It’s been a bad few days for the Church of England. First, it gets slammed for siding with the bankers, rather than the protesters, after its flagship venue, St Paul’s Cathedral, finds itself at the heart of Occupy London. Second, a change to the U.K.’s ancient royal succession laws strikes a blow for its great rival, Rome, as a ban on royal family members who marry Catholics taking the throne is lifted.
Beginning with the Occupy London controversy: the protesters’ original plan was to occupy St Paul’s neighbour, the London Stock Exchange, which nestles alongside the U.K. branch of O’Melveny & Myers on an adjoining square. But they were blocked by the police, forcing them instead to set up camp on the forecourt of the great cathedral (built from the ashes of the Great Fire of London in 1666). At first this seemed like a defeat, as the Church of England played victim, shutting the doors of St Paul’s to visitors for the first time since the Second World War on what it claimed were health and safety grounds.
Ed. note This is the final installment in London-based journalist Alex Aldridge’s series of stories for Above the Law about the royal wedding of HRH Prince William and Kate Middleton. You can read the prior posts here and here.
Well, they got married.
Best man Prince Harry remembered the ring. None of Wills’ disgruntled exes opted to speak now rather than forever hold their peace. And Kate — who has been made a Duchess rather than a Princess — even smiled. So now for the party!
Unless, that is, you work at one of London’s U.S. law firms, where lawyers staffing American deals are missing out on the public holiday everyone else in Britain is enjoying. “There are no celebrations here,” one cheery soul told me this morning in that weird Madonna accent Yanks acquire when they’ve been in London too long.
Don’t worry, though, the joke will be on us on next week, when we enter the existential crisis that customarily follows royal hysteria.
“What the hell happened there?” we’ll mutter, warm beer still on our breath.
“Oh no, we’ve only gone and got over-excited about that bunch of royal weirdos again,” we’ll groan, as we remove our commemorative Wills & Kate mugs from view and pour our tea into alternative vessels.
“Why do we, the country that brought the world the rule of law, have a royal family at all?” we’ll wonder indignantly, gnashing our yellow teeth and feeling a touch murderous….
Ed. note This is the second in a series of posts that Alex Aldridge, a London-based journalist who covers legal affairs, will be writing for Above the Law about the upcoming royal wedding of HRH Prince William and Kate Middleton. You can read the first post here.
In Britain, middle-class people who don’t know what to do with their lives have the option of trying to wed a royal.
If that doesn’t work, the situation is much the same as in the US: they become lawyers. A case in point is Prince Harry’s on-and-off girlfriend, Chelsy Davy, who will begin a traineeship with “Magic Circle” law firm Allen & Overy in September, having failed to secure the ginger hell-raiser on a permanent basis. Had Kate Middleton’s 2007 split with Prince William proved final, our future queen — whose ex is an in-house lawyer — may well have gone down the same route.
Needless to say, royals don’t do law. It’s too aspirational. They don’t even sue; one lawyer who has had dealings with The Firm once told me (in jest, possibly): “The royal family don’t take people to court, they kill them.”
Perhaps this explains why they’re so keen on the military: Wills and Harry have followed family tradition by going into the air force and army, respectively. They probably won’t stick around long, though. Like Princes Charles and Andrew before them, the pair will soon be eased into a middle age of government handouts and state-provided housing. Royals, bless ‘em, are basically very rich poor people.
So is a union between a very rich poor person and a member of the middle class likely to work?
Ed. note This is the first in a series of posts that Alex Aldridge, a London-based journalist who covers legal affairs, will be writing for Above the Law about the upcoming royal wedding of HRH Prince William and Kate Middleton.
So, you wish you had a royal family, eh?
Judging by the content of your media, royal wedding fever is even hotter in the US than in the country to which Wills and Kate belong (that’s the United Kingdom, by the way, for the 90% of you without passports who think London is in France). To an outsider, it seems you’re doubting the wisdom of that decision you took to go independent from your colonial forebears and start a republic.
* Attorney Jason Goldfarb pleaded guilty to securities fraud and conspiracy yesterday in a case that originated with the Rajabba investigation. Here’s his firm website photo. [WSJ Law Blog]
* Harvard Law is being investigated for violating Title IX. As someone who did not attend Harvard, I assume IX rhymes with sticks. Which brings me no closer to understanding exactly what was violated here. [Harvard Law Record]
* The Bonds trial ended just in time for us to get super-psyched about the Roger “Frosted Tips” Clemens perjury trial. Let’s start boning up on it! [Reuters]
* Mexico is considering filing a lawsuit against U.S. gun manufacturers. Poor Mexico, so far from God and so close to Remington. [CBS News]
Frank and Jamie McCourt, in happier days.
* Here’s a thorough breakdown of the McCourt mess, including details on the ongoing Bingham divorce debacle. [Am Law Daily]
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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