Over the years, we’ve covered many Biglaw employees who have been accused or convicted of insider trading. This should come as no surprise, given the confidential and market-moving information that regularly flows through the hallways and computers of leading law firms.
The latest accusations of insider trading involve a lawyer who worked at a white-shoe law firm. This individual stands accused of taking confidential information he was privy to by virtue of his work and passing it along through a middleman to a broker, who then allegedly traded on it. According to the Securities and Exchange Commission, the scheme generated over $5.6 million in illegal profits, with over $168,000 going to the Biglaw tipster.
At which elite law firm did this defendant work, and from which school did he receive his law degree?
O frabjous day! Callooh! Callay! On Friday, California bar exam results came out (and 55.8% of applicants passed, with a pass rate of 68% for first-time takers, meaning that just one stat is up (barely) from last year’s results). And today, we’ve finally got a list of the passage rates for the July 2013 administration of the New York bar exam by law school.
In 2012, more than half of the state’s law schools saw their pass rates take a tumble. In 2013, more than half of the state’s law schools were able to improve their pass rates, and in some cases, by epic proportions. The state’s overall pass rate for first-time takers jumped by two percentage points.
So which law schools’ pass rates climbed, and by how much? And which school sank like a stone?
Ed. note: In honor of Columbus Day (and Canadian Thanksgiving), Above the Law will be on a reduced publication schedule today. We will be back in full force tomorrow.
* Justice stops for no one, not even a broken Congress. With the end of days approaching quickly for federal courts in terms of funding (or the lack thereof), many judges are lashing out and declaring all their employees essential. [National Law Journal]
* Legal expenses can be especially “painful,” even for the biggest of banks, but sadist firms like Sullivan & Cromwell, Paul Weiss, and WilmerHale are really getting their rocks off on Jamie Dimon’s suffering. [DealBook / New York Times]
* DLA Piper’s future’s so bright it’s got to wear shades — and appoint a new co-managing partner in New York City, its largest office. Congratulations to Richard Hans, you’ve co-made it! [New York Law Journal]
* “It’s not just about me.” Jim Tanner, a Williams & Connolly partner who represents Jeremy Lin, is leaving the firm to start his own sports management business, and he’s taking people with him. [Bloomberg]
* “I have no apologies to make about anything I did.” Steven Donziger of Chevron/Ecuador infamy will be defending himself in court this week in what’s being called a legal cage match. [Wall Street Journal]
* “Touro is asking a judge to declare the school a diploma mill.” Irony alert: Touro wants Novus University Law School, a school supposedly conferring “worthless law degrees,” to be stopped. [New York Post]
* If you think SCOTUS abused its discretion in the early abortion cases, you’re going to love this book (affiliate link), a “cautionary tale” about consequences of decisions like Roe v. Wade. [Wall Street Journal]
* The speed (or lack thereof) of justice: The DOJ filed suit against Bank of America, alleging that the bank defrauded mortgage-backed securities investors in 2008. [DealBook / New York Times]
* Sri Srinivasan, the newest member of the D.C. Circuit’s bench, is getting ready to hear his first arguments, while litigants try to commit the spelling of his last name to memory. [Legal Times]
* The LSAT is not to blame for the dearth of minority enrollment in law schools, said a UVA Law professor, and then a Cooley Law professor had to swoop in to slap him down. [National Law Journal]
* After teaming up with Touro, the University of Central Florida is working with Barry on an accelerated degree program. The dean of FAMU is upset. Don’t worry, you’ll get your turn, too. [Orlando Sentinel]
* New Jersey is in no rush to legalize gay marriage. To support their views, officials point out that people with civil unions are just like married couples — except for the married part. [New Jersey Law Journal]
* Meanwhile, a judge in Illinois will decide whether she’ll dismiss a challenge to the state’s gay marriage ban by the end of September. In her defense, early fall is a great time for a wedding. [Daily Herald]
* Belvin Perry, the judge who presided over the Casey Anthony murder trial, may be getting his own Judge Judy-esque television show. Oh, Flori-duh, you never, ever cease to entertain us. [MSN News]
I feel like you could do a whole reality series on moot court participants. You could call it “So I Didn’t Make Law Review,” then just film the moot court people as they try to justify moot court participation as a valuable thing that employers really care about.
Come on, we all know people who take “pretend court” very seriously, secretly thinking that their experience is actually even more valuable than law review… because pretending to do appellate argument is sooooo very much like what a first-year associate does every day.
Today, we have a Touro Moot Court student taking the “very seriously” to the next level. This student has decided to criticize other moot court students for not taking moot court seriously enough. I’m not making that up, we’ve got a person who couldn’t make law review at Touro criticizing other Touro students for not making the most of their Touro experience…
New York City is the logical starting point for this occasional series highlighting law schools in specific locales. New Yorkers’ self-regard is bloated enough to believe they are at the Center of the Universe and that everything that happens there is naturally interesting to everyone, everywhere. The ATL Insider Survey asks, among other things, current law students to rate how their schools are doing in terms of academics, career counseling, financial aid advising, practical/clinical training, and social life.
Candidate Mindy Meyer — slogan “I’m Senator and I Know It,” in diamond bedazzling — is running for New York State Senate, on both the Republican and Conservative Party lines. Meyer is a former judicial intern for the Honorable Judge Rivera in the Kings County Supreme Court and currently attends the Touro College Jacob D. Fuchsberg Law Center in Central Islip, New York. If elected, she pledges to transfer to Albany to continue her studies. Fair enough. It’s not like the New York legislature does enough work to interfere with a full-time law school credit load….
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.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
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.