* How Jamie Dimon (and Stephen Cutler and Rodge Cohen) reached JPMorgan Chase’s tentative $13 billion settlement with Eric Holder and the Department of Justice. [DealBook / New York Times; Wall Street Journal (sub. req.)]
* Congratulations to all the New Jersey couples who got married since midnight, in the wake of the state supreme court’s decision not to stay a lower-court ruling in favor of marriage equality. [Newark Star-Ledger]
* Lawyers aren’t the only folks who know how to overbill; defense contractors do too, according to federal prosecutors who allege that a company provided prostitutes and kickbacks to Navy personnel. [Washington Post via The BLT]
* Judge Oing, this really isn’t that hard. Here’s a draft opinion for you in the long-running litigation between Macy’s and J.C. Penney over the right to sell Martha Stewart merchandise (by James Stewart, no relation to Martha). [New York Times]
* If you’d like to run with the bulls without schlepping to Spain, former lawyers Rob Dickens and Brad Scudder can help. Presumably their legal training helped them draft ironclad waivers. [BuzzFeed]
* The fiscal impasse in our nation’s capital is over! The government shutdown is over! Obamaphones for everyone!!!!! [Washington Post]
* Tim Geithner was recently deposed as part of a lawsuit alleging that the government bailout of AIG was unconstitutional. Muammar Gaddafi was less recently deposed as part of a coup alleging that his female bodyguards were unconstitutionally sexy. [Fox Business]
* Cory Booker (Yale Law ’97) won a Senate seat last night, promptly bumping Lat from the cover of the next Yale Law alumni magazine. It was the Halloween issue — the annual Boo Haven edition. [ABC News]
* Mark Cuban was acquitted of insider trading charges yesterday. In related news, this basset houndloves fans. [CBS News]
* Brooklyn Law faces a possible debt downgrade from Standard & Poor’s. The school’s unemployed graduates, substandard and poor, have yet to weigh in. [Crain's New York Business]
* If the government shuts down and then defaults on its debt, Wall Street worries that it would “shake the foundations of the global financial system.” Hooray for political asshattery! [DealBook / New York Times]
* At least six of the Supreme Court’s judicial precedents are up for reconsideration in the upcoming Term, and high court commentators think the resulting decisions could be a mixed bag. [National Law Journal]
* Apparently low-income New Yorkers’ legal problems are “not worthy of a ‘real lawyer,’” or at least that’s the message that will be given if non-lawyers are allowed to provide legal services. [New York Law Journal]
* Sorry, lady, not enough prestige. A Brazilian journalist was allegedly on the receiving end of some “extremely violent” police behavior at Yale Law School after attempting to interview Justice Joaquim Barbosa at a private event. [The Guardian]
* Mark Cuban’s insider trading case is heading to trial today, but we genuinely wonder how he’ll be able to convince a jury that he’s “humble and affable,” rather than the “master of the universe.” [Boston Herald]
Here’s some friendly advice: when you’re drunk, try to keep your mouth shut. Or at least keep your work-related thoughts to yourself. This is certainly true for junior lawyers, but it goes for partners as well.
According to a complaint just filed by the Securities and Exchange Commission, an IP partner at a leading law firm had a few too many drinks, then got a little “TMII” — “too much (inside) information” — with his investment adviser. That adviser then traded on the material, nonpublic information, the SEC alleges….
Today marks the two-year anniversary of the Occupy “movement.” I put “movement” in scare quotes because, as far as I’m aware, Wall Street is still occupied by the same group of unaccountable interests as before. At least we have Elizabeth Warren.
While Occupy’s strike against Wall Street (however defined) has predictably failed, the lawsuits against ridiculous NYPD tactics continue. They didn’t get the “fat cats”, but they’re still suing the “attack dogs.”
And the court process is moving at its own, slow pace…
As we mentioned in Non-Sequiturs last night, JPMorgan Chase is getting out of the student loan business. The bank will stop accepting new student loan applications this October.
A spokesperson for the bank said: “Students and their families are increasingly relying on government-backed loans rather than private student loans, and as a result the market has declined by 75% in the last five years.”
My friends, this is a bad sign. JPM is just a minor player in the student loan game, but the fact that they don’t think lending money to students for education is a good business anymore should make us worried. The fact that the federal government has crowded out this private lender is not good.
It means that we’re one step closer to the whole student loan bubble bursting…
I mean suing the bejeezus out of Goldman Sachs. And likely a number of other high-profile financial players.
Not over something mundane like the whole “taking part in collapsing the global economy” thing. That’s been discussed to death. I’m talking about something much more concrete and, apparently, easy to establish.
People sometimes derisively call bankers pirates, but it turns out they may be right. Software pirates, at least.
In this month’s issue of Vanity Fair, Michael Lewis looks at the prosecution of former Goldman Sachs programmer Sergey Aleynikov. In addition to detailing the outsized influence large banks have over the justice system and the ease with which the system can break down when the facts of a case are too complex for lay jurors, Lewis uncovers a small nugget that he doesn’t really pursue, but that could be trouble for Wall Street….
At the end of the day, he probably could have done the right thing. But he chose to play the game. It didn’t leave me feeling good about Wall Street.
– Evelyn Linares, a 61-year-old principal who served as a juror in the Fabrice Tourre civil fraud trial, sharing her feelings about Fabulous Fab — he “disappointed” her — after the verdict was announced.
* When it comes to the U.S. Congress — especially the current one, said to be the least productive and least popular in history — and federal lawmaking, “action isn’t the same as accomplishment.” [Boston Globe]
* The Department of Justice won’t seek the death penalty against Edward Snowden, but only because the crime he’s charged with doesn’t carry that kind of punishment as an option. But oh, Eric Holder can wish. [CNN]
* Sorry to burst your bubble, but Biglaw as we know it is on a respirator, so be prepared to recite its last rites. The New Republic’s Noam Scheiber responds to the critics of last week’s hard-hitting piece. [New Republic]
* The grass isn’t greener on the other side right now. Revenue per lawyer rose at Biglaw firms in 2012 (up 8.5 percent), but small firms struggled (with RPL down 8.1 percent). Ouch. [National Law Journal]
* Let me Google that for you: Hot new technology startups have been looking to lawyers who hail from the innovative internet company’s ranks when staffing their own legal departments. [The Recorder]
* If you’re wondering why more financial crimes haven’t been prosecuted since the Wall Street meltdown of 2008, it’s probably because they’re too just difficult for most juries to understand. Comforting. [NPR]
* In a recent interview having to do with all of the problems that law schools are currently facing, from shrinkage to joblessness, Professor Paul Campos sat down to politely say, “Told ya so.” [Denver Post]
“For example, on or about July 29, 2009, a recently hired SAC PM (the ‘New PM’) sent an instant message to [Steve Cohen] and relayed that, due to some ‘recent research,’ the New PM planned to short Nokia when he started work 10 days later. The New PM apologized for being ‘cryptic’ but noted that the head of SAC compliance ‘was giving me Rules 101 yesterday – so I won’t be saying much[.] [T]oo scary.’”
Possibly the weirdest part here is that new hires got compliance lectures two weeks before they showed up at the firm? But maybe not; the DOJ takes a pretty dim view of SAC’s hiring process generally, and if you believe the DOJ that SAC’s main hiring criterion was “is good at insider trading,” then you could imagine the need for a little pre-start-date warning in email etiquette:
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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 seven years. You can reach them by email: firstname.lastname@example.org.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!