Money

During my 25 years litigating at law firms, I fretted about two words: “winning” and “losing.” (As one old-timer put it: “They don’t pay you twelve dollars a minute to lose.”)

Now I’m in-house, and I’m still fretting about two words: “probable” and “estimable.”

What happened?

The accounting rules require corporations to take a reserve (which causes an immediate hit to revenue) when a “loss contingency” (which is accountant-speak for lawsuits, among other things) becomes probable and estimable. If it’s likely that you’re going to lose, and if you can estimate the amount (or, at least, the lower bound of the amount) of the loss, then it’s time to take a reserve.

This can make in-house life odd….

double red triangle arrows Continue reading “Inside Straight: Projecting Defeat”

* In November, the Supreme Court will decide whether our Fourth Amendment rights come subject to advances in technology. I, for one, welcome our new Orwellian overlords. [New York Times]

* What do you get when two wireless carriers with craptastic coverage and service that goes down more than a porn star have plans to merge? Who knows, but AT&T says it’s a good thing. [Bloomberg]

* Class actions are pretty pricey, so it would be great if Groupon offered its employees a special on overtime pay. That daily deal would reach the required minimum. [Crain's Chicago Business]

* Would that Stephen McDaniel had once posted online about where he would hide a “hypothetical” body. The search for the remains of Lauren Giddings continues this week. [Macon Telegraph]

* Stephen Zack, immediate past president of the ABA, is donating $800K to his alma mater to promote diversity. Promoting employment is apparently still on the back burner. [Miami Herald]

* Do fat people have rights under the ADA? White Castle, if your customers are too large to fit into your booths, the solution isn’t to send them coupons for more fast food. [New York Post]

* What did you think of the way Obama was pimping out his reelection jobs bill last night? People were probably more excited about the football game that followed. [Los Angeles Times]

* Congratulations to Stephanie D. Thacker of West Virginia. She was nominated to fill a seat on the Fourth Circuit. If she doesn’t have a family circle, things will go well in her confirmation hearing. [State Journal]

* Money might not grow on trees, but it certainly grows on financial reform legislation. Thanks to the Dodd-Frank Act, the pockets of Biglawyers will continue to be lined with cash for years to come. [New York Times]

* Skinnygirl is supposed to be “the margarita you can trust,” but now the company is facing two class actions. I’ve never tried it (duh), but it’s never good to put your trust in alcohol. [Thomson Reuters News & Insight]

* If you really want a job, you can start packing for South Dakota. A bit deserted for me. In fact, I think you might need some oxen and a covered wagon to practice out there. [WSJ Law Blog]

* Looks like you really screwed the Cooch. Virginia and its Obamacare challenge got slapped around today by the Fourth Circuit. [Blog of Legal Times]

* Just how rich are the members of SCOTUS? When you’re worth $45M, like RBG, you can afford to fall asleep during the State of the Union address. But you can’t afford such luxuries when you’re still Sonia from the block. [Forbes]

* An interesting read on the Kenneth Moreno case from the perspective of a juror. Buy it on your Kindle and check it on the way home today. [Gothamist]

* What is law school’s dirty little secret? If you have social skills, you don’t need to be in the top ten percent to get a job. Fair warning, because your mileage may vary with this bit of advice. [Law Riot]

* If Texas A&M is actually allowed to join the SEC, fans are going to have to learn how to start talking smack about the Big 12 and buy a pair of jorts stat. [ESPN]

* What a Masshole: sorry, lady, but if seeing your criminal history in print is too upsetting, maybe a career change is in order? No judge is just going to stop the presses for you. [Salem News]

* “Abandon hope, all ye who enter here! Thou art cash cows being led to the $laughter!” Well, if you’re going to riff on my school, at least get your facts straight. We cry in our cars. [LOLawyer]

* No, you cannot change your name to NJWeedman.com. We get it, you smoke two joints before you smoke two joints. But if you lose the domain, your stoner friends would be confused. [Gawker]

* While med school grads can stop a person from bleeding out, law school grads could probably treat a papercut (but that’s a bit of an overstatement). Who will be there to stop our bleeding? [Am Law Daily]

* Annie Le’s family is suing Yale over her death, saying the school failed to protect women. Yale says the suit has no basis, but when someone has died, that just makes them sound like tremendous d-bags. [CNN]

* The unhappiest workers in professional fields are unmarried, middle-aged, female lawyers. Figures. Maybe we need to arrange some Geriatric Courtship Connections for these gals. [ABA Journal]

* China’s new marriage law interpretation has set women’s rights back a few decades. Next thing you know, women will be back in the kitchen, with bound feet and pregnant. [New York Times]

* Is it defamatory to say someone is a millionaire, not a billionaire? Don’t mess with the Donald’s money. Apparently he has enough of it to appeal even the dumbest of lawsuits. [Wall Street Journal]

* A noise complaint against Madonna will go to trial. Her neighbor was borderline, but the Material Girl’s not sorry. It’s human nature. And I’m all out of applicable lyrics. [New York Daily News]

Accepted in Utah.

* Prop 8 made an appearance today at the California Supreme Court before newly seated Justice Goodwin Liu. As suspected, the liberal Liu immediately made the proponents have sex with each other as he cackled “I hate families.” [Poliglot / Metro Weekly]

* Next time a TSA agent sticks her hand down your pants and cops a feel, try not to call it “rape” on your blog. Instead, maybe just admit that you were asking for it by showing up to the airport dressed in all them clothes. [Techdirt]

* After Labor Day, consider that “every day should be a day to care about working people.” And don’t forget that even though judges live in impenetrable fortresses of justice, they are people, too. [Underdog]

* Here’s a good one for the 1Ls. If you’re a grieving mother and your boss forces you to remove pictures of your dead daughter from your cubicle as if she never existed, is he intentionally inflicting emotional distress upon you? Nope, but he sure is a douchebag. [Courthouse News Service]

* “In my day, we used to walk 70 miles to school…” Next time grandpa forces you to hike the Grand Canyon and starts with this old codger rhetoric, give your mom a call. That’s not legal. [CBS News]

Grandpa's idea of fun.

* If you have time to read real books, maybe you should check some of these out from the library. Do those even exist anymore? Ugh, just download them to your Kindle. [Constitutional Daily]

* One is the loneliest number, especially if you’re supposed to be in a partnership. Professor Larry Ribstein has some ideas on what ought to happen post-breakup. [Truth on the Market]

* Ahoy, me matey. This law blogarrrr wants ya t’ know that if ya want t’ trade for booty usin’ yer gold doubloons, steer yer ship toward th’ land o’ many wives. [Adjunct Law Prof Blog]

We have been tracking — as have other news outlets, such as the New York Times — which leading law firms offer the perk we’ve nicknamed the gay gross-up. If you’re inclined towards formality, you can call it the “tax offset for domestic partner health benefits.” For an explanation of what this perk is all about, read this prior post.

Since our last round-up, additional prominent law firms have adopted this policy. Let’s check out the latest list….

UPDATE (9/7/11, 12:30 PM): We’ve added to our list since it went up yesterday.

double red triangle arrows Continue reading “Biglaw Perk Watch: More Firms Adopt the Gay Gross-Up”

Luis Mijangos: Sextortionist Extraordinaire

* According to the Bureau of Labor Statistics, 100 new jobs were added to the legal industry last month. About 40,000 students graduated from law school this spring. You do the math. [Am Law Daily]

* This Maryland law school dean thinks that the U.S. News rankings “generalize about things that are not generalizable.” Come on, lady, don’t bite the hand that feeds you. [College Inc. / Washington Post]

* Did you get an email from Paul Ceglia about enlarging your penis? If so, it’s because lawyers at Gibson Dunn exposed the fraudster’s passwords in a court filing last week. Oops. [Bloomberg]

* A computer hacker in California got six years for sextortion and cyberterrorism. Ladies, this is just another reason to save your nude pictures on your flash drive, not your hard drive. [CNN Justice]

* An Ohio man who stopped paying into the office lottery pool is suing for a share of his co-workers’ $99M jackpot. You get what you pay for, and in this case, it should be nothing. [Fox News]

There was no rational foundation to do [the spring bonuses]. It was not as if suddenly all the law firms in The Am Law 100 were minting money.

Ralph Baxter, longtime chairman and CEO of Orrick (shortly before he was overheard screaming at the Wheeling career associates to mint more money).

* You don’t have the right to get half naked in an airport to protest the TSA’s policies. Aaron Tobey’s lawsuit has been stripped of its Fourth Amendment claims following a dismissal. [Washington Post]

* Paul Ceglia has to give Facebook every email he’s exchanged since 2003. If Ceglia’s like most men, lawyers at Gibson Dunn will get an interesting peek at his private life. [Wall Street Journal]

* An HIV/AIDS group has been charged with improperly spending federal funds. They were supposed to open a job training center. They allegedly opened a strip club. Problem? [Washington Examiner]

* Pit bulls are cute until they bite your face off (but they do get a bad rap because of bad owners). This ADA lawsuit may help overturn residential dog breed restrictions in Colorado. [ABA Journal]

* In a case of a playboy getting hustled, a man is suing over a $28,109.60 bar tab charged on his credit card at the Hustler Club. Talk about going tit for tat. [New York Post]

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