Last night, I attended a panel discussion at the 92nd Street Y featuring some very interesting individuals — including two lawyers. Thane Rosenbaum, the law professor and novelist, moderated a panel featuring former federal prosecutor Daniel Alonso, CNBC anchor Kelly Evans, and the “star” of the evening, Jordan Belfort — the disgraced stockbroker turned convicted felon turned bestselling author who served as the inspiration for Martin Scorsese’s 2013 film, The Wolf of Wall Street.
So what was the evening like? One attendee described it as “cringeworthy” — and I have to agree….
[T]he solution to the knot [of complex legal problems] has been to add more string. Simply adding more lawyers and compliance professionals will only create far worse, more complicated and more costly problems.
Mindy Kaling and Preet Bharara at the Harvard Law School commencement.
The legal world doesn’t have too many “crossover celebrities,” figures who are big enough to be known outside our little corner of the world. We can all think of a few — Alan Dershowitz, Judge Judy, Supreme Court justices (arguably) — and not all of them are awesome (cough cough, Nancy Grace).
One of the youngest crossover celebrities is Preet Bharara, U.S. Attorney for the Southern District of New York. He’s been on the cover of Time magazine. He’s attended the Vanity Fair Oscars party.
Bharara is best known for his crackdown on Wall Street abuses and insider trading, but he’s a fun person underneath the prosecutor’s dark suit. Yesterday the New York Times ran an interesting profile of Bharara. Here are some highlights….
In the federal criminal world, there are certain cases where the government almost always wins.
Illegal reentry for a previously deported person, for example, is pretty close to a lock for a government win — all the government has to show is that the person isn’t a citizen, was previously deported, and is in the United States again. If the dude’s in the courtroom, the government is a third of the way there. For example, in the last fiscal year, there were 20,840 folks charged with illegal reentry. Four of them were acquitted at trial.
Similarly, bank robbery is a high-percentage game for the government. These days, most banks have amazing technology that lets them record pretty much everyone inside. Last fiscal year, 896 people were charged with bank robbery. One lucky guy was acquitted.
These days, federal law enforcement is using wiretaps and, according to the Wall Street Journal, old-school sting operations, to go build white-collar cases (it’s a pretty cool article — very cloak and dagger). The strategies that got the federal government the conviction rate it has in drug and gun cases are being applied to investment fraud and insider trading cases.
This is one reason that insider trading cases have looked like as much of a layup as a bank robbery case. The U.S. Attorney’s Office in the Southern District of New York has secured a record of 85 convictions in either guilty pleas or trials without a single loss.
* The Eighth Circuit axed a $900K jury award after a lawyer recounted her tale of sexual harassment by a law professor at Drake University Law during closing arguments. Well, that sucks, but we’d really love to know which professor this was. [ABA Journal]
* If flat is the new up, then mergers must be the new growth. The new year is upon us, and law firms are on track to either meet or break the merger record set in 2013. Thus far, 22 firms have announced mergers or acquisitions in 2014. [Washington Post]
* A lawyer in Minnesota who’s been in trouble with the bar quite a few times was recently charged with setting his girlfriend on fire. Yikes, someone’s way too excited about the Fargo mini-series. [Star-Tribune]
* Oscar Pistorius took the stand in his murder trial yesterday, revealing that when he killed his girlfriend Reeva Steenkamp, he was really trying to protect her. This case gives us the sads. [New York Times]
* Sorry we’re not sorry about the toupee: Paramount wants this Wolf of Wall Street suit dismissed since it’s undeniable the plaintiff was part of “bizarre travesty that was Stratton Oakmont.” [Hollywood Reporter]
* The federal judiciary is hiring for staff and public defender positions lost during the government’s sequestration throughout the better part of last year. Ready, aim, fire those résumés! [Legal Times]
* New York Biglaw firms always manage to find their way to the top of the Am Law 100 rankings. When all’s said and done, being so close to Wall Street definitely has its perks. [Bloomberg Businessweek]
* Absolutely no one should be alarmed about the fact that Kasowitz Benson’s profits per partner have dropped by 15 percent — well, no one but the equity partners, that is. Have fun with that. [Am Law Daily]
* The managing partner of Jacoby & Meyers is worried people will think his personal injury firm is going under, not Jacoby & Meyers Bankruptcy. Either way, those commercials won’t die. [New York Law Journal]
* A professor at George Mason University Law was pepper sprayed IN THE FAAAAAACE by an unknown assailant in his classroom yesterday afternoon. We’ll obvious have more on this story later. [ARLNow]
* La Verne is the first law school to offer flat-rate tuition. There will be no scholarships and no discounts. Students will pay $25K/year, nothing more, nothing less. This is, dare we say, wise. [National Law Journal]
* “Passion over pension.” Mekka Don, the Weil Gotshal corporate lit attorney turned rapper, just released his first CD, and it’s all about leaving Biglaw to follow his dreams. Go buy it here (affiliate link). [MTV]
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?
Remember Adriana Ferreyr? She’s the 30-year-old Brazilian telenovela star who’s suing octogenarian moneybags George Soros because he didn’t buy her a $1.9 million apartment (or a $4.3 million apartment; the nerve of that old codger). When we last checked in on her, she was busy hiring Davis Polk alum William Beslow to fling legal arguments at the geriatric gigolo almost thrice her age she once banged, presumably hoping to make billions.
Ferreyr’s adventures in gold-digging continue this month with claims of her wild and crazy antics at a recent deposition in New York. She may only be known as a Hoveround ho in this country, but that doesn’t mean she’s not going to act like a diva.
Adriana Ferreyr doesn’t care if you’re a legal legend of the bar. She’ll still slap the glasses right off your stupid face…
* The Woody Allen-Mia Farrow custody findings were pretty damning. But for legal geeks, the important point is footnote 1, where the opinion shouts out then-clerk, now federal judge Analisa Torres for her role in drafting the opinion. [Huffington Post]
* Judge Stanwood Duval presided over the criminal trial of a BP engineer arising from the BP oil spill. He forgot to mention that he was a plaintiff in a suit against BP arising from the BP oil spill. Oops.[New Orleans Times-Picayune]
* Apparently, the Brits aren’t too thorough with their background checks. A lawyer got exposed for lying about having two Harvard degrees. It only took bar authorities 9 years to figure it out. [Legal Cheek]
* Elie weighs in on the McGruff the crime dog story from last week. [ATL Redline]
* And part of the problem with the background check may start at the law school stage — the U.K. doesn’t consider criminal convictions for fraud in the U.S. as “relevant” for future practitioners of law. One tipster wonders if Stephen Glass should try his luck outside America? [New York Times]
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.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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