If I spend time reminiscing about the wayback times — all the way back to when I was a summer associate — I am reminded that one of the benefits of litigation (at least as described to me by an older associate nearly a decade ago) was supposed to be that it was recession proof. Meaning that just when the deals that characterize good economic times were slowing down that was when the real litigation would begin. So you’d be busy with new cases created by deals gone bad while your friends that joined corporate departments would find themselves without work to do at the same time a firm might be looking to make some cuts.
Now that didn’t prove quite true — when it’s time for Biglaw to do layoffs, litigation personnel find themselves as much at risk as every other department. But it is accurate that we do see an uptick in litigation after bad economic events. After all, it was only about two years ago when nearly every document reviewer or contract attorney found themselves on cases dealing with residential mortgage backed securities (RMBS). Yes, those same deals that nearly crippled the economy spawned massive litigation that kept food on my table. It didn’t matter what firm, agency or even city you worked for/in all the big document review projects seemed to be about RMBS. Now that that boom is nearly over we are left to wonder — what questionable business practice will lead to tomorrow’s doc review boom?
I just got back from visiting my family in Indiana. While I was out there, I was reminded that while “Naptown” is actually fairly diverse in terms of color, it’s shockingly devoid of religious diversity. There aren’t a lot of Jews in Indianapolis. When I lived in Indy (for 13 months and nine days… not that I was counting), it struck me that people would believe pretty much any Eric Cartman-level stereotype about Jewish people. They all wore pouches with gold coins around their necks? Why not! My classmates would believe almost anything I said about Jewish people — since I was from New York, which is apparently a Zionist capital city. (They’d also believe almost anything I said about living in New York, like “there are underground cites in the subway tunnels” and “radiation levels are higher” there.)
So, here’s a question: would it have been “offensive” if my high school had “Jewish sensitivity day,” and class was all about dispelling really stupid and offensive myths about Jewish people? “Here, class, is a Jewish-American. As we can clearly see, there are no hooves or horns.”
Now, I think the answer to my question is, “Yes! Clearly! It would have been horribly offensive.” But on the other hand, people can be really, really stupid about cultures they haven’t been exposed to.
This question is going to face a California court thanks to a discrimination lawsuit filed by three Hispanic employees at Target. The employees claim, and Target admits, to keeping a list of “minority tips” that’s crazy offensive. But I don’t know, depending on how dumb the white people were that worked at Target, maybe they needed this kind of remedial help?
* Thanks to the slow transactional markets in Western Europe, Magic Circle firms like Allen & Overy, Linklaters, and Clifford Chance are struggling to pull a rabbit out of a hat in terms of gross revenue and profits. [Am Law Daily]
* If at first you don’t succeed because of John Ashcroft, try, try again. Former Missouri Supreme Court Judge Ronnie White is once again being considered for the federal bench in St. Louis. Good luck! [Missouri Lawyers Weekly]
* In case you’ve been sleeping under a rock, Boston bombing suspect Dzhokhar Tsarnaev pleaded not guilty to murder charges. He’s looking at life in prison or the death penalty. [Bloomberg]
* Target, if you’re wondering why you’re getting sued, it’s because of this alleged memo explaining that not all Hispanic employees eat tacos, dance to salsa, and wear sombreros. [Huffington Post]
* “Please don’t be hung” is a solemn prayer that’s only useful to a woman whose case is on re-trial. Ex-Bengals cheerleader Sarah Jones’s defamation suit was sent to the jury. [Associated Press]
* The Kardashians are suing their father’s widow for allegedly trying to exploit his diary — because the Kardashians object to anything exploitative. [Courthouse News Service]
* Judge Edward Korman ruled that the FDA must stop requiring those under 17 years old to present a prescription for the morning after pill. MTV’s programming executives plan to appeal. [Huffington Post]
* Wow. A partner at Alston & Bird decided to take to Facebook to troll a solo practitioner. Because that’s not douchey at all. [Rowland Legal]
* Do litigators really need instruction not to scream at witnesses? [Roll on Friday]
* A school in Massachusetts privatized school lunches, and then that company told its workers to dump the food of students who were in default on their lunch tickets. America! F**k Yeah! [Lawyers, Guns and Money]
* Illegalities sums up the malaise of being a Biglaw associate with this reblog. [Illegalities]
* Target learns the value of editing after labeling plus-sized dresses with the word “Manatee.” [Forbes]
* After the jump, watch Elie discuss his take on Democrats just coming around to supporting gay rights. Maybe McKayla Maroney rubbed off on Elie during their interview, because in this segment, he’s not impressed….
* In America, we’re trying to get official recognition for gay marriage. In Scotland, they’re trying to get official recognition for weddings performed by Jedi Knights. Please, by all means, proceed to stroke each other’s lightsabers over this exciting nerd news. [Volokh Conspiracy]
* Oh my god, this is something I’m definitely going to have to sit down and read, it looks so salacious and — oh. *eyeroll* This just in from the subtitle letdown department…. [Overlawyered]
* A political consultant in Nebraska apparently got himself fired because he called Sen. Danielle Conrad a C-U-Next-Tuesday on his Facebook page. That was way harsh, Tai. [Jezebel]
* Click here to listen to Professor Brian Tamanaha and Dean Lawrence Mitchell talk about rethinking the future of legal education. Tamanaha thinks the tuition is too damn high, whereas Dean Mitchell simply thinks that “life is expensive.” Not even kidding, he really said that. [Associate's Mind]
* At Target, you can definitely expect more and pay less, but that’s probably because your money’s allegedly being stolen out of the cash register. [Legal Juice]
* And just because I love just about everything that Lindsay Lohan does because she’s the hottest of all messes, here’s a timeline of her mug shots ranked in order of her sex appeal. I love that we live in a world where such a thing actually exists! [Gawker]
Over the holidays, a certain picture blew up on Reddit. Other bloggers have noted it already, but if you are just getting back into your normal routine, you might have missed it.
It’s just a picture of a guy at what he claims is his first job after getting his law degree. If you are a regular reader of Above the Law, you already know I’m NOT about to show you a picture of a guy in a suit sitting at his desk. But for the uninitiated, this picture is still a jarring reminder of the terrible job market for recent law graduates….
Has everybody in the world raised their hands yet? Congratulations — your email address may have been stolen.
There was a data breach at Epsilon, a Texas-based marketing firm, last weekend, exposing the names and email addresses of potentially millions of their clients’ customers. I first found out about it when Chase emailed me. You might have gotten a similar alert from one of the affected companies.
Read part of the bank’s announcement and more about the breach, after the jump.
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
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: