* This Biglaw firm is getting into the imaginary money business by bidding on $18M of Bitcoins seized in the Silk Road raid. Maybe they’ll accept this new “currency” as payment. [Am Law Daily]
* Boston bombing suspect Dzhokhar Tsarnaev wants his trial moved to New York or D.C. for an unbiased jury. Moving it to cities where terrorist attacks have occurred is a great idea! [Bloomberg]
* Here’s a perfect headline for a lovely Friday when we imagine people will be able to get in some quality day drinking: “Market Struggles to Absorb Record Law School Class of ’13.” [National Law Journal]
* Part of George Zimmerman’s defamation lawsuit against NBC was dismissed because his attorneys waited too long to ask the network for a retraction. Time to paint a picture about it, Georgie. [Fox News]
* Can you sue the dude who banged your wife for ruining your marriage? It sucks for cuckolded husbands, but you can’t in most states, including West Virginia, where family trees grow in a circle. [WSJ Law Blog]
The current discussion regarding the decision by Dentons not to report its average profits per partner (“PPP”) to the American Lawyer is interesting. While I was at Greenberg Traurig, then-CEO Cesar Alvarez used to have a pithy statement on the whole PPP issue, along the lines of: The only thing partners really care about is “profits per me.” There is a lot of wisdom in that statement. In my experience it is true for existing Biglaw partners, potential laterals, and those (fool?) hardy associates aspiring to partnership.
At the same time, the popularity of the American Lawyer’s various charts and rankings can’t be denied. And PPP is one of the catchier columns on those charts. It is used as a proxy for determining everything from firm prestige, to strength of client relationships, to how well a firm is managed.
Savvy associates can and do use it to determine associate quality of life at a particular firm. Your firm has a blazing PPP and no big contingency windfalls feeding the flames? Good chance you are looking at a never-ending flow of “interesting work,” coupled with the partnership prospects of a diminutive drone buzzing around hoping to get noticed by the queen bee. In contrast, you might enjoy a better lifestyle if employed as associate #614 by a Biglaw 2.0 monolith, but you also run the distinct risk of making partner only to realize that the financial gulf between you and the “real” partners is a broad one….
I shouldn’t laugh at this. A recent law school graduate got completely screwed by her own father and I shouldn’t find it so funny.
But I do. I find it goddamn hilarious. The student actually got a clue halfway through law school and decided to drop out. But her father convinced her to stick it out by promising to pay her tuition. She finished, she graduated, and when it came time to pay the bills, Daddy said, “Sorry, I lied.”
Ha. Hahahahaha. When will law students learn that EVERYBODY IS LYING. You know, except me. EVERYBODY ELSE IS LYING…
* In defense of its PPP metric, the editor-in-chief of the American Lawyer revealed a shocking statistic about Dentons: the firm’s PPP was likely down about 20 percent year over year. [Am Law Daily]
* A judge dismissed many of defunct firm Heller Erhman’s remaining unfinished business claims in the case against its former partners. Dewey know some partners who are thrilled? [WSJ Law Blog]
* From 2012 to 2013, NLJ 350 firms saw the rise of “other” attorneys — staff attorneys, of counsel, and lawyers who were neither associates nor partners. We’re living in lean times. [National Law Journal]
* “No one predicted there would be this kind of huge drop in applications.” Apparently law school deans thought prospective students would be thrilled about their lack of job prospects. [Hartford Business Journal]
* Shelly Sterling has asked a judge to rule that she can sell the Los Angeles Clippers over her husband Donald Sterling’s protests. We’re very eagerly awaiting their impending divorce train wreck. [Bloomberg]
Between 2008 and 2012, the median debt burden for newly minted JDs increased by 54 percent, from $83,000 to $128,000. (That compares with a 22 percent increase in medical student debt.) It is the responsibility of every aspiring law student to understand the implications of taking on such a financial commitment. For law grads who have already accumulated the debt, there may be options for you to better manage repayment. Thanks to our friends at DRB, today’s infographic takes a look at law student debt, including the possible benefits of refinance or consolidation. Click here for more details.
[A] focus on profit undermines the differences between the practice of law being a profession rather than solely a business. It is easy to anticipate the assertion that we choose not to report aggregate annual average profit numbers because they are not as high as some other firms. But that assertion simply assumes that the way things have been done in the past is the way they should be done in the future.
Upon reaching my mid-thirties with a wife, a kid, and a dog, it became apparent that the “dream” of renting a tiny box on the island of Manhattan was over. My family and I decided against the Brooklyn half-step, because paying Manhattan rent for a slightly bigger box that would itself be too small for our family in ten seconds seemed stupid. So we zeroed in on buying in Westchester because: Grand Central >> the holding pen at Gitmo >> buying a mule >> Penn Station >> Chernobyl >> Port Authority.
The problem of course with buying property in Westchester is that we’re poor. Not “poor” in the “I need government assistance” sense (though, more on that later). Not even poor in the “I’m a salaried employee and don’t mind when Charles Barkley makes fun of my city” sense. I mean poor in that uniquely NYC/LA/London sort of way that makes you feel “How IN THE F**K do I not make enough money to afford this?”
The other problem was that I’ve spent the better part of the last six years screaming at people to avoid crushing debt obligations. To buy a house, I’m going into more debt than I’ve ever been before, and we know that things didn’t go so smoothly the first time.
But… kids man, what are you going to do? As part of my ongoing attempts to make egregious mistakes and then write about them, here are five things I didn’t really understand about the house-buying process. Note, I had my lawyer hat on, which means I wasn’t flummoxed by things like “taxes” or “closing costs.” Still, there’s a bunch of stuff that doesn’t come up in Real Property or Trusts and Estates…
If you’re a frequent reader of this website, you know that we continuously talk about the effects of law school debt and the need for tuition decreases so young lawyers can go on to lead normal lives after graduation instead of wearing their debt around their necks like slowly tightening nooses.
As time goes by, more and more law schools are starting to listen and reform — though in some cases, we imagine it’s only because they’re now feeling the pain of a decrease in tuition dollars due to low enrollment and smaller classes.
Until all law schools get in gear with the way things work now, we’ve got a list of law schools where life could be good after graduation. At these law schools, the average graduate has a starting salary that outweighs his average debt load…
* Federal judges frequently fly across the globe on other people’s dime for conferences and symposia, but 2012′s most frequent flyer is a judge who was recently embroiled in an ethics scandal: Randall Rader of the Federal Circuit. [National Law Journal]
* Even though she claims nothing is “fundamentally broken,” Securities and Exchange Commission chairwoman Mary Jo White proposed “sweeping” new stock market regulations in an attempt to get with the times. [DealBook / New York Times]
* U. of Maine wants to combine its business and law schools, but professors are concerned about pressing questions like, “What will the diploma say?” rather than, “Do I get to keep my job?” [Portland Press Herald]
* Law schools are seen as cash cows for their affiliated undergraduate universities, but this law school is hurting so bad for cash due to low enrollment the university is infusing it with millions. [Minnesota Daily]
* A Pennsylvania man is suing his local police department for First Amendment violations after he was arrested for cursing in front of officers. N.W.A has a song this guy would like. [Pittsburgh Post-Gazette]
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 seven years. You can reach them by email: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
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For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
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