In-house legal jobs are growing in prestige. As our very own Mark Herrmann recently noted, in-house lawyers were once viewed as “the folks who couldn’t succeed at real jobs,” namely, jobs at firms. But that’s no longer true today, Herrmann argued, citing the trend of Biglaw partners leaving their firms for gigs as corporate counsel.
What is behind the growing allure of in-house jobs? Sure, the work is interesting and exciting, and yes, bossing around outside counsel is fun. But improving pay packages also play a role. As you can see from the rankings of America’s best-paid general counsel, GCs at top companies can take home millions.
And those rankings, by Corporate Counsel, focus on cash compensation. In-house lawyers can make many multiples of their cash comp through stock.
Take Vijaya Gadde, Twitter’s general counsel. She became GC less than a year ago, but she already owns tens of millions in TWTR shares, as revealed in recent reporting about the end of Twitter’s IPO lockup period….
* A three-judge panel of the Tenth Circuit seemed a bit torn as to the constitutionality of Utah’s same-sex marriage ban during oral arguments yesterday. This one could be a contender to go all the way to the Supremes. [New York Times]
* Another concussion lawsuit has been filed against the National Hockey League by a group of former players, this time alleging a culture of “extreme violence.” The pleadings are a bit… odd. We’ll have more on this later today. [Bloomberg]
* “We’re not going back to 2006 anytime soon,” says NALP executive director Jim Leipold. The legal sector lost lots of jobs in the recession, and they’re not likely to come back. Happy Friday! [National Law Journal]
* It’s never too soon to start writing your law school application essay. Please try not to bore the admissions officers — make sure you have a “compelling” topic. [Law Admissions Lowdown / U.S. News]
* Katherine Heigl (remember her?) probably needed some cash, so she filed a $6M lawsuit against Duane Reade for posting a picture of her carrying one of the drugstore’s bags on Twitter. [Hollywood Reporter]
* I include this line not to highlight the horribleness of zoos, but because I’m doing NS today and this contains a fun anecdote about walrus masturbation. [Cracked]
* Meanwhile, on Redline, I’m like, doing stuff. [ATL: Redline]
* “I really want to go to law school to study international law and be a part of solving problems like what’s going on in Crimea right now.” — Dumb idiot who will wish he read Above the Law before he went to law school. [Radio Free Europe]
* Student gets punished for sending a tweet from home. Should it really matter where you are sitting when you hit the button on the tweet calling your principal a “pussy ass bitch”? [It-Lex]
* I think the jurors on the Bernie Madoff co-conspirator case might be running a Ponzi scheme. [Dealbreaker]
As you’ve likely heard, last Friday ATL hosted its inaugural Attorney@Blog conference at the Yale Club in New York. The conference comprised a series of lively, informative, and occasionally profane panel discussions on topics near to our heart: free speech, hate speech, the state of legal journalism, and technical trends. By all accounts, a good time was had by both the panelists and attendees, and we can’t wait to do it all over again next year.
As befitting a social media-themed conference, the day was heavily tweeted, with our hashtag (#AttyAtBlog) managing to trend for hours. Read on for a round-up of the day’s top tweets.
And yes, there is a new top law review. Harvard Law Review, which has dominated the leading set of rankings for the past seven years, has been dethroned. To quote Dani from Cycle 6 of ANTM, “Shut yo mouth and say it ain’t true!”
Oh, but it is true. They’re all beautiful — or at least impeccably Bluebooked — but only one girl has what it takes. Who is the nation’s new #1 law journal?
It’s got to be annoying for judges when lawmakers write laws that are designed to be so freaking vague that courts will be forced to fix them once the inevitable lawsuits come around.
Florida lawmakers are trying to make your Facebook account safe from your boss who wants to get his or her Orwellian hands all up in your personal business. The legislation prohibits employers from demanding your social media passwords as a condition of employment.
BUT… the business lobby has been able to force an amendment that still allows employers to demand your passwords if your account is used for a “business purpose.” What’s a “business purpose”? Nobody knows. It’s probably going to be whatever your boss says a “business purpose” is. Then, they’ll fire you, you’ll sue, and a judge will have to figure it all out, because the legislature couldn’t get its act together….
* As if law schools aren’t charging enough, they also absolutely ravage students on casebook prices. It doesn’t have to be this way. [PrawfsBlawg]
* Who’d have thought it would be this hard to define a pig? [Modern Farmer]
* If you aren’t following DLA Piper’s boss Sir Nigel Knowles on Twitter, then… you’re lucky. [Legal Cheek]
* The vice president of the Constitutional Accountability Center weighs in on Judge Wright Allen’s marriage equality decision from the perspective of a gay, married Virginian. [Pilot Online]
* See, it’s not just lawyers who get annoyed when TV doesn’t live up to the realities of the profession. Political communications professionals can get pretty irked by House of Cards. [Ditto Public Affairs]
* A circuit judge just seized control of a lower court’s docket, setting restrictions on a judge’s ability to hear domestic violence cases after finding a repeated pattern of improperly blowing off these matters. It may be the Benchslap-Heard-Round-the-Nation since the slapped jurist is also the president-elect of the American Judges Association. [Detroit Free Press]
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: