He was clearly the salesman-in-chief, and he did a darn good job at it. I remember being told that despite the fact that the economy was essentially collapsing around everyone’s heads, 2008 was going to come in well over budget with record revenues and profits.
Thanksgiving is just a few days away. But at the U.S. Department of Justice, there might not be a lot to be thankful for. Most of the DOJ-related news floating around right now is depressing.
A court-appointed investigator, Henry F. Schuelke, just issued what the New York Times described as a “scathing” report on one of the DOJ’s most prominent prosecutions in recent years. Schuelke concluded that the prosecution the late Senator Ted Stevens “was ‘permeated’ by the prosecutors’ ‘serious, widespread and at times intentional’ illegal concealment of evidence that would have helped Mr. Stevens defend himself at his 2008 trial.” Ouch.
(The good news, from the Department’s perspective: a recommendation against criminal prosecution of the DOJ officials involved in the case. That’s something to be thankful for, I suppose.)
Alas, that’s not all for depressing dispatches out of the Department. Let’s discussing the hiring freeze, and the state of Honors Program offers….
The National Association for Law Placement (NALP) has produced an extremely useful chart for people trying to figure out where to start their Biglaw careers. They’ve listed the cities that give you the most bang for your buck if you land a high paying Biglaw job.
The NALP “buying power index” sets New York as the baseline. It takes the median starting salary for the class of 2010 and the NYC cost of living index and sets that figure at 1.00. Cities with a better purchasing power than NYC have a value greater than 1.00.
New York ranks #42.
Most of the high-ranking cities also have the benefit of warmth….
Since the dates in D.C. have been a little more exciting than those in Chicago, I decided to spoil you with one last set-up in the nation’s capital. I brought in a pinch hitter for this one. After a “disarmingly feisty and unabashedly vivacious” female lawyer shot down the frat boy I set her up with, she asked to be set up with someone more her type, “aka really hot, quirky, and a commitment-phobic womanizer.” Pinch Hitter emailed me, saying he fit the profile.
Feist-Master said she was up for round two, but then disappeared off of the face of the earth email. So I decided to pull a switcheroo, pairing the quirky commitment-phobe with another of the many single female lawyers in D.C. I chose a hot, young T-14 grad at a Biglaw firm, who self-described as “optimistic, spontaneous, and active,” and said she would be a journalist if not a lawyer. The two legal eagles both sounded like thrill-seekers to me, so I sent them to The Russia House after work on a Friday and hoped for an epic night.
Epicness ensued. This is the kind of first date story that Wannabe Lara Logan will be able to milk for years…
Happy Tuesday, Above the Law readers. I hope you had a lovely weekend, spent staring deeply into someone’s eyes over a candlelight dinner, or rubbing up against a hard-bodied young thing on a dance floor, or fighting the cold by cuddling on the couch, or — if you live in Florida — doing all those things and more with your favorite barnyard animal for the very last time (legally).
If you had a romance-free weekend, do not despair. Dating sucks sometimes — especially when it’s a date set up by a legal blogger with no particular aptitude for matchmaking. Last week, I thought I had actually done a decent job. I sent two Washington, D.C. lawyers out to Eighteenth Street Lounge on a Thursday night. Halfway through the date, the dude sent me an email, “Going really well so far.”
“I finally have one that’s going well,” I enthused to my boyfriend. “Doubtful,” he responded. “If he’s excited enough to send a mid-date email, that probably means you set him up with someone who’s totally out of his league.”
I should mention that one of the things that I like in a partner is their being slightly more perceptive than me….
Sad fact of the day: about fifty percent of marriages in America end in divorce. Of course, many of you already knew that, because you’re divorced yourself, the child of divorced parents, or a divorce attorney who is rolling around in money. But however you slice it, some of the best divorce train wreck stories are born of child custody battles.
Parents going through a divorce are willing to fight over anything when it comes to the custody of their children (“How dare you feed little Suzie pasta that isn’t organic and gluten-free?!”). Even when a divorce is finalized, sometimes parents are still willing to pull the trigger on any issues that arise. In some cases, though, custody modifications are warranted.
And in this case, an Oregon mother is actually fighting to keep another woman from pulling the trigger on her teenage sons, because she’s done it before….
With the discussion of heavy Biglaw workloads still fresh in our minds, let’s remember that most attorneys understand the law is a rigorous profession. Lawyers don’t expect to work 9-to-5 hours. Most lawyers aren’t going to freak out when they have to put in a long week.
At least on the East Coast. Maybe, up in the Pacific Northwest, lawyering is a different thing entirely. Maybe it’s a regular, working man’s job, where you “punch in,” “punch out,” and take a precise hour-long lunch away from your desk every day. And maybe northwestern lawyers get so used to this workaday schedule that when they find themselves in the middle of a long week, and the specter of weekend work is staring them in the face, it’s totally usual for them to lash out at opposing counsel with displaced anger.
Or maybe this one prosecutor is just kind of a prick?
We’ve previously discussed the trend of partners leaving Biglaw to launch their own firms. We’ve seen a lot of this action in New York and D.C., home to such well-regarded boutiques as MoloLamken, started by former Shearman & Sterling and Baker Botts partners, and BuckleySandler, started by former Skadden partners.
It’s happening out on the West Coast, too. In the fair city of Seattle — one of my favorite places in the entire United States, especially when it’s not raining — about half a dozen partners are leaving K&L Gates to start their own shop. One Queen Emerald City tipster described this news as “the most exciting thing that has happened here since Kurt Cobain died.”
UPDATE (4/5/11): The official press release about the new firm, Pacifica Law Group, appears after the jump.
Who are the lawyers that are leaving, and why? Let’s find out….
This is rich. The owner of the Washington Redskins, Dan Snyder, has sued the Washington City Paper for a column he claims defamed him and used anti-Semitic imagery. That’s right, the man who has famously defended his right to name an entire football team after an ethnic slur is playing the ethnic card because a columnist made fun of him.
The kicker is that on top of this amazing execution of rank hypocrisy, Snyder manages to insult all Jews who have actually dealt with anti-Semitism by coming up with an ethnic offense where none existed. The columnist wasn’t making Jewish jokes or playing off of Jewish stereotypes. He was calling Dan Snyder a terrible owner and a shady dude. Saying he was a victim of anti-Semitism degrades the term and make this entire lawsuit look like the petulant reaction of a narcissistic millionaire.
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: