* PepsiCo can no longer label its Naked juices as “natural” because the only place you can find more unnatural substances in something naked is in a Vivid Video production. [New York Daily News]
* The New Yorker shines a light on the world of civil asset forfeiture. In honor of Shark Week, the article should have spent a lot more time on the United States v. Approximately 64,695 Pounds of Shark Fins case. [The New Yorker]
* Thomas J. Kim, the Chief Counsel and Associate Director of the Securities and Exchange Commission’s Division of Corporation Finance since 2007, is going to be a partner at Sidley Austin. Don’t let the revolving door hit you on the way out! [Bloomberg Businessweek]
At the end of the day, he probably could have done the right thing. But he chose to play the game. It didn’t leave me feeling good about Wall Street.
– Evelyn Linares, a 61-year-old principal who served as a juror in the Fabrice Tourre civil fraud trial, sharing her feelings about Fabulous Fab — he “disappointed” her — after the verdict was announced.
This is what you could call a slow news week. It’s kind of the exact opposite of the week that inspired me to start writing these missives. Back then, the Supreme Court was handing down rulings and the Zimmerman trial was getting off to a disastrous start for the defense. It all seems so long ago.
The latter days of the summer are always slow in law as partners and judges go on vacation and students await the return to school. The bar exam provides some light entertainment and OCI generally provides a gem or two, but otherwise it’s a slow period.
And that’s when people can get tripped up by satire masquerading as news.
Here’s a short round-up of a few key stories from the week including how satire fooled a lot of the ATL-verse and some high profile cases that had milestone moments…
* It’s just business as usual: Amid accusations of liberal court-packing, D.C. Circuit nominee Nina Pillard faced questions on abortion and religion during her testimony before the Senate Judiciary Committee. [USA Today]
* Biglaw isn’t as dead as we’ve been told and made to believe. Some of the largest firms are actually doing quite well, says American Lawyer’s editor-in-chief, who’d like her job to retain some meaning for now. [Am Law Daily]
* Fried Frank knew that it’d take a banker to pull the firm from its monetary funk, so it picked up David Greenwald, deputy general counsel of Goldman Sachs, to act as co-chair through 2015. [New York Law Journal]
* With the change in SEC policy, from allowing companies to use neither-admit-nor-deny language, to forcing them to admit guilt in “egregious” cases, lawyers may soon be very busy. [Corporate Counsel]
* Raj Rajaratnam is a firm believer in the “three strikes and you’re out” theory of law. A month after the Second Circuit affirmed his insider trading conviction, he’s asking for a rehearing en banc. [Bloomberg]
* Bernard Knight Jr., general counsel of the U.S. Patent and Trademark Office, will be taking his intellectual property talents to McDermott Will & Emery as a new — and rather cute — partner. Congratulations! [Corporate Counsel]
* The Securities and Exchange Commission has charged a Texas man in a Monopoly money Bitcoin-related Ponzi scheme. Unfortunately for him, the associated jail time for the crime isn’t virtual. [Wall Street Journal (sub. req.)]
* When applying to law school, it’s wise to have a unique personal statement topic. But considering the application cycle, you could probably get away with writing “LOL” and still get into the school of your choice. [Law Admissions Lowdown / U.S. News]
* Russia has granted NSA leaker Edward Snowden a pass to leave the Moscow airport’s transit zone. Be prepared to welcome borscht into your life, and be sure to always say spasibo. [Associated Press]
* Sorry folks, but Carlos Danger, more popularly known as Anthony Weiner, won’t be pulling out of the New York City mayoral race. I, for one, would love to see his AMAs on Reddit. [New York Times]
* It looks like Aaron Hernandez shot himself in the foot when lawyering up for a civil suit where he’s accused of shooting someone in the eye. His attorney specializes in banking litigation. [USA Today]
This is the moment we’ve been waiting for ever since Robert Khuzami left his gig as the Director of the SEC’s Division of Enforcement earlier this year. Now a Biglaw firm has signed him for big bucks (reportedly “more than $5 million a year”).
It’s like NFL Free Agency with less Deer Antler Spray and more lamentations over the revolving door between the government and the private sector…
* Though she be but little, she is fierce! Under Mary Jo White’s guidance, the Securities and Exchange Committee is now cracking down on financial fraud with a vengeance. [DealBook / New York Times]
* When a Biglaw firm’s chairman skeptically says, “Uh, OK, I mean, maybe,” with regard to a future increased demand for legal work, you know things are bad. We’ll have more on this later today. [New Republic]
* With Detroit’s downfall, vultures are swooping in left and right to snag clients. Firms retained thus far include Weil Gosthal, Arent Fox, Kirkland & Ellis, Winston & Strawn, and Sidley Austin. [Reuters]
* “I’m not a 100% sure this is legal.” Two law professors have come up with a revolutionary way for law students to finance legal education that sounds like it just might work. [WSJ Law Blog (sub. req.)]
* Normally when Biglaw firms and legal departments go to court over contested litigation, something’s gone wrong, but this summer, they’re trying to do some good in the world. [National Law Journal]
* Soon, it’ll be known as Western Michigan University Thomas M. Cooley Law School, but even with a new name, you’re still going to be Cooley, and there’s no recovery from that. [Lansing State Journal]
* In Greenwich, Connecticut, the fact that people buy homes where they want their kids to go to school isn’t a “complicated concept.” The schools’ racial diversity, on the other hand, is. [New York Times]
The SEC needs more resources to protect investors. It’s grossly undercapitalized and it doesn’t have money to hire the right people. Basically it’s a training ground, by the time people are qualified they leave and work for private firms.
They didn’t catch me because the whistleblower, Harry Markopolos, was leading them down the wrong alley. He was an idiot.
Ms. JD is hosting their 2nd annual cocktail benefit to raise money for the Global Education Fund. The event will be held on August 21, 2014 at 111 Minna in San Francisco. Our goal is to raise $20,000 to fund the legal educations of four dedicated law students in Uganda who count on our support to continue their studies at Makerere University during the 2014-15 academic year.
The Global Education Fund enable womens in developing countries to pursue legal educations who otherwise would not have access to further education. According to the World Bank, investment in education for girls has one of the highest rates of return to promote development. In Uganda, more than 45% of women over the age of 25 have no schooling at all, and men are more than twice as likely as women to have access to higher education. Together, we can work to end educational inequality. For more information about the program, please visit http://ms-jd.org/programs/global-education-fund/
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 seven years. You can reach them by email: email@example.com.
We at Kinney Asia have made a number of FCPA / White Collar US associate placements in Hong Kong / China thus far in 2014. Most of such placements have been commercial litigation associates from major US markets, fluent in Mandarin, switching to FCPA / White Collar litigation. Some have already had FCPA experience, but those are difficult candidates for firms to find (this will change in coming years as US firms are now promoting FCPA / White Collar to their 2L summers who are fluent in Mandarin and have an interest in transferring to China at some point).
Legal Week quoted Kinney’s Head of Asia, Evan Jowers, extensively in the following relevant article here.
There is a new trend in the market, though, where mid-level transactional US associates, fluent in spoken Mandarin and written Chinese, are interviewing for and in some cases landing junior FCPA / White Collar spots in Hong Kong / China at very top tier US firms.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.