* “This is a total victory not just for the C.F.T.C., but also for financial reform.” Regulators, mount up, because you basically just got a free pass to do your jobs and keep a more watchful and vigilant eye on Wall Street. [DealBook / New York Times]
* Last year, China officially surpassed the United States in terms of the number of patent applications filed. China’s probably surpassed the United States in terms of patents infringed, but that’s neither here nor there. [National Law Journal]
* And now we see why St. Louis University School of Law’s interim dean said he’d be donating his salary to the school. He’s no “butt boy” — he’s settled $25M worth of cases since the fall. [Madison-St. Clair Record]
* “Help me, I’m poor”: the Huffington Post’s army of unpaid bloggers will continue to be unpaid, because the Second Circuit recently affirmed the S.D.N.Y.’s decision to toss out their case. [WSJ Law Blog (sub. req.)]
* Diane von Furstenberg, the fashion designer behind luxury brand DVF, is suing an ex-distributor for selling her wares on the cheap to the likes of TJ Maxx and Marshalls. Ugh, cringe… that’s très déclassé. [Bloomberg]
This doesn’t mean the same thing in all parts of the world.
It’s not unusual for politicians to spew racist or ignorant invectives about people and cultures when one is unfortunate enough to hear them speaking to their “base.” That’s just the sad fact of political life, and saying horrible things about “other” people is neither new nor uniquely American. All over the world, there are politicians who make their mark by inflaming the passions of the dumbest among us.
What’s unusual about this election cycle is that so far, politicians have really doubled down on their divisive, hateful, or frankly stupid speech when the red meat intended for true believers gets picked up by more moderate sources. We’re seeing it with Mitt Romney and this ridiculous notion that the world can be divided up between makers and takers. We’re seeing it with Todd Akin who has stubbornly refused to shut that whole thing down. And I’m sure it’s happening in local races all around the country.
A tipster sent us something about one such local race. Debbie Riddle is running for reelection as a Texas State Representative. She’s got some views which are the very definition of racism towards the Afghan people. But it’s not surprising that an openly racist woman has been elected by the good people of Texas. What’s surprising is how comfortable she is being this hateful even when talking to a student and fellow American citizen who just happens to be not white.
I mean, I’m not as prejudiced against this guy as Debbie Riddle is, even though he goes to some law school I’ve barely heard of….
One of the things I said at orientation this year — straight out — is, ‘If you’re in here, you know what the job market is, you know what debt you’re piling up, and you need to make a decision.’ Don’t hesitate. If you’re not sure you have a passion for the law, do a re-evaluation in the first days so you can have your money back. We don’t want to take your money.
Maybe for some people, hearing that someone you’ve met was class valedictorian for high school, college, or law school is still impressive. I’m not one of those people, but maybe I’m in the minority. A controversy is currently brewing at Southern Methodist University’s Dedman School of Law over this year’s choice for valedictorian.
Some soon-to-be graduates are upset that a transfer student earned the title. It’s just not fair, they say, to swoop in after an easy-peasy year at some lower-ranked school and show up at a new school to demolish everyone else’s GPAs by comparison.
Let’s see the details of what’s happening down in Texas, and then take a poll: do you think transfer students should be able to earn the valedictorian title?
Back in September 2010, we bestowed Lawyer of the Day honors upon David J. Stern, aka Florida’s “Foreclosure King.” We noted Stern’s rise into the ranks of self-made millionaires, despite not having attended some fancy first-tier law school. (Stern graduated from the South Texas College of Law, a fourth-tier school.)
We marveled at Stern’s wealth: a $14 million mansion here, a $7 million condo there, Ferraris and Porsches galore, and a 130-foot, $20 million yacht. We noted that Stern, thanks to the success of his booming foreclosure-law practice, was “running financial circles around all those Stanford and NYU law grads who wound up as Biglaw partners.”
Alas, in the past few months, David Stern’s fortunes have taken a turn for the worse….
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, 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.
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…