[T]he defendant’s practice basically consisted of him showing up at the office every now and again to do a closing and then leaving to go drinking or sleep with his paralegal. You can’t do $33 million in business in real estate closings if that’s what your practice consists of.
Let’s play the game where we spot unenforceable contractual clauses and laugh at people who are afraid of modernity.
Actually, let’s play the game where we marvel at how good it must be to be a university president, even at a small school that most people have never heard of. Then we can imagine all the personal freedoms we’d willingly give up if we could in order to have such a life. Because I can think of a number of unmarried women who would cede control of their bedroom to the state in order to have such a sweet job….
* Judge Richard Leon’s decision in the NSA surveillance case is ripe for review by the D.C. Circuit, and given the court’s new make-up, we could see a very interesting result. Oh, to be an NSA agent listening in on those calls. [National Law Journal]
* With seven business days left until 2014, law firms all around the country are still desperately trying to get paid. Lawyers are working hard for the money — 83.5 cents to the dollar — so you better treat them right. [Wall Street Journal (sub. req.)]
* Who you gonna call? Your local bankruptcy attorney. Alston & Bird, currently housed in Heller’s old digs in Silicon Valley, will head to a new office whose former occupants include Dewey, and Howrey, and Brobeck, oh my! [Am Law Daily]
* Four were arrested in the tragic murder of attorney Dustin Friedland, and each is being held on $2 million bond. One of the alleged assailants has a history of putting guns to other people’s heads. [NJ Star-Ledger]
* “I think it would be wise for the NCAA to settle this now.” Thanks to the Ed O’Bannon lawsuit, the world of college sports will be forever changed, so all those video games you’ve got are now antiques. [CNBC]
* Tom Cruise settled his defamation lawsuit against a tabloid publisher over claims that he’d abandoned his daughter during the pendency of his divorce proceedings. Xenu is pleased by this announcement. [CNN]
Ed. note: Please welcome our newest columnist, Gaston Kroub of Kroub, Silbersher & Kolmykov PLLC, an intellectual property litigation boutique here in New York. He’s writing about leaving a Biglaw partnership to start his own firm.
When you work in Biglaw, you are pretty much assured you will have a nice office to go to everyday. Of course, you are also expected to spend the vast majority of your waking hours in that office, particularly as an associate.
My personal Biglaw experience when it came to offices was probably the norm. When I started at Greenberg Traurig, the IP department was located just above some of Bernie Madoff’s offices in the Lipstick Building on Third Avenue in Manhattan. A few years in, we joined the rest of the firm within the MetLife (former Pan Am) Building right over Grand Central. In the summers, and after the partners I worked with relocated more frequently depending on our case load, I would spend time working out of Greenberg’s New Jersey office. While not Manhattan, that office had nice suburban views and was easily accessible off the highway. And when I lateraled to Locke Lord, I got to enjoy a very easy commute from Brooklyn to Lower Manhattan, and some beautiful views from my office of the Hudson River and New York Harbor.
Biglaw does office space right. In some respects, though, that is changing….
The allegation is completely unfounded, and we look forward to defending vigorously Stan’s good name and reputation. Stan is a pillar of the community, and he has tirelessly worked on behalf of young people for the past 25 years.
* Stan Stallworth, the Sidley partner accused of sexual assault, has hired a prominent criminal defense attorney to represent him in the case while the firm stands by its man. [Am Law Daily]
* Wall Street regulators are considering approval of a formidable version of the Volcker Rule that would ban banks from proprietary trading. Voting occurs later today. [DealBook / New York Times]
* Skadden Arps has asked a judge to toss an FLSA lawsuit filed against the firm by one of its document reviewers. Aww, silly contract attorney — there’s no way you’re getting overtime pay. [Law360 (sub. req.)]
* Weil Gotshal is still leaking like a sieve. This time, Bruce Colbath, a partner from the firm’s New York office, defected to the Antitrust and Trade Regulation practice group at Sheppard Mullin. [Market Wired]
* Lawyerly Lairs, China Edition: Raymond Li, chair of the Greater China practice at Paul Hastings, just purchased a townhouse for about $95 million — and paid “mostly in cash,” homie. [Wall Street Journal]
* They’re extremely tardy to the party, but if the ABA Section of Legal Education and Admissions to the Bar gets its way, law schools will be subject to random audits of their employment stats. [ABA Journal]
* It’s a tough job that “can really beat you down,” but an organization called Gideon’s Promise just made it a whole lot easier for law students to secure jobs as public defenders in the South. [National Law Journal]
Well, the bonus scale has been set. Cravath led — by copying their bonus payments from last year — and now everybody is following. I’m on record saying that these bonuses are underwhelming and disappointing.
Gone are the days where the first-year bonus represented a significant chunk of your law school debt. Sure, you can pay down some interest with your bonuses, or you can prudently save it, or maybe even invest it. But you can also blow it. I mean, it’s a “bonus,” right? In this depressed market, your bonuses look less like deferred compensation and more like “found money.” Instead of making a fiscally sound decision, using your bonuses for profligate, discretionary spending might make you feel better. (Disclosure: Elie Mystal is not a registered financial adviser and is too… stupid to follow a budget.)
Bonuses range from $10,000 for first-year associates to $60,000 for senior people. Professor Paul Caron of Tax Prof Blog tells me that associates can expect to take home about 60% percent of that, depending on where they live and how many dependents they have.
What can a young lawyer buy with that? In addition to what’s in the ATL holiday gift guide, here are 10 things…
It’s an adverse possession story! We have an adverse possession story. Pull out your first-year Property casebooks and remember that time in law school you learned that “law words” sometimes have no bearing on what those words mean in the regular world.
There’s a guy who is going around Ohio, “possessing” what he calls abandoned houses, and then filing quiet-title claims against the real owners. The actions have worried the owners (at least some of whom have their houses in foreclosure by the banks). In more entertaining news, we get to watch local media react with horror as they confront the mere possibility of adverse possession. I love when laypeople confront Property issues; they’re always so confused and frightened. Prescriptive easements! Fee simple! PERPETUITIES!
Anyway, of all the non-lawyers involved, the worst is the guy actually trying to possess these houses. He’s a man who knows just enough to be stupid….
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 (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), 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.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.