* 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]
* Unfortunately, it looks like law schools aren’t the only ones cooking the books. According to Citigroup, partner profits in the Am Law 100 may have been a teensy bit overstated last year. [Wall Street Journal]
* A perp walk is a terrible thing to waste. Prosecutors may be dropping the charges against Dominique Strauss-Kahn faster than the old frog can allegedly drop his pants in a hotel room. [New York Times]
* Ethics investigation? Florida better realize that it’s dealing with the legal community’s honey badger. Jose Baez don’t care. Jose Baez don’t give a sh*t. [Crimesider / CBS News]
* Lindsay Lohan wants Pitbull to give her everything in this new lawsuit. Sorry honey, but you’ve already done more irreparable harm to yourself than a rap lyric ever could. [New York Daily News]
* In a lawsuit against Urban Outfitters over a picture, we learn that underage boobs are going for $14M a pop these days. Damn you, inflation, damn you to hell. [International Business Times]
* I see an orange jumpsuit in your future. And when you’re facing 47 counts of wire fraud after being busted in Operation Crystal Ball, that’s a pretty accurate fortune. [South Florida Sun-Sentinel]
* The Game may face charges over an alleged tweet that prevented police from responding to five emergency calls in two hours. Only five? I guess that’s what happens when you’re straight outta Compton, where snitches get stitches. [CNN]
* With Senator Kevin de León hoping to regulate the use of fitted and flat hotel sheets, one thing’s for sure. California isn’t becoming a nanny state. It’s becoming a maid state. [Los Angeles Times]
* You know Chris Stewart has had one too many concussions when he’s still talking about finishing law school after his NFL career is over. [Wall Street Journal]
* I might be a bad little Jew for saying this, but matzoh isn’t worth $9.9B. It’s like eating cardboard. If you want special prison food, at least sue for something that tastes good. [New York Daily News]
* J. Paul Oetken was confirmed to the S.D.N.Y. yesterday by the Senate, making him the first openly gay man appointed to the federal bench. I think it’s great that Chuck Grassley announced shortly before the vote that he would be supporting the nomination, but I also think it was unnecessary and offensive that he ended his announcement with “nohomo.” [Poliglot]
* Rupert Murdoch’s testifying before Parliament this morning which promises to be the Super Bowl for anglophile nerds. Will the old man survive? [Bloomberg]
* The News Corp. phone-hacking scandal has led to plenty of work for attorneys on “both sides of the pond.” This case is like the BP oil spill of dead girls’ phones being hacked. [Am Law Daily]
Back when things were real, musicians didn’t get hurt jet skiing. They got shot. And if realness can be measured in bullet wounds, nobody was as real as rapper extraordinare and do-rag styling visionary Tupac Shakur, who was shot five times in 1994 and then again, fatally, in 1996. None of the gunmen from either shooting have been identified. Until now.
In 1994, James Rosemond hired me to rob 2Pac Shakur at the Quad Studio. He gave me $2,500, plus all the jewelry I took, except for one ring, which he wanted for himself. It was the biggest of the two diamond rings that we took. He said he wanted to put the stone in a new setting for his girlfriend at the time, Cynthia Ried. I still have as proof the chain that we took that night in the robbery.
If $2,500 seems low to you, you need to adjust for inflation ($3,765 in today’s dollars). In any event, why is Isaac ratting out Henchman after all these years, after the statute of limitations has run? Henchman, an FBI fugitive wanted for drug charges, recently told the press that Isaac was cooperating with authorities to build a case against him. In order to protect his good name and prove that he is under no circumstances a rat, convicted murderer Isaac is working closely with federal investigators to bring down Henchman. No word on whether Carmen Sandiego is on the case…
* A South Carolina jail is being investigated by the Justice Department for allowing its inmates to read only the Bible. Instead of a joke, how about you goofballs learn something and read this article that Christopher Hitchens wrote about the King James version of the not-quite-great book. [Charleston Post and Courier]
As many of you figured out, the cease and desist letter from Chris Webby, claiming ownership of the hashtag #webby, was an April Fool’s hoax. This week’s sign that the apocalypse is upon was a hologram launched by the Webby Awards people. Here’s the official reveal.
Really, we thought a few more of our loyal readers would see through it. The firm that purportedly sent the letter, Baxter, Butler & Associates, doesn’t exist. This commenter got it. But I guess most commenters don’t fire up Google unless an attractive girl is involved.
You can see why the Webbys weren’t able to get a real law firm to participate in this prank. It might have been a joke today, but the first hashtag infringement suit is surely just around the corner.
Happy April Fool’s Day. I’m going to go back to drinking heavily now.
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: email@example.com.
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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