claims will be laid to rest after a hearing later today. [Am Law Daily]
* Paul Weiss had a good get this week, with Citigroup’s deputy general counsel leaving the bank to join the firm — which coincidentally has served as the bank’s outside counsel for two decades. [WSJ Law Blog]
* North Carolina, a state that adopted a ban on same-sex marriage in 2012, said it will no longer defend its law in the wake of the Fourth Circuit’s ruling as to a similar ban in Virginia. Hooray! [Los Angeles Times]
* If you missed it, a judge issued a preliminary ruling against Donald Sterling, meaning that the sale of the L.A. Clippers may proceed. Don’t worry, his attorney says this is just “one stage of a long war.” [CNN]
* It seems that “weed-infused weddings” are a hot commodity in states where the drug has been legalized. Sorry, it may be better than an open bar, but it doesn’t seem like a very classy thing to do. [Boston.com]
Our latest Lawyerly Lairs column is about a gay Filipino lawyer’s hunt for a new home on the island of Manhattan. (No, it’s not about me; I’m quite happy where I am, and I don’t own any dogs.)
Julius Towers, a 36-year-old intellectual property lawyer for Colgate-Palmolive, recently relocated from Queens to Manhattan. His search was complicated by a couple of canines: Felix, a Shiba Inu, and Athena, a golden retriever-poodle cross.
What was Towers’s budget, and where exactly did he wind up?
There’s another story today about the soft market for law school applications. According to the National Law Journal, law school applications are down 8 percent this year, and a shocking 37 percent since 2010.
But one law school is experiencing a boom in applications. It’s a new law school, one that probably shouldn’t exist in the first place. But it is doing one thing right that other law schools still resist: it’s dirt cheap….
During a time when demand for legal services is flat, average revenue per lawyer is down, and managing partners’ overall confidence in the market is slipping, the proper keeping of time for all of those billable hours generated by toiling associates has never been more important. For better or worse, law firms are desperately trying to incentivize associates to submit their hours on time.
As we mentioned way back in 2010, “Time keeping is more accurate when you do it every day (as opposed to trying to recreate your days at the end of the week or month). Firms are struggling to collect from their clients. And, for what it’s worth, billing hours is part of the job for attorneys.”
Another part of an attorney’s job is the ability to follow rules. One Biglaw firm just rolled out a new time entry policy, and if its associates don’t follow these rules, they can expect some pretty negative consequences when bonus season comes around…
What’s more stressful: working in-house, or working at a law firm? Conventional wisdom might say that law firm life is more stressful — but that’s not the case for everyone, as recently explained by one of our in-house columnists, Susan Moon.
So in-house lawyers might be more stressed than many people think. But at least they’re getting paid a pretty penny to put up with all these headaches — mo’ problems, mo’ money?
That’s one conclusion to be drawn from Corporate Counsel’s new rankings of the nation’s best-paid general counsel. Conventional wisdom holds that in-house lawyers earn less than their Biglaw counterparts — but top in-house lawyers, the GCs of the nation’s largest companies, earn sums that meet or even exceed Biglaw partner pay….
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: