* “We’re in uncharted waters.” Following a split vote down party lines, the House of Representatives authorized Speaker Boehner to move ahead with his lawsuit against President Obama. [WSJ Law Blog]
* “Vultures! Don’t take our pound of flesh.” Despite last-minute settlement talks, it seems Argentina has defaulted on its debt for the second time in 13 years. Oopsie! [DealBook / New York Times]
* The U.S. Patent and Trademark Office has added 19 additional schools to its law school clinic certification pilot program. IP is hot right now, so congrats if your school made the cut. [USPTO.gov]
* What are some of the pros of working before going to law school? Well, if you can’t get a job after you graduate, you can go back to your old field, so that’s a plus. [Law Admissions Lowdown / U.S. News]
* California probate attorneys’ hearts were all aflutter following Shelly Sterling’s win against her husband, specifically because of the new precedents the Clippers case left in its wake. [National Law Journal]
* From Big Government to Biglaw: Our congratulations go out to Benjamin Horwich, most recently of the Office of the Solicitor General at the U.S. Department of Justice, as he joins Munger Tolles & Olson as counsel. Nice work. [Munger Tolles & Olson]
* The number of law school applicants took a nose dive for the fourth year in a row, this time by 8 percent, summarily crushing the hopes and dreams of law deans praying for a change of their otherwise most dismal fortunes. [National Law Journal]
* Considering the latest slump in applicants, whether a law school evaluates your average LSAT score or highest LSAT score matters little. Admissions officers will jump for joy that you have a pulse. [Law Admissions Lowdown / U.S. News]
* “You don’t have to convict on every count to have a win.” Azamat Tazhayakov, friend of accused Boston Marathon bomber Dzhokhar Tsarnaev, was convicted of obstruction and conspiracy to obstruct justice. [Bloomberg]
* Per documents filed by a lawyer appointed to represent Philip Seymour Hoffman’s children, the actor didn’t set aside money for them because he didn’t want them to become “trust fund kids.” [New York Post]
Fancy a bit of history, old sport? The Great Gatsby was first published on April 10, 1925. Spoiler alert! The book’s title character, a mysterious young millionaire named Jay Gatsby, does not survive the novel, dying unexpectedly at the age of 32. Gatsby — a bachelor who spent his money on lavish parties at his mansion — presumably died without a will. This week, On Remand looks back at The Great Gatsby and the story of another mysterious magnate who died without a will. Or did he?
Ascension to Biglaw partnership demands, obviously and above all, an enormous amount of first-rate legal work, in addition to political savvy, endurance, timing, and luck. A would-be partner’s chosen practice area also undoubtedly plays no small role. If firm leadership believes that there will be a spate of major Chapter 11 filings or trademark litigations on the horizon, obviously that will redound to the benefit of the potential bankruptcy or IP partners (although, as recent news reflects, partnership isn’t necessarily the lucrative, secure lifetime position it once was).
Late last year, ATL took a close look at the newly minted partner classes for the Vault 10 firms. Despite the great profitability and prestige of this select group, it is difficult to draw conclusions about the general direction of the legal market from the composition of these partnership classes. First of all, this is a small sample size. Second, we are witnessing an important shift in the allocation of the business within the market. A recent AdvanceLaw survey of general counsel at major global corporations found that three-quarters of general counsel were inclined to engage “less-pedigreed” firms (e.g., outside the Vault 10 or Magic Circle) for “high stakes” legal work. This survey of GCs (including those from Google, Nike, 3M, Unilever and Deutsche Bank) indicated their willingness to engage firms lower down the Biglaw totem pole.
Because of the apparent diminishment of the brand value of the most historically prestigious firms, as well as the broader trends toward disaggregation and unbundling of legal services, one must account for a larger set of law firms in order to see the fullest picture of the market for high-end legal services. With that in mind, today we look at the practice areas of the entire Biglaw partnership class of 2013….
* With all the focus on law schools, medical schools are quietly dropping the last year of schooling. If they can cut out a year of learning how to keep people alive, we can drop a year of learning Jane Austen and the Law. [The Atlantic]
* MoFo lost a T&E team to Shartsis Friese. Hmm…. Maybe Shartsis should put ego aside and let Friese have his day in the sun. [Am Law Daily]
* Congrats to Bayan Alzahran, the first licensed female lawyer in Saudi Arabia. Soon she’ll be valiantly trying to keep people from being stoned to death with the best of them. [Al Arabiya]
Lex Luthor celebrates his purchase of the Washington Post.
* The Washington Post’s website was hacked by supporters of Syrian President Bashar al-Assad in what was apparently supposed to be a coordinated attack on Western media outlets. This marks the second time in 10 days that the Post has been brutally taken over by Internet geeks. [Washington Post]
* An 18-year-old girl took to Facebook to suggest that a 15-year-old girl has herpes. She was convicted of harassment. Putting aside all the hand-wringing over cyberbullying and the First Amendment, what kind of loser Senior is feeling threatened by a Sophomore? [IT-Lex]
* New Mexico’s Supreme Court would like to remind everybody that “not speaking English” is not an acceptable method of escaping jury duty. So stop practicing Klingon to get out of your jury summons. [FedSoc Blog]
* The Eminent Domain issues surrounding building a giant wall to keep out the giant inter-dimensional monsters from Pacific Rim. I’ll be damned if they obstruct the view from my beach house just because a 10-story hellbeast is sauntering out of the water! [Law and the Multiverse]
* Screwing around on a laptop during class can lead to as much as an 11 percent decline in attentiveness. It was so much easier to pay attention when we just had pen and paper and spent the whole class playing Dots and Boxes. [PrawfsBlawg]
* Mississippi police are on the hunt for someone managing a parody Twitter account mocking a couple of local politicians. Congratulations Mississippi! You’ve solved all the other crime problems and can turn to stroking the egos of butthurt politicians. [The Daily Dolt]
* Are you interested in being a trusts & estates lawyer in the Bay Area? Are you interested in making about $5/hr? Then we’ve got the firm for you! Screenshot after the jump in case this link gets taken down…
325 West 52nd Street: modest on the outside, fabulous on the inside.
These are challenging times for print journalism. The Boston Globe, which the New York Times acquired in 1993 for $1.1 billion, recently sold for $70 million (or perhaps negative $40 million, as Matt Yglesias suggests). Jeff Bezos just bought the Washington Post for $250 million, a fraction of its former worth (and he may have paid four times its true value).
But print journalism was good to many people for many years. In the glory days of magazine writing, publications would pay several dollars a word for features that were thousands of words long. These generous fees might explain how a prominent magazine journalist amassed enough cash to buy a four-bedroom apartment Manhattan, which he recently sold to a law firm associate for just under $2 million.
That’s a sizable chunk of change for a young lawyer. How many sixth-year associates can afford $2 million apartments? Let’s learn more of the facts….
Ed. note: This is the latest installment of The ATL Interrogatories, brought to you by Lateral Link. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.
Rob Romanoff is Managing Partner of Chicago-based Levenfeld Pearlstein, LLC. He is also a partner in the firm’s Trusts & Estates Group. Rob has extensive experience in estate, gift and income tax planning and broad-based wealth transfer planning for high net worth individuals and owners of closely held businesses and their families. Rob is a fellow in the American College of Trust and Estate Counsel (ACTEC).
Friendly reminder: Mother’s Day is this Sunday. If you haven’t done so already, you should buy your cards or gifts — and make your brunch reservations — NOW.
In honor of this occasion, we bring you an interview with a working mother whose professional journey is nothing short of remarkable. She went from working as a law firm switchboard operator to becoming the first woman partner of Cravath, Swaine & Moore….
* Incest is best when kept in the family. So go ahead and adopt your girlfriend. [Lowering the Bar]
* “Your Honor, I’d like my dong stricken from the record.” [OC Weekly]
* A slick recap of how completely screwed the legal industry is right now, by Axiom Law (via Bruce MacEwen). [Adam Smith, Esq.]
* On a personal note, as a debate coach myself, congratulations to everyone involved with the Emporia State debate team for becoming the first team ever to win both national championship tournaments (by way of analogy the “U.S. Open” and “The Masters”) for the same year. [Associated Press]
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: firstname.lastname@example.org.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.