* The Supreme Court will be hearing oral arguments today on a challenge to the Voting Rights Act. If for some reason you’re not sure why you should care about this, here’s everything you need to know to sound intelligent at the water cooler. [New York Times]
* If the sequester goes into effect this Friday, Attorney General Eric Holder warns that we’re probably going to see “profound” effects across the entire justice system. America, f**k yeah! Coming again to save the motherf**kin’ day, yeah! [National Law Journal]
* It looks like the tiny and terrifying Mary Jo White is currently on the Congressional pageant trail ahead of her March confirmation hearing for SEC leadership, and now she’s even vowed never to return to Debevoise & Plimpton. [DealBook / New York Times]
* A coup for Cadwalader and a casualty for Cravath: Jim Woolery chose another firm over his former home of 17 years, and it may have something to do with the Biglaw bonus market leader’s “sometimes antiquated” regime. [Am Law Daily]
* “There are many more fish chasing the same business,” but that’s not stopping new white-collar boutiques from trying to compete for business in what some say is an overly crowded market. [New York Law Journal]
* Louis Oberdorfer, district judge of the D.D.C. and former SCOTUS clerk, RIP. [Blog of Legal Times]
* Our own Elie Mystal isn’t the only one who’s capable of fanning the flames of race baiting — it seems that Supreme Court justices can do it, too! We’ll probably have more on Justice Sonia Sotomayor’s benchslap later today. [The Two-Way / NPR]
* Patience is obviously one of this judge’s virtues, because this took a looooong time. After waiting more than a year for people to put their petty political pandering aside, the Senate confirmed Robert Bacharach to the Tenth Circuit. [Blog of Legal Times]
* Mary Jo White, the nominee to lead the SEC, will probably face her confirmation hearing in March. Her legal wranglings at Debevoise may be of interest to some, but really, who cares? She’s so cute and tiny! [Reuters]
* Mayer Brown and the terrible, horrible, no good, very bad year: gross revenue is up overall at most Biglaw firms, but not this one. In 2012, Mayer Brown’s revenue dipped 3.7 percent for a six-year low. [Am Law Daily]
* Kirkland & Ellis, now the fifth-largest Biglaw firm in the nation, is leading the market in terms of top dollar merger-and-acquisition deals. Now, if only the firm could get some bananas. [Crain's Chicago Business]
* Orderly liquidation authority may be a legitimate exercise of power under the Bankruptcy Clause, but as far as these states are concerned, it’s just another reason to hate the Dodd-Frank Act. [DealBook / New York Times]
* An “astronomically stupid” legal loophole? Unpossible! Gun trusts are seeing the limelight because Chris Dorner claims he used one to purchase his paraphernalia without a background check. [New York Times]
* This guy could teach a master class in how to stand by your (wo)man. Mary Jo White’s husband, John White, will relinquish his equity partner status at Cravath upon her confirmation as the head of the Securities and Exchange Commission. [Am Law Daily]
* Macho, macho man: it looks like we’ll never know if Dechert actually has a “macho culture,” because the FMLA and paternity leave case that questioned the very existence of this Biglaw subculture was settled out of court. [National Law Journal]
* Why you gotta go and ruin Valentine’s Day for everyone at O’Melveny and Akin Gump? Apple’s request to speed up the Greenlight Capital case was approved, with arguments now scheduled for February 19. [CNET]
* Despite her nomination being crapped on by the Senate, Jenny Rivera, the CUNY School of Law professor, was recently confirmed as an associate judge of the New York Court of Appeals. [New York Law Journal]
* “Behold, the instrument of your liberation!” Survivors of the Aurora movie massacre are being harassed by conspiracy theorists, and the DA asked the judge to scrub their names from the record. [Courthouse News]
You don’t want to live in a town where the police and the mob work together.
In a completely unrelated note, today the Second Circuit heard arguments from the SEC — the federal agency statutorily charged to enforce the nation’s securities laws — and Citigroup — a company targeted for securities laws violations that it refuses to admit or deny committing — on the SAME SIDE.
This should be a red flag.
They wanted the Second Circuit to spank Judge Jed Rakoff for having the audacity to ask the SEC to kindly do its job. The nerve of some people.
Well, securities law may not be as sexy as drone strikes, but I watched the SEC try to pull off just as naked an executive power grab.
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…
* Wait, auditors agree that auditor letters are pretty much a waste of time, but they still want them anyway? As I learned in Civ: “The only thing that saves us from the bureaucracy is inefficiency.” [Going Concern]
* Yes, the legal world is still buzzing because one of the nine most powerful people in America deigned to utter a few words in court. I hope Justice Thomas appreciates that his obituary is going to prominently include references to his confirmation hearings and his well-documented muteness. [ZombieLaw]
* Bottom line, I don’t want to be on the side of praising SEC enforcement actions. [National Law Journal]
* I hope Obama is well armed, because the only thing that stops a politician in the pocket of the gun lobby are the people holding their votes to the heads of their Congressmen. [Blog Briefing Room / The Hill]
* Same-sex marriage should be legal because gay people should be allowed to save money too. [The Atlantic]
Last week, Netflix announced that it received a Wells notice from the SEC. Apparently, while the SEC was cruising Facebook (what else is there to do while neglecting to investigate Wall Street?), someone noticed Netflix CEO Reed Hastings posting that Netflix had surpassed one billion hours of streaming old episodes of Facts of Life to shut ins.
The SEC staff thinks Hastings disclosed material information in this Facebook post, possibly violating Reg FD, the 2000 regulation that put a stop to companies giving an advantage to small subsets of investors by disclosing material information between blowing rails of coke off strippers.
But Facebook isn’t a seedy strip club full of free drugs and prostitutes (read: Christian Mingle). Reed Hastings has over 200,000 “fans,” many of whom are analysts and reporters. In pursuing enforcement without exercising a little discretion, the SEC ignores these facts.
Netflix is arguing that the disclosure was not material and that most investors knew that the CEO’s Facebook page is recognized as an avenue for public disclosure.
Regardless of the specific resolution of this matter, this is one more reminder that the SEC is woefully behind when it comes to adapting to technological developments. Like, oh I don’t know, HFT perhaps?
* In other breaking news that no one will care about now that bonus season is upon us, Justice Ruth Bader Ginsburg swapped out her neck doily for a blingy necklace from Glamour. [Josh Blackman's Blog]
* You know what the ancient Romans would’ve hated more than watching the fall of the Roman empire? The Citizens United decision. Cato, Cicero, and Julius Caesar wouldn’t have been impressed with this. [Slate]
* Why go to law school if you’re already doing well financially? Perhaps you’re just another prestige hunter. If you are, then all the better for you, because that seems to be what all of the law schools are selling these days. [Inside the Law School Scam]
* Don’t cry for Argentina: they may be in the middle of a billion-dollar bond dispute, but the uber-prestigious lawyers on either side of the case (Boies; Olson) are enough to make you forget about their troubles. [Reuters]
* A Biglaw attorney from Alston & Bird with a rare sleep disorder confronts Big Pharma and… doesn’t win. At least not yet. But on the bright side, she’s not sleeping for 18 hours anymore. [The Last Word on Nothing]
* We’re honored to announce that Above the Law was named as one of the ten law blogs in the ABA Journal’s inaugural Blawg 100 Hall of Fame. Please click here if you’d like to help us win again this year. [ABA Journal]
* After the jump, Bloomberg Law’s Lee Pacchia speaks with Bill Lawlor, a Dechert partner, who claims “hope springs eternal for M&A attorneys.” Will the mergers and acquisitions market begin to boom once again?
* Should attractive women in the legal profession be offended when complimented on their appearance? Or should they instead engage in “the strategic use of their own sexuality,” to quote the New York Times (citing a federal judge)? [Shatter the Glass Ceiling]
* Speaking of attractive women lawyers, what do people think of when they think of Megyn Kelly? [New York Magazine]
* MOAR RANKINGS — this time of the most influential law reviews. Yeah, you know you wanna click. [Witnesseth via Tax Prof Blog]
* Everything’s bigger in Texas — including the allegations of prosecutorial misconduct. [Dallas MorningNews]
* In other news of alleged government misconduct, a former SEC staffer claims the place was rife with sexual tension and professional backstabbing. [Thomson Reuters News & Insight]
* Might a strip club be a more hospitable workplace than the SEC? Strippers just secured a $13 million settlement in a wage-and-hour class action lawsuit. [In House / Findlaw]
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: