There is no Frigate like a Book
To take us Lands away,
Nor any Coursers like a Page
Of prancing Poetry –
This Traverse may the poorest take
Without oppress of Toll –
How frugal is the Chariot
That bears a Human soul
* When in doubt, seek divine guidance and bet it all on black. Supreme Court Justice Antonin Scalia is going to be visiting Las Vegas this week, where he will attend a Red Mass and then head for the Strip. [Reno Gazette-Journal]
* After being limited on page length, a licensing expert opted to file a five-page cartoon brief in the Apple e-book case. This dude can retire, because he’s achieved legal baller status. [Bloomberg]
* James Hayes’s lawsuit over ICE’s alleged federal “frat house” has been sent to mediation for a possible settlement — but in real Greek life, he likely would’ve been peer pressured to de-pledge. [Washington Post]
* Bull’s-eye! Brooklyn Supreme Court Justice Arthur Schack has recused himself from a personal injury case where he was alleged to have called a Cozen O’Connor partner a “piece of sh*t.” [New York Law Journal]
* The case of the missing asterisk: an Ohio Court of Appeals candidate was fined for wearing judge’s robes in her campaign flyers because she failed to indicate her judicial status or lack thereof. [National Law Journal]
* How much does it cost to cover up and then begrudgingly deal with a child sex abuse scandal? The tab thus far for Penn State University is about $17M — $4M of which went to legal services and defense. [CBS News]
* Despite Villanova Law’s admissions scandal, the dean reports that the school has admitted its “highest-quality” class ever. You know it’s hard to believe anything you say about your data, right? [Philadelphia Inquirer]
‘This herpes thing is less embarrassing than my 72-day marriage to Kim Kardashian.’
* Want to know what they call the Supreme Court attorney who deals with requests for stays of execution? The death clerk. Paging John Grisham, because this guy’s nickname would make a great book title. [New York Times]
* “If you’re going to sue, it’s better to sue earlier rather than later.” Probably why battleground states like Florida, Iowa, Nevada, Ohio, Pennsylvania, and Wisconsin are in a tizzy over their election laws. [Washington Post]
* WikiLeaks or it didn’t happen: Bradley Manning’s lawyer has demanded that seven years be cut from his client’s prospective sentence due to allegations of improper treatment while in military custody. [The Guardian]
* Michigan Law’s Sarah Zearfoss, she of Wolverine Scholars fame, finds media coverage about the awful job market for recent law grads “really frustrating.” Try being unemployed. [Crain's Detroit Business (reg. req.)]
* Kris Humphries is being sued for allegedly giving a girl herpes. But alas, the plaintiff seems to have no idea who actually gave her the herp — four John Doe defendants are identified in the complaint, too. [Star Tribune]
* “Given the police idiocy, one wonders where the boobs really are.” A nude model who was arrested during a body-painting exhibition in Times Square won a $15K false-arrest settlement from the cops. [New York Post]
Back in the day, Ted Kennedy could cheat his ass off.
* ‘Unprecedented’ cheating at Harvard. Nice to know that Ted Kennedy’s spirit is alive and well in Cambridge. [Harvard Crimson]
* Court accidentally posts secret settlement. That’ll teach these courts from keeping secrets. [Boston Globe]
* Here is an appropriate response to a law firm brochure. [Lawprofblawg]
* Former News of the World lawyer arrested. You know, the problem with the News of the World scandal is that it’s one of those things that happens somewhere else and so Americans don’t care. Americans like me. [Wall Street Journal]
* Cincinnati law profs pass around the collection plate and come up with a scholarship for students. [Tax Prof Blawg]
* Citibank settled with its shareholders for being buying bad assets. In other news, Citibank bought a lot of bad assets. [Dealbreaker]
If you use Facebook, you’ve probably noticed the sponsored stories that periodically pop up within the site. These (IMHO annoying) ads are an important part of Facebook’s revenue strategy. But recently, the company got sued over the stories, for allegedly violating the law by publicizing — but not paying — users who “like” certain advertisers, and not providing a way to opt out of the program. A settlement plan was recently announced. But uh oh, the federal judge handling the case rejected the settlement on Friday. Why?
Maybe something to do with the plaintiffs attorneys getting $10 million, the actual plaintiffs getting nothing, and an overall sense that left the judge wondering if the terms were “merely plucked from thin air”….
Today at 5 p.m. is the deadline for former partners of the bankrupt Dewey & LeBoeuf law firm to sign up for the “Partner Contribution Plan.” Under the terms of the Plan, which in its latest iteration seeks $90.4 million in “clawbacks” from ex-partners, participating partners would contribute specified amounts to the Dewey bankruptcy estate in exchange for releases from future liability (to the Dewey estate, to other participating partners, and to Dewey lenders, thanks to recent revisions to the PCP).
When talk of the Plan first surfaced, I opined that “[s]uch a deal sounds reasonable in principle.” I later observed that even if the PCP might not be perfect, “[i]f you’re a productive partner, happily ensconced at a new and stable firm, and just want to forget the D&L debacle and return to serving your clients, this deal may Dewey the trick.”
But now, after numerous revisions to the Plan, seemingly endless extensions of the deadline to join, and a still-insufficient amount of participation, I’m beginning to think that maybe it just won’t fly — and Dewey should just be allowed to die, i.e., slip into a straight-up liquidation. Perhaps Dewey’s bankruptcy advisers should stop trying to flog a product that nobody seems interested in buying.
UPDATE (4:35 PM): It looks like the Dewey estate’s perseverance has paid off. The $50 million participation threshold has been reached.
Here’s one good thing about the Partner Contribution Plan: thanks to the PCP, we now have detailed information about how much each of Dewey’s partners received from the firm in 2011 and 2012. And yes, we’re willing to share the data for the top earners with you, in spreadsheet form.
Some people are big believers in the virtues of black-box compensation. But here at Above the Law, we’re all about transparency….
Back in September 2011, we mentioned to our readers via Morning Docket that Ronald Kratz II, a 680-pound man, had allegedly been fired because he was too fat. At that point, the Equal Employment Opportunity Commission had stepped in to sue on this gentleman’s behalf, because apparently his employer perceived his size as a disability.
Now, almost one year later, we’ve got an update on the status of Kratz’s lawsuit. His settlement check is almost as large as he was at the time he was terminated….
* Obama’s win for health care reform didn’t result in a polling bump for him, but it did result in an even higher disapproval rating for SCOTUS, at least as far as Republicans are concerned… [POLITCO; CBS News]
* … which may be why Chief Justice John Roberts escaped to “an impregnable island fortress” to avoid the Right’s fury, criticism, and scorn as soon as he could after the ACA opinion dropped. [New York Times]
* “[W]e have learned from the mistakes that were made.” That lesson only cost a few billion dollars. GlaxoSmithKline will pay $3B in the largest health-care fraud settlement in U.S. history. [Wall Street Journal]
* After losing a bid to quash a subpoena, Twitter has to turn over info about an #OWS protester’s tweets. OMG, please respond to that thing in 140 characters or less. [Bloomberg]
* Unlike most recent law school grads, Yale Law’s Vanessa Selbst hasn’t been hedging her bets in bar prep classes. Instead, she went all in, played her cards right, and won $244K at the World Series of Poker. [ESPN]
* Divorce really does bring out the best in people. Alec Baldwin says that if given the chance, he would murder his ex-wife Kim Basinger’s lawyer “with a baseball bat.” Gee, tell us how you really feel. [New York Post]
* Dewey retired partners with unfunded pensions get a seat at the table for this bankruptcy circus? Yeah, but only because the U.S. Trustee did something unheard of and appointed a committee of former partners as creditors. [WSJ Law Blog]
* Yesterday was definitely a great day to be gay on the east coast. In addition to the First Circuit’s DOMA decision, a New York appellate court ruled that being called gay is no longer defamatory per se. [New York Law Journal]
* Milberg is the latest firm to dump Paul Ceglia of Facebook lawsuit fame, but Dean Boland, his other lawyer, says the Biglaw firm just “serve[d] as a distraction.” Somebody please give this man a dislike button. [Buffalo News]
* Remember Kimberly Ireland, the Kansas attorney who falsely accused Judge Kevin Moriarty of waxing his gavel beneath the bench? She got a retroactive two-year suspension. [ABA Journal via Legal Profession Blog]
* Elizabeth Warren has confirmed that she told Harvard Law and Penn Law that she was a Native American, but only after she had been hired. She didn’t get any action of the affirmative variety, no sir. [Associated Press]
* Recent law school graduates are a little more desperate than we thought they were. At least 32 people have already applied for that BC Law job advertising a salary below minimum wage. [Boston Business Journal]
* Activision settled a lawsuit with two Call of Duty developers, but isn’t worried about an effect on its financials due to a strong third quarter performance. And you can thank your damn Elite packages for that. [PCMag]
* Rob me once, shame on you; rob me twice, shame on me? Supreme Court Justice Stephen Breyer was robbed for a second time, but this time as the victim of a burglary on May 4. [Thomson Reuters News & Insight]
* Dewey know when this ship is finally going to capsize (so we can stop making these puns)? Two of D&L’s Hong Kong partners have decided to defect to DLA Piper, and more may be joining them soon. [Asian Lawyer]
* He might’ve been a “bad husband,” but that doesn’t mean he’s guilty. The jury in John Edwards’s campaign finance trial will begin deliberating today. Let’s see if they convict him of being more than an adulterer. [CNN]
* After his citizenship stunt, Eduardo Saverin can look forward to being defriended by the United States — not like that’s a bad thing, because to be honest, the movie version of him is much cuter. [New York Daily News]
* And this is why lawyers shouldn’t try to be funny. Safeway’s General Counsel, Robert Gordon, is being branded a sexist for telling a recycled joke about pigs and D.C.’s most powerful women. [Corporate Counsel]
* A three month suspension has been recommended for a former Treasury Department attorney who attempted to steal ties from Nordstrom. What, he couldn’t spring for a Neiman’s run? [National Law Journal]
* If you bought those stupid ass Skechers Shape-Up shoes in the hope that your booty would look like Kim Kardashian’s, you can get a piece of the $40M settlement. Not bitter, not at all. [Los Angeles Times]
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: asia@kinneyrecruiting.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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