A surreal scene took place in an Arizona courtroom yesterday. A defendant was convicted of arson and collapsed with convulsions in the courtroom. Witnesses and investigators say they believe they saw the man poison himself before collapsing.
Add in the facts that this man was a graduate of Yale Law School, a former Wall Street banker, and a local celebrity who once climbed Mount Everest, and you’ve just got a very strange and ultimately tragic story….
* Only 44% of Americans approve of how the Supreme Court is doing its job, but that’s probably because the other 56% wouldn’t know what the Supreme Court was unless the justices were contestants on a reality show. [New York Times]
* Having nothing to do with the outcome of this Tenth Circuit appeal, apparently a juror in the underlying case had no idea when the First Amendment was adopted. As Bush II would say, is our children learning? [U.S. Tenth Circuit / FindLaw]
* Who’s going to win the “Super Bowl” of Android patent trials? Nobody. Judge Richard Posner has issued a “tentative” order which noted that both sides of the Apple/Google case ought to be dismissed. [Reuters]
* U. Chicago Law revolutionized the field of law and economics, but much to the school’s chagrin, everyone copied them. Now they’re thinking up new ways to do the same things. Gunners gotta gun. [Businessweek]
* Say hello to Mary Lu Bilek, the woman who’s been appointed as the new dean of UMass Law. Hopefully she’s not keen on using school credit cards for personal spending like the last dean. [Wall Street Journal]
* Occupy Wall Street protesters can’t sue NYC, its mayor, or its police commissioner, but they can sue the police. And with that news, “F**k tha Police” was sung in drum circles across the tri-state area. [Bloomberg]
It must be tough to leave an apartment like this one, with great views of Central Park, to go work in a drab federal office building.
Being a federal prosecutor is an amazing legal job, but it doesn’t pay particularly well. When I worked in theU.S. Attorney’s Office, I earned well under six figures. An assistant U.S. attorney can break the $100,000 mark after a sufficient number of years in practice, but AUSAs generally don’t earn Biglaw money.
(People who work as special AUSAs on secondment from better-paying parts of the federal government, such as Main Justice or the SEC, earn significantly more than regular AUSAs on the “AD” — Administratively Determined, aka Awfully Depressing — pay scale. But even these SAUSAs, not to be confused with the completely unpaid SAUSAs, make less than they would in comparable private practice positions.)
This brings us to the question du jour: how can a federal prosecutor afford to live in an apartment that is worth more than twice as much as the most expensive lawyer home in Washington, D.C.? We’re talking about a $25 million apartment on Manhattan’s Upper East Side, in one of Fifth Avenue’s finest prewar buildings, with amazing views of Central Park.
* In a Supreme Court decision split across gender lines, prosecutors can now get a do-over on criminal charges without double jeopardy, even if an otherwise deadlocked jury unanimously rejected them. [New York Times]
* And yet another day ended without a verdict in the John Edwards campaign finance trial, but the jury asked to review every exhibit in the case. The former presidential candidate must feel like he’s being punk’d. [CNN]
* The DOJ found that two prosecutors in the Ted Stevens case committed reckless professional misconduct punishable by unpaid time off. Looks like they’ll be getting an extended Memorial Day break. [Blog of Legal Times]
* Hot on the heels of Obama’s announcement in support of gay marriage, yet another California judge has found that DOMA is unconstitutional (along with a provision of the tax code). [Poliglot / Metro Weekly]
* Occupy Wall Street is suing for $48K over the destruction of the group’s “People’s Library” after their eviction from Zuccotti Park. But let’s get real, who wants used books that reek like patchouli and pot? [Bloomberg]
* More than one million “de facto spouses” in Quebec may soon be automatically married by the state against their will. Imagine how much fun it’ll be to get a divorce from someone you never actually married. [Slate]
* Two waitresses who claim they were fired for complaining about their former employer’s “no fatties” policy will get to bring their $15M lawsuit before a jury. Hopefully Peter Griffin isn’t a juror. [Law & Daily Life / FindLaw]
Law firm financials can be shrouded in mystery. Sure, the American Lawyer releases its closely watched and highly influential Am Law 100 rankings each year, which shed some light on the subject. But these numbers are not Gospel truth, and sometimes they get restated — which is what happened last month to Dewey & LeBoeuf.
Making a material misrepresentation to the American Lawyer doesn’t violate the securities laws. Making a material misrepresentation in connection with the purchase or sale of any security — well, that’s more problematic.
Let’s take a closer look at a subject we mentioned last night and again this morning, namely, the offering memorandum for Dewey’s 2010 private placement of $125 million in bonds….
* California is cutting prisons. That’s step one. Step two is to shuttle all the prisoners to Los Angeles. Step three involves a series of earthquakes… [McClatchy]
* Private equity billionaire Stephen Schwarzman isn’t into 50 Shades of Grey (affiliate link). But David Lat apparently is. I dunno, if you are going to bother with that kind of stuff, you might as well hit Brazzers and get it over with. [Dealbreaker]
* I’m all for making sure that the Violence Against Women reauthorization prevents violence against women, not annoyances against women, or criticism against women. [The Volokh Conspiracy]
* Speaking of violence against women, I never blame the victim, but dating gun-toting dumbasses rarely helps matters. [Legal Blog Watch]
Yesterday I got to chat with H. Rodgin Cohen, one of the nation’s leading corporate lawyers. Cohen has been accurately described by the New York Times as “the dean of Wall Street lawyers” as well as the “trauma surgeon of Wall Street” (for his heroic work rescuing the nation’s financial system during the 2008 financial crisis).
When he’s not working on bank mega-mergers, Cohen plays a major role in running the venerable firm of Sullivan & Cromwell, where he has spent his entire legal career (except for two years as an Army lawyer). He served as chairman of the firm from 2000 until 2010, when he passed his crown to Joseph Shenker, but Cohen continues to serve in the role of “senior chairman.”
So of course I asked Rodge Cohen about a very hot topic: spring bonuses. What did he have to say?
The common narrative, echoed by Mitt Romney supporters and others who hate dogs, is that Wall Street types are dropping the President like Randolph and Mortimer Duke tried to drop Billy Ray Valentine in Trading Places. It’s like all of Wall Street said, “A Negro running our country, don’t be ridiculous.”
That’s the movie the GOP would like to write.
But, as happens so often, Republican fantasies bear little relationship to reality. A new report from Bloomberg shows that Obama is doing just fine when it comes to support from employees working at Wall Street’s best banks. It’s probably because female contraception is a lot cheaper than paying child support.
Obama isn’t just raising money from employees at banks. Quite a few lawyers are also in the tank for Obama. Employees at one Biglaw firm are leading the charge, and given the firm, we imagine that the money is pouring in from all parts of America, parts of Europe, and perhaps even the firm’s exploratory office in the Marianas Trench….
It is commonplace for settlements to include no binding admission of liability. A settlement is by definition a compromise. We know of no precedent that supports the proposition that a settlement will not be found to be fair, adequate, reasonable, or in the public interest unless liability has been conceded or proved and is embodied in the judgment. We doubt whether it lies within a court’s proper discretion to reject a settlement on the basis that liability has not been conclusively determined.
Having considered the various explanations given by the district court for its refusal to permit the settlement, we conclude that the S.E.C. and Citigroup have a strong likelihood of success in their joint effort to overturn the district court’s ruling.
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at email@example.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
In a land that is right here and in a time that is right now, a technology has arisen so powerful that it can replace basic human document review. Is it time to bow down before our new robot overlords?
First, here’s a little story about me: my life in the legal world began as a paralegal. My first case was a GIANT patent infringement case that was already six years old and had involved as many as five companies, multiple US courts, the ITC and an international standards committee. I knew nothing about any of this.
On my first day, my supervisor (a paralegal with at least eight other cases driving her crazy) sat me down in front of a Concordance database with a 100,000+ patents and patent file histories. “Code these,” she said. I learned that “coding”, for the purposes of this exercise, meant manually typing the inventor’s name, the title of the patent, the assignee, the file date, and other objective data for each document. I worked on that project – and only that project – for at least the first six months of my job. After a week or so, time began to blur.
What I know, in retrospect and with absolutely certainty, is that as time began to blur, so did my judgment. So did my attention to detail. If you could tell me that I did not make at least one mistake a day – one inconsistent spelling, one reversed day and month, one incorrectly spaced title – I frankly would need to see your evidence. I would not believe it. The human mind is trainable but it is not a machine.
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