Mortgage Law

Benchslap Update: Skadden Partners Learn Their Fates

By

Earlier this week, we wrote about a pair of prominent partners at Skadden Arps who got hit with a big-time benchslap. A federal judge in Chicago issued an order to show cause, requiring the Skadden lawyers to explain why they should not be sanctioned for failing to cite a highly relevant (arguably dispositive) Seventh Circuit case when briefing a motion to dismiss. The judge also set “a status hearing in open court…. [at which the attorneys] are all directed to appear in person.”

The Skadden partners filed a contrite response. They apologized profusely to the court, explained why they viewed the Seventh Circuit as distinguishable, and argued that even though they erred, their conduct didn’t merit sanctions. They announced to the court that they had settled the case in question, with Skadden “contributing to the settlement amount in order to personally redress plaintiffs’ counsel for responding to the motion to dismiss.” (In a classy move, they also extracted their associate from under the bus, explaining that he played no substantive role in the briefing.)

Despite the apology and the settlement, the status hearing went forward as scheduled yesterday. What happened?

double red triangle arrows Continue reading “Benchslap Update: Skadden Partners Learn Their Fates”

14 Comments

Benchslap of the Day: Skadden, Smacked, Eats Crow

By

On the transactional side, things seem to be going gangbusters for Skadden Arps. As we noted yesterday, the firm took the top spot in three separate rankings of 2012 M&A work. In 2011, a different firm sat atop each set of rankings, but in 2012, Skadden ruled them all.

On the litigation side, though, the new year has brought new headaches for Skadden. Earlier this month, a high-profile partner at the firm, along with another partner and an associate, got hit with a big benchslap. A federal judge issued an order to show cause, asking the Skadden lawyers to explain why they should not be sanctioned, and set “a status hearing in open court…. [at which the attorneys] are all directed to appear in person.” Ouch.

Skadden recently filed its response to the OSC. Let’s review the benchslap, then see what the Skadden lawyers had to say for themselves….

double red triangle arrows Continue reading “Benchslap of the Day: Skadden, Smacked, Eats Crow”

15 Comments

Morning Docket: 10.10.12

By

* Dewey know whether Judge Martin Glenn approved this failed firm’s $71.5 million partner contribution plan? We certainly do, and D&L’s chief restructuring officer, Joff Mitchell of Zolfo Cooper, is simply “delighted” about it. [Wall Street Journal (sub. req.)]

* Bitch better have my money? The United States is suing Wells Fargo under the little known Financial Institutions Reform, Recover, and Enforcement Act for allegedly screwing it out of approximately eleventy billion dollars. [DealBook / New York Times]

* “Flat is the new up for the legal sector,” except in Cleveland, because law firms there have been on hiring sprees throughout 2012. But unfortunately, there is a down side — it’s Cleveland. [Cleveland Plain-Dealer]

* Diversity: no longer just an old wooden ship. Almost every law school-related amicus brief filed in Fisher v. University of Texas has backed the consideration of race in admissions decisions. [National Law Journal]

* There’s officially at least one benefit in attending Thomas M. Cooley Law — the school collects so much money from students that it’s able to attract big-name speakers, like ex-rocker Henry Rollins. [Michigan Live]

7 Comments

Quote of the Day: But When They Got Served, Did They Yell ‘FIRST’?

By

Way to make lawyers look good. Not.

Rather than helping homeowners modify their mortgage loans or avoid foreclosure, Defendants dupe distressed homeowners into paying thousands of dollars based on false promises and misrepresentations. Indeed, Defendants provide little, if any, meaningful assistance to modify homeowners’ mortgage loans or prevent foreclosure.

– The Consumer Financial Protection Bureau’s first federal civil enforcement action, filed earlier this month against the Los Angeles-based Gordon Law Firm. The year-old agency has hit the ground running, also announcing a $210 million settlement with Capital One Bank.

5 Comments

Caption Contest Winner: Tough Rebound from Katy Perry?

By

Earlier this week, we asked readers to submit possible captions for this photo:

On Wednesday, you voted on the finalists, and now it’s time to announce the winner of our caption contest….

double red triangle arrows Continue reading “Caption Contest Winner: Tough Rebound from Katy Perry?”

5 Comments

The Plot Thickens: Some ‘Orange Workers’ May Have Been Protesting After All

By

When we last checked in with the support staff at the law firm of Elizabeth R. Wellborn P.A., we discovered that more than a dozen of them had been fired because they wore orange shirts to work. Their excuse: they all wore orange on payday so they’d look like a group when they met for happy hour. Management didn’t buy it — they thought that members of the support staff were protesting something, and fired them on the spot.

As one commenter on our last post on this issue intelligently noted, “CHECK YOU PERCEIVED CONCERTED ACTIVITY.” One week later, it’s been revealed that some of the support staff may have been protesting after all. Almost half of them have lawyered up. But what, exactly, were they protesting?

double red triangle arrows Continue reading “The Plot Thickens: Some ‘Orange Workers’ May Have Been Protesting After All”

37 Comments

Orange: A Color That Can Get You Fired in Florida

By

Which t-shirt will get you fired?

Yesterday in Morning Docket, we mentioned that more than a dozen law firm staffers in Florida had been fired because they wore orange shirts to work, but the tips kept rolling in. We’re going to give you what you want. Better late than never, right?

Given that orange is popping this spring in designers’ color palettes, people really want to know more about this apparent fashion “faux pas.” Because if looking like a walking traffic cone is wrong, then some people don’t want to be right.

But if it means that they’re going to get fired, then they might just reconsider staying on trend this season….

double red triangle arrows Continue reading “Orange: A Color That Can Get You Fired in Florida”

42 Comments

Morning Docket: 10.13.11

By

In need of legal representation.

* People seriously need to stop complaining about alternative careers for attorneys. Having a JD can lead to a fulfilling career outside of the law, assuming you can make partner at Cravath first. [DealBook / New York Times]

* Due to a decline in filing fees on the killing of the American dream, the Florida court system had to take out a $45.6M loan. It’s kind of like they have their own unpayable mortgage now. Gotta love karma. [Miami Herald]

* The ABA Journal really wants to know how hard it is for recent law school graduates to find a job. Maybe if we flood them with responses, the ABA will give a sh*t. Ugh, I’m way too optimistic. [ABA Journal]

* If you’re willing to move to Iowa, here’s a niche practice alert for you: stripper law. Who thought that you could find work in limiting boob exposure? And why would you want to? [Des Moines Register]

* We all know Michael Jackson was bad, but was he bad enough to drink his propofol straight up? Conrad Murray’s defense team may have changed its tune. [CNN]

* Did a judge seriously think he could arraign someone with close ties to the Wu? He’s lucky True Master didn’t let the killa bees out on his ass. [DNAinfo]

54 Comments

Morning Docket: 09.02.11

By

Joran van der Sloot

* Bob Morse announces that new jobs data may be used to change the methodology for calculating law school employment rates. Because Bob Morse has to do the ABA’s job for them. HIYOOOO! [U.S. News & World Report]

* And speaking of employment (or lack thereof), it looks like UDel and SUNY Stony Brook have given up their plans to build new law schools. Did they smarten up and start worrying about jobs like we do? [Washington Post]

* Joran van der Sloot: rolling his eyes at murder charges since 2005. More than a year after his arrest, he’s been charged with the murder of Stephany Flores. [CNN]

* Representing a private company, Cadwalader’s antitrust case against Google got tossed. Even Biglawyers can fail to meet their burdens of proof. [CNET]

* ‘Cause tonight we’re robo-signing like it’s 1999? Mortgage paperwork screw-ups aren’t as new as you think – they’ve been around since flannel was still cool. [Associated Press]

* Remember that Oscar de la Hoya lawsuit? The settlement allegedly included $20M in exchange for getting his heels and fishnets back. You can’t keep a good crossdresser down. [New York Post]

9 Comments

Is the Florida Foreclosure King Abdicating? David J. Stern Will Close His Law Firm

By

Back in September 2010, we bestowed Lawyer of the Day honors upon David J. Stern, aka Florida’s “Foreclosure King.” We noted Stern’s rise into the ranks of self-made millionaires, despite not having attended some fancy first-tier law school. (Stern graduated from the South Texas College of Law, a fourth-tier school.)

We marveled at Stern’s wealth: a $14 million mansion here, a $7 million condo there, Ferraris and Porsches galore, and a 130-foot, $20 million yacht. We noted that Stern, thanks to the success of his booming foreclosure-law practice, was “running financial circles around all those Stanford and NYU law grads who wound up as Biglaw partners.”

Alas, in the past few months, David Stern’s fortunes have taken a turn for the worse….

double red triangle arrows Continue reading “Is the Florida Foreclosure King Abdicating? David J. Stern Will Close His Law Firm”

30 Comments
Page 1 of 212