Joe Flom, R.I.P. — and R.I.C.H. As you might expect from the name partner of one of the world’s largest and most lucrative law firms, Flom left behind a vast fortune.
It might seem tacky to talk about this. But that hasn’t stopped us before given Flom’s commitment to charity, it’s actually heartwarming to see all of the worthy causes that will be receiving much-needed funds from the Flom estate.
So how much are we talking about? And who are beneficiaries of his will?
Ed. note: This is the latest installment of Size Matters, one of Above the Law’s new columns for small-firm lawyers.
As I have previously discussed, one thing I wish to accomplish with this column (in addition to the instant boost of self-esteem I receive whenever I read a comment) is to provide specific information to attorneys considering small firms. To that end, meet Ray Prather and Daniel Ebner, principals of Prather Ebner LLP.
Ray Prather was a successful solo practitioner specializing in estate and trust planning. Dan Ebner, an HLS grad and former district court clerk, was a Kirkland & Ellis associate. Realizing that their backgrounds complemented each other — that Prather had experience in running a small firm, and that Ebner had a valuable referral source in Biglaw connections — these partners in life decided to become partners in law.
Let’s face it: the best thing about dying is that you are reunited with your loved ones on a puffy cloud get to control people from beyond the grave. I don’t look forward to dying, but the one thing that brings me comfort is knowing that my funeral playlist will be epic, as I’ve taken the liberty of including it in my will (Thong Song, Pour Some Sugar on Me, Red Red Wine, Mambo #5, etc.).
Elizabeth Edwards, who died on December 7th after losing her battle with breast cancer, didn’t exactly pull a Leona Helmsley, screw her children and leave nearly everything to her dog. But she did exact revenge on her cheating, megalomaniac estranged husband:
Elizabeth Edwards left everything to her children, with no mention of her estranged husband, John Edwards, in her will.
“All of my furniture, furnishings, household goods, jewelry, china, silverware and personal effects and any automobiles … to be divided among them …” Edwards says in the document dated December 1.
Yowza. Not even an “I acknowledge my husband, John Edwards, whom I intentionally omit from this will” put in for good measure. In the words of MTV’s best dating show: John, You Are Dismissed…
As we mentioned last week, Above the Law, in cooperation with our friends at ALI-ABA, will be assisting you with your Continuing Legal Education needs. We regularly review the comprehensive CLE offerings of ALI-ABA and pick out selected courses that look particularly interesting to us. Here are the two for this week:
Estate Planning 101: Practical Strategies for Estate and Gift Planning: Due to the demise of the estate tax in 2010 and the resulting complications, this area of law has gotten very tricky. Not every client has the impeccable estate planning sense of George Steinbrenner. If you’re new to estate planning, if you’re a seasoned attorney looking for a refresher, or if you just want a basic working knowledge of estate planning and related tax issues — perhaps you expect to come into an inheritance in the next few years? — you should check out this course.
Public Speaking and Oral Advocacy: How To Do It Well: Effective public speaking is a skill that every lawyer, regardless of practice area, needs to possess. This reasonably priced course will teach you what you need to know. And really, knocking off some CLE hours while also learning how to speak nicely — in a bar or at the bar — is a no-brainer.
Both of these courses are taking place this week, so don’t delay on registering. You can take them live, in New York City (Estate Planning) or Philadelphia (Public Speaking), or you can access them as live video webcasts. To learn more, click on the links below.
Over on Am Law, The Careerist has been doing a series of interviews with hiring partners at Biglaw firms. They are fun reads, at least if you like to see the extreme hubris exhibited by hiring partners during this buyers’ market for fresh associate talent. A month ago, Jones Day’s hiring partner gave a really good interview, one that sounded much more badass before JD popped its layoff cherry.
Despite her death back in February 2007, Anna Nicole Smith (aka Vickie Lynn Marshall) continues to make headlines. From the Ninth Circuit comes bad news for her former lawyer (and lover) Howard K. Stern, and her daughter, Daniellynn. From E! Online:
[A court] said today that the estate of Anna Nicole Smith is not entitled to the $300 million-plus judgment previously awarded from her late oil tycoon hubby’s billion-dollar estate.
The court battle over Texas oilman J. Howard Marshall II’s millions has been ongoing since 1995.
You can download the opinion from the Ninth Circuit here [PDF]. You’ll see a familiar name on the list of counsel.
Kathleen Sullivan, new name partner at Quinn Emanuel, filed an amicus brief in the case for the Washington Legal Foundation, arguing in support of the decision by the Texas probate court that originally denied Smith’s claim to Marshall’s $1.6 billion fortune.
UPDATE: Congratulations to Dechert partner G. Eric Brunstad, the veteran Supreme Court litigator who represented the victorious estate of Pierce Marshall in this case. (Brunstad was also Lat’s bankruptcy law professor at Yale.)
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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