Tax Law

Every so often, people ask us about the “value” of getting an LL.M. degree. Our answer has remained pretty consistent. Is it a tax LL.M. from Georgetown or NYU? No? Then save your money and buy something valuable like gold or drugs. See this graphic (click to enlarge):

Photo credit: some dude on TLS.

But still, people ask: “Is it worth it to get an LL.M. degree?” And obviously, there are a bunch of people who put down good money chasing an extra credential that has little to no impact on their job prospects.

Why? Well, the simplest answer is that LL.M.s are extremely valuable to law school budgets. LL.M.s are so lucrative for law schools that law school deans are willing to lie or become willfully ignorant as to the employment opportunities generated by an expensive post-law school degree.

The National Law Journal made that EXTREMELY OBVIOUS point yesterday (again)….

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It’s one of the biggest cons going around. I cringe whenever I hear it. A lawyer laughs and says, “I’m not good with numbers — that’s why I became a lawyer.”

On the surface, it seems to make sense; it sounds like it should be true. For some, it might even be true. After all, the last time we used quadratic equations was back when loafers on bare feet were considered desirable footwear (thanks Don Johnson).

In-house lawyers should never, ever say they’re bad at math — even those who really are. After all, business people are preoccupied with numbers. As an in-house lawyer, telling a business person that you’re bad at math is like telling them you don’t care about the most important thing that everyone else in your company cares about, and if your company is publicly listed, what every investor in your company cares about — the company’s numbers….

double red triangle arrows Continue reading “Moonlighting: Things Not to Say In-House – ‘I’m Bad at Math’”

* Merry Christmas! House Republicans will get one less lump of coal in their stockings this year after accepting a two-month extension of unemployment benefits and payroll tax cuts. [New York Times]

* Another birther lawsuit has been thrown out, but Orly Taitz won’t be stopped. She’s like the Energizer Bunny of questionable litigation. She’ll keep appealing, and appealing, and appealing… [Los Angeles Times]

* John Edwards is trying to delay his criminal trial, claiming to have a mystery medical diagnosis. What kind of disease does karma hand you for cheating on your sick wife? [New York Daily News]

* Nora Demleitner will be will be stepping in as the new dean of Washington and Lee University School of Law. Hofstra Law, you M.A.D.? [National Law Journal]

* Is the American Bar Association really driving up the cost of law school tuition, or is it the law schools themselves? Here are some graphs that might surprise you. [Am Law Daily]

... but it will never be granted.

* Most Americans can look forward to a tax increase in 2012 because our elected officials would rather bicker with each other than do their jobs. Happy freakin’ New Year! [Los Angeles Times]

* Duncan Law’s dean sheds some light on why the ABA might have denied the school provisional accreditation. Come on, what’s not to like about a median LSAT of 147? [National Law Journal]

* Umar Farouk Abdulmutallab, the failed underwear bomber, has put in some special requests for a new lawyer. Beggars can’t really be choosers, though, so I wouldn’t count on it, buddy. [Reuters]

* More ex-NFL players are suing over brain injuries. You shouldn’t be allowed to sue over your career in football when you knew that a helmet was a required part of your uniform. [Bloomberg]

* If everyone with a professional degree could sue over lost sleep and long hours, then almost every lawyer in the country would be a plaintiff, especially those in Biglaw. [New York Post]

Herman Cain: Do you miss him yet?

* It’d be easy to say “a former Tea Party candidate posted about assassinating the President.” But it’s probably more accurate to say a crazy, racist, loony person scrawled something naughty on Facebook and is now in trouble. [Huffington Post]

* I’d like to buy this, and then use it to TP Herman Cain’s house while screaming, “It’s less complicated than your sex life!” [Tax Prof Blog]

* I wonder if, a generation from now, people will look back on Citizens United like Plessy v. Ferguson. Like, there will still be a few holdouts saying, “money is speech now, money is speech forever,” but most of society will have moved on to a more enlightened state. [Congressman John Yarmuth]

In my lifetime, Kobe has been one of the most fun players to not like.

* Maybe all we need is a simple Constitutional amendment clarifying that “only people are people.” Corporations are not people. Animals are not people. Artificially intelligent robots who one day rise up to threaten humanity’s existence are not people. [Miller-McCune]

* Oh, Kobe. When you beat a rape rap yet still have to publicly admit you bang hoteliers in Vail, you should just get divorced right then and there. No number of diamond nor championship rings is going to put that back together. She’s still going to kill you in the divorce, and all you’ve bought yourself is a few extra years of living with a woman who openly hates you. [L.A. Now via ABA Journal]

* You think bloggers suffer from group think too much? I vote for 2012 being the year when the mainstream media stops stealing story ideas from the blogs (without credit), and does some actual original reporting again. You know, like they are supposed to with their huge staffs and massive budgets. [What About Clients?]

According to the over 900 respondents to the Career Center survey, only 16% reported working on Thanksgiving Day. That means a whopping 84% of you took the day off for feasting with family and friends. However, of these respondents, 24% said they did have to work the day after Thanksgiving, but still, that’s an impressive 60% who took full advantage of the four-day weekend.

If you’ve been following our holiday surveys this year, Thanksgiving Day is the clear winner so far. Just compare the 16% of survey respondents who worked on Thanksgiving Day with the 48% of survey respondents who worked on Labor Day, the 35% of survey respondents who worked on the Fourth of July, the 73% of respondents who worked on Presidents’ Day, and the 66% of respondents who worked on MLK Day.

The top reasons for missing out on the Thanksgiving festivities were….

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* John Wilkes Booth. Lee Harvey Oswald. Oscar Ortega-Hernandez. Sorry, Oscar, you have three names, but you didn’t actually kill the president, so you don’t get to join the club. [New York Times]

* Former SCOTUS clerk Roy McLeese III has been nominated for a seat on the D.C. Court of Appeals. I don’t have an opinion on this yet because I can’t tell if he’s cute. [Blog of Legal Times]

* Do you really think that the .XXX domain is going to have any remarkable effect on the online porn industry? Besides more men with sticky keyboards and angry girlfriends, what’s the problem? [CNET]

* USC Law won’t be adding a tax LL.M. program. Because just dying is more advisable than adding additional debt to your name under the school’s debt solution plan. [National Law Journal]

* Wishing a very happy holiday season to you and yours with this top-of-the-line molotov snow globe. Hallmark: When You Care Enough to Send the Very Best. [New York Daily News]

It’s late October, so Biglaw bonus news could drop any day now. In 2010, Cravath didn’t kick off the season until November 22. But back in 2009, Cravath announced bonuses on November 2. And in 2007 — yes, the glory days, before the Great Recession — Cravath announced bonuses, regular and “special,” on October 29.

In light of the economic gloom and doom, including the possibility of a double-dip recession, it wouldn’t be shocking if bonuses are modest this year. Better to conserve the cash and avoid layoffs, right? Or maybe repeat what happened in 2010 and save some money for spring bonuses in a few months, when firms might have a better idea of the direction of the economy?

Regardless of how bonuses turn out, there are other pockets of good news in the world of large law firms — even news requiring law firms to open their wallets. Check out the growing number of firms that offer the perk we’ve dubbed the gay gross-up….

double red triangle arrows Continue reading “Biglaw Perk Watch: Has the Gay Gross-Up Hit the Tipping Point?”

Stop sexually harassing me.

* Now trending on the Election 2012 campaign trail for Republicans: attacks on the federal court system. Be prepared for SCOTUS term limits and other ridiculous propositions. [New York Times]

* After some bratty behavior from MGA Entertainment, Orrick was allowed to withdraw as counsel. Maybe they’re using the unpaid $3.85M in legal fees to buy noses for their dolls. [WSJ Law Blog]

* Paul Ceglia’s latest lawyer, Dean Boylan, is used to working with fabricated evidence. He was just ordered to pay $300K in damages for creating some fake kiddie porn. [Bloomberg]

* Cate Edwards got married this weekend. Was daddy sporting another $400 haircut when he walked her down the aisle? [Hollywood Reporter]

* Who wins the prize for being the number one deadbeat taxpayer in New York’s Upper West Side? A lawyer with $1.2M in tax liens, that’s who. [New York Post]

* “It would be better if you didn’t wear any underwear to work.” The trials and tribulations of being a female bartender in Manhattan, now brought to you in lawsuit form. [New York Daily News]

A war hero comes home.

* Lawyers with four to seven years of experience are apparently now in demand. You know why? BECAUSE THEY FIRED ALL OF THEM TWO YEARS AGO! [WSJ Law Blog]

* Occupy Wall Street is now getting free hugs. It’s like, when you register as a liberal, somebody comes in the night and shoves your testicles back up inside you. [Dealbreaker]

* I dream of a day when eyewitness testimony is viewed as unreliable as DNA evidence is now thought to be reliable. [An Associate's Mind]

* If you are a lawyer, it’s really never about you. [What About Clients?]

Morgan Chu

* Even in the extremely unlikely scenario that one of these radical tax plans is adopted, tax lawyers will still find work. Believe it. [Going Concern]

* Morgan Chu, the hotshot Irell & Manella partner accused of sexual harassment, won a motion to compel arbitration of the dispute. [Law360 (subscription)]

* If you took the “over” on the cold day in Hell when BP is allowed to drill in the Gulf again, you’re gonna lose that bet. [New York Times]

* It’s a bit anticlimactic. And we’ve been pulled apart by political divisiveness. But we are just about done with the Iraq War! Yay? Ticker tape in Times Square, or is it going to be all, “Welcome home, while you were away we misplaced all the jobs and money”? [Politico]

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