It looks like a silly marginal tax increase on the personal incomes of the top 2 percent is the last thing the barons of Wall Street need to worry about. President Obama is sending a new sheriff into the regulatory fray.
Dealbook reports that Obama will nominate former U.S. Attorney Mary Jo White to head the Securities and Exchange Commission. Sending in White to the SEC is a little bit like calling the Wolf to drive home your blood-soaked vehicle. It’s a bold move for an agency that is often overwhelmed by the impressive lawyers marshaled on behalf of the financial industry in defense of their most complex transactions.
Unlike Elizabeth Warren (bless her heart), Mary Jo White is no academic, she’s a hard-nosed litigator. And she might be exactly what the SEC needs…
* Dominique Strauss-Kahn’s lawyer has a challenge for you: “I defy you to tell the difference between a naked prostitute and any other naked woman.” [Dealbreaker]
* It’s not often that Cravath partners leave for other firms, but it happens. Jeffrey Smith, former head of the environmental practice at Cravath, recently decamped for Crowell & Moring. [Am Law Daily]
* If you’re a trusts and estates lawyer or a reader of fiction, consider checking out this well-reviewed new novel by Patrick James O’Connor, which takes the form of an extended last will and testament. [Amazon (affiliate link)]
It’ll take some time before a court rules on the legality of Barack Obama’s recess appointment of Richard Cordray to the Consumer Financial Protection Bureau. In case you haven’t been paying attention, Obama nominated Cordray two years ago, but the Republicans have refused to allow his nomination to come to a vote. Obama then wanted to use his recess appointment powers to fill the vacancy while Congress was away, but Republicans have blocked that through a series of sham sessions in which a couple of members gavel in and gavel out in a few seconds every couple of days. Last week, Obama decided those sessions did not constitute real sessions and appointed Cordray anyway, and we’ve all been treated to a week of howling from the right about an “illegal” power grab by the executive branch.
I appeared on the Mike Huckabee Show this weekend and defended the president’s appointment. It felt a lot like writing here at ATL: the live studio audience even booed me to make me feel at home.
But on Friday, Republican lawmakers did something really funny: they asked Eric Holder and the Department of Justice to explain what role the Office of Legal Counsel played in advising or authorizing Obama’s move. I’m immediately reminded of Bones McCoy trying to get back to the quarantined Genesis planet in Star Trek III when he says: “There aren’t gonna be any damned permits! How can you get a permit to do a damned illegal thing?”
Regardless of the legality of the recess appointments, did Obama do the right thing?
It woud be nice if the Senate could have actually given this guy a vote instead of forcing the present ugliness.
* The recess appointment of Richard Cordray to head the CFPB could get tricky — not because Republicans are outraged by recess appointments (much like Democrats are outraged by obstructionist filibusters), but because Congress isn’t technically in recess, due to the sham sessions Congress has been running. [WSJ Law Blog]
* Is it really that surprising that the unemployed are NOT on drugs? Aren’t Republicans the ones who are supposed to understand that in a market, desirable goods cost money? If you want to drug test a constituency, do a random raid at a white-shoe law firm, and don’t forget your chemistry set. [Huffington Post]
* It’s nice to ask permission before you appropriate somebody’s song as your campaign theme. [Fox News]
* Thanks to everybody who voted for us as their favorite legal blog for news in the ABA Journal’s Blawg 100 poll. You’ve given us the strength to keep reporting on spring bonuses, even though they don’t technically exist yet. [ABA Journal]
I’m a lawyer. I’m a co-worker. In some cases, I may be a friend. But I’m not a mentor; I have no time for that crap.
When I was clerking (for the Honorable Dorothy W. Nelson of the United States Court of Appeals for the Ninth Circuit), my judge was (and remains) a delight. She was a warm, engaging person who treated everyone as an equal. She was living proof that you don’t have to give up on human kindness just because you’ve become powerful. She taught, by example, many lessons about work-life balance and the meaning of humanity.
But a mentor? They hadn’t invented the word “mentor” (at least with its current connotation) back in 1983. I don’t think Judge Nelson gave the idea a moment’s thought….
* The arrest of Rebekah Brooks over the weekend only complicates the investigation into News Corp. phone-hacking. I like her hair. I only have one question. [Bloomberg]
* What (and where) becomes of Casey Anthony now that she’s out? Y’know, F. Scott Fitzgerald once opined that “There are no second acts in American lives. But Playboy is always a wise option.” Well said, F. Scott. Well said. [New York Times]
* Some longhair in San Francisco got off a shrooms possession charge because he claimed to forget he had the magical caps and stems. He could, however, rattle off Phish’s entire set list from their Montreal show on 5/9/1998. “Trey was on fire that ni…” the hippie trailed off before asking the reporter for bus fare. [San Francisco Examiner via Gawker]
* Obama’s pick to lead the Consumer Financial Protection Bureau is the former Ohio AG, a University of Chicago Law alum, a member of The Elect and, most importantly, a five-time Jeopardy! champ. [Columbus Dispatch]
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.