Legal elites fared well on election night. For example, Harvard law professor Elizabeth Warren is now Senatrix-elect Elizabeth Warren, after expertly landing Langdell Hall on top of Scott Brown (“I’ll get you, my pretty, and your little pickup truck too!”). As a Divacrat — I support strong, strident, brilliant (sorry Sarah Palin) women, regardless of their political party — I’m already fantasizing about Clinton/Warren in 2016.
Joining Warren on the Senate floor will be another great legal mind who spent some time in Cambridge, Harvard law grad and former SCOTUS clerk Ted Cruz. The Morgan Lewis partner is one of several current or former Biglaw attorneys who won office on Tuesday. (For more, see Am Law Daily.)
The biggest winner of the evening, of course, is also a legal elite: President Barack Obama. He’s a former law professor, like Warren; an HLS grad, like Cruz; and the first African-American president of the Harvard Law Review. Things don’t get much more elite than that.
And in the legal world, things don’t get much more elite than the United States Supreme Court. This brings us to today’s question: What will a second Obama term mean for the Supreme Court?
When surveying an average law school class, among every other stereotypical type of law student — from the gunners right down to the kids you didn’t know were in the class until they showed up for the final — you’ll typically see a nontraditional student, or, in less polite terms, an old fart. Almost every law school class has at least one of them, and they’re usually more than a bit annoying.
These mature law students tend to favor old-fashioned notebooks over laptops for note-taking during class, and they like to rub elbows with their professors, if only because they’re the same damn age. You may even hear a story or two about how one time, they had to walk uphill, both ways, IN THE SNOW, just to get to school. Ahh, memories — but in truth, most of their classmates would prefer that they just STFU about the good ol’ days.
So what happens when you’ve got an older law student in your midst who also happens to be a well-known author and technology journalist, complete with his very own Wikipedia page? Of course, the most logical course of action for budding lawyers would be to hack it….
* “Whether or not the law is dictating it right now, the people are dictating it.” In light of First and Second Circuit DOMA decisions, in-house counsel are considering benefits for same-sex spouses and domestic partners. [Corporate Counsel]
* “I’m a woman of integrity. My emotions got the best of me.” A Dish Network executive had to publicly apologize for accosting a Gibson Dunn litigation partner’s elderly father outside of a courtroom after the Cablevision trial. [Am Law Daily]
* A potential farewell to the typical liberal bias in education: at the end of the day, Teresa Wagner’s political bias case against Iowa Law could alter hiring nationwide in higher education. [Iowa City Press-Citizen]
* Not prepared for the bar exam, and currently without a law job? Let’s give that school a “B” rating. The results of this survey pretty much conclude that recent law school graduates are out of their minds. [WSJ Law Blog]
* A soon-to-be high school graduate wants to know if he can “go into a creative career” with a law degree. You silly little boy, the law is where creativity goes to die. Hope that helps! [Law Admissions Lowdown / U.S. News]
* There’s a lot going on here: an Iowa Law prof suing over alleged discrimination for her conservative views, inexplicable sexual noises at work, strange unnamed health problems… just read the damn article. [ABC News]
* An 80-year-old woman was arrested for taking down posters comparing Obama to Hitler, because she lived through WWII and was “angry that someone would portray the president as a Nazi.” What a great use of law enforcement resources. [Yahoo!]
* Could the secret to upholding the Defense of Marriage Act lie in… the Obamacare ruling? Paul Clement, are you listening? [Tumblr / John Carney]
* A former district attorney in Texas (who is now a judge) could get disbarred for intentionally withholding favorable evidence from a man who spent 25 years in prison for a murder he didn’t commit. Errbody in the club put your hands up and scream, “Brady violation!” [Austin American-Statesman]
* A Malaysian law student is in trouble for putting his sexy times on a public blog. I strongly recommend you resist the urge to look up the NSFW blog on Google. If you just can’t help yourself, don’t say I didn’t warn you. And you will probably need this, too. [Roll On Friday]
The year is 1987. There’s a hearing in a court in San Francisco that will likely affect the price of a publicly traded security. An arbitrage house retains us: “We must know the result of that hearing first — the instant the information becomes public. We want to be able to trade before our competitors can act on the news.”
What do you do?
You and a colleague arrive at the courthouse an hour before the hearing will begin. One of you goes to the pay phone on the second floor of the courthouse — down the hall from where the hearing will be held — and gets on the line to New York. That person is about to hold an open line to New York for three hours.
The other of you goes into the hearing room, elbowing your way to a seat in the back, near the door. (It’s like the sign outside the country church: “Services 9 am Sunday. Come early for a seat in the rear.”) The hearing lasts a couple of hours, and the judge announces the ruling. All of the lawyers and arbitrageurs push through the door and run down the hallway.
Ha! All of those other guys curse as they run past your guy, who’s holding the open line to New York! You get on the phone and explain the decision. The guy in New York says: “Repeat that.” You repeat it. The guy in New York shouts: “Buy!!!”
And all of the other lawyers and arbs are just now jostling out of the courthouse doors downstairs, heading to the Greyhound Station across the street, where there’s a bunch of pay phones.
So your arbitrageur-client is a happy man, and he retains you again several months later . . .
* We mentioned the Harvard Law grad turned alleged scam artist, John Donald Cody (a.k.a. Mr. X), last week. Check out this cool story about how the feds tracked him down after years of searching. [Arizona Republic]
* A Finnish lawyer recently won the World Wife Carrying Championship, which is, I guess, exactly what it sounds like. Scandinavians are strange. [The Irreverent Lawyer]
* Everyone loves stories about old people accidentally growing drugs because they didn’t know what marijuana looks or smells like. Harkens back to simpler time! [Legal Juice]
* Now the TSA is apparently mistreating and humiliating terminal leukemia patients. Pardon the bluntness, but f**k you. Seriously. [San Francisco Chronicle]
* At least U.S.Customs Enforcement agents can still get their jobs done without disrespecting the sick and the old. Kudos for nabbing this dude flying in from Asia wearing body armor and carrying luggage full of weapons. The TSA folks should take notes. [ABC News]
Here’s a sad tale that I’ve heard repeatedly recently from senior partners at major law firms.
When these partners were associates, they were superstars. They did great work, were in high demand, and sailed through the ranks.
These folks were invited into the partnership along with (or even before) their peers.
As junior partners, these folks remained superstars. Senior partners were anxious to delegate responsibility to these people, and the then-junior partners were flattered to be asked. The junior partners were doing interesting work, being paid handsomely (if not royally) for their efforts, and were contentedly busy.
But a funny thing happened on the way to retirement. My correspondents became senior partners, and this crippled them (professionally). They had aged out of utility to their firms. . . .
Ed. note: This is the first installment in a new series of posts on partner issues from Lateral Link’s team of expert contributors. Today, Larry Latourette, Executive Director – Partner Practice, brings us his insights on what it’s like to practice law in the era of mandatory retirement, and how older partners can make a lateral transitions to new firms.
When I first met “Mark” for lunch this summer, he appeared to be in his mid-fifties, in excellent health, and talked about his competitive tennis game, needing to put his teenage kids through college, and his thriving legal practice that he couldn’t imagine giving up in the next ten years. In reality, Mark was 64, faced forced retirement from his firm in nine months, and wanted to know what his options were for moving laterally to another firm.
As a legal recruiter, I have met a growing number of lawyers like Mark who are bumping up against their firms’ mandatory retirement age. This trend will, in fact, accelerate over the next five years, for several reasons. Like other sectors of the economy, the Baby Boomers have had a dramatic effect on lawyer demographics. About 60 percent of law partners are now 55 or older, and by some estimates, a quarter of all practicing attorneys will be 65 or older by next year. At the same time the population is graying, however, it is also living longer. Especially with the increasing number of women in the legal profession, the life expectancy of lawyers who are 65 is now almost 20 years higher, with most of that time spent in good physical and mental health. Finally, the recent downturn in the economy has also caused some lawyers to postpone retirement as their nest eggs have dwindled.
Objectively, there is no question that most older lawyers are up to the challenge of practicing law….
Lately, it seems that all of the regular legal media outlets have turned an eye toward women and their success in the profession. For example, earlier this week, we discussed whether women will ever be able to close the gender gap in Biglaw equity partnership ranks. Now, we’re faced with another “important” question: can older career women sport longer hairstyles?
According to some, such a look isn’t considered age-appropriate for the office. In fact, you could end up looking “rather sad and dated,” which may have an impact on your legal career. But then again, the National Law Journal’s survey on women who make partner didn’t include a question about the length of partnership candidates’ hair. Because at the end of the day, who cares? If a woman is great at her job, then the length of her hair shouldn’t matter.
Why can’t older women be successful and feminine at the same time?
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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