Today we bring you information about another program that’s hiring graduating law students. The good news: the work/life balance is good, as are the benefits and the pay (six figures). The bad news: these positions aren’t easy to land.
Lowell Milken: Would you accept $10 million from this man?
Ah, California. Your weather is amazing, but I don’t think I could deal with your earthquakes. The tremor we just experienced here on the East Coast has turned me into a nervous wreck.
Over at UCLA Law School, they’re experiencing some earth-shaking controversy of their own. An ultra-wealthy alumnus made it rain, with a $10 million gift to the school — but now some professors want to rain on his parade, and their objections have hit the national news media. (Apologies for the mixed precipitation metaphors.)
As we mentioned last week, UCLA law alumnus Lowell Milken made a $10 million gift to his alma mater — the largest single donation in the law school’s history. The money will be used to establish the Lowell Milken Institute for Business and Law.
Yesterday the stock market experienced its biggest drop since 2008. In the wake of the Standard & Poor’s downgrade of U.S. debt on Friday night, the Dow Jones industrial average fell by 5.6 percent and the S&P 500 fell by 6.7 percent. Global markets suffered similarly.
The market decline on Monday was only the latest in a series of slides. As noted yesterday by the New York Times, “[t]he S.& P. 500 is now down 18 percent from its April 29 peak and is nearing official bear market territory, defined as a fall of 20 percent.”
(All in all, it’s pretty depressing stuff. As I tweeted yesterday, “@DavidLat isn’t looking at his #stockmarket holdings today; instead, he’s buying more #Powerball tickets – huge jackpot!”)
What’s frightening about the latest economic turmoil is that it comes on the heels of a brutal recession that the U.S. economy has not yet fully recovered from. In the wake of the aptly named Great Recession, unemployment still exceeds 9 percent, housing markets remain weak, and government policymakers have exhausted many of the tools at their disposal for attempting to revive the economy. Interest rates are basically as low as they can go at this point; fiscal stimulus is a political no-go. What is to be done?
The steep stock market declines raise a question: Are we entering another recession — i.e., the second dip of a double-dip recession? If so, what does that mean for law firms and lawyers? (We’ve already noted the implications for the IPO market — and the lawyers who work in it.)
* The NBA is suing its players for failing to negotiate in good faith. Funny, I think the players are acting with the same “good faith” NBA owners do when they steal teams from loving fan bases or hold cities hostage until they build new arenas. [WSJ Law Blog]
* Having a drunk woman angrily spray breast milk on you is probably not as alluring as it sounds. [Sentencing Law & Policy]
* In other sentencing news, a guy got six weeks in jail for getting his ass kicked by Rupert Murdoch’s wife. [Gawker]
Last week I attended an interesting talk by Preet Bharara, currently serving as the U.S. Attorney for the (extremely powerful and prestigious) Southern District of New York. I had heard great things about Bharara from many people, including current and former colleagues in the U.S. Attorney’s office and people who previously worked with him on Capitol Hill, where he served as chief counsel to Senator Chuck Schumer. So I was eager to hear his remarks, which he delivered to the New York Financial Writers Association, a group of business and finance journalists here in New York.
Here’s my report on what he had to say — including, for those of you who aspire to be assistant U.S. attorneys, what he expects from the prosecutors who work for him….
Friday was not a pretty day for the stock market. The Dow Jones Industrial Average closed below 12,000, for the first time since March of this year — a 1.4 percent decline. The S&P 500 also fell by 1.4 percent, and the Nasdaq composite index fell by 1.5 percent.
Everyone is looking for an edge in this market (especially given the low returns you get by keeping your money on the sidelines, in cash, or by investing in real estate). This raises a question for legal eagles: Can knowledge of the law help you invest profitably?
One of our favorite folks here at Above the Law — Ted Frank, head of the Center for Class Action Fairness, whom we’ve dubbed the Class Action Avenger — believes the answer is yes. Earlier this month, he invested 10 percent of his net worth in a bet that one company’s stock is on the way up, based on a forthcoming Supreme Court decision.
Let’s find out which stock Frank is betting on, and why….
To judge by the accoutrements of “the profession,” lawyers, as a group, maintain an inflated self-image. They think they’re all that. It’s easy to get sucked into this mindset – especially fresh out of law school. Perhaps, when you’re not “thinking like a lawyer,” you’ve spent a few minutes admiring the little “Esq.” printed after your name on an envelope from school or a law firm — or some company in Parsippany trying to sell you a genuine mahogany and brass pen holder featuring a statue of “blind justice” for only $59.99 with free shipping.
Back when I passed the bar, I was offered the option by New York State to purchase a printed document – “suitable for hanging” – to memorialize the event. I figured what the heck and blew the twenty-five bucks. The “parchment” arrived in a cardboard tube, and it was huge – like a royal proclamation. I felt ridiculous, rolled it back up and stuck it in a closet, where it remains.
It’s hard to imagine accountants (who usually make more than lawyers), or bankers (who always make more than lawyers) laying on the pretension to quite the degree lawyers take for granted…
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.
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 firstname.lastname@example.org or email@example.com. 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.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!