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.”
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.
* 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]
* 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]
* 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.
* 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]
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…
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 six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months, and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.