The indictment that the Justice Department just filed against SAC Capital is something to behold.
If you are black in America, you better never fight back.
It has long been the case in Hong Kong that most UK law firms and a very small minority of US law firms have three month notice periods for their US associates built into their employment contracts. But until about 18 months ago it was not common for any firm to enforce a three month notice period when a US associate left solo[…]
Peter Madoff, the lawyer who served as “chief compliance officer” for Ponzi schemer Bernie Madoff, used to live in this big house (before getting sent to the Big House).
A power couple — the former general counsel of an investment bank, and her husband, a Davis Polk partner — sell their $6 million penthouse.
My father is a military man. Accordingly, all things in life, from mundane trips to the grocery store to complex life decisions like planning for and choosing a college, was subject to careful, deliberate planning. Digesting evidence and facts was a far better road than the proverbial “crossing of fingers” and trusting that “it will all work out for the best.” Former NYC mayor Rudolph Guiliani said it best when he announced that “Hope is not a strategy.”
I was reminded of this adage when reading a few industry reports compiling data points about corporate legal departments and the ever –increasing complexity of the regulatory environment. Here are some shockers:
What would lead four high-powered lawyers and hedge-fund types, including two former Kennedy clerks, to leave their current jobs? The chance to make millions….
2nd Circuit, Billable Hours, Blog Wars, Blogging, Books, Citigroup, Holidays and Seasons, Judge of the Day, Law Schools, Non-Sequiturs, Securities Law, Sex, Sex Scandals, State Judges, State Judges Are Clowns, Wall Street
* To those of you who celebrate it, Happy Easter! Welcome the holiday by voting in the ABA Journal’s fifth annual “Peeps in Law” contest. [ABA Journal]
* If law firm brackets aren’t your thing, check out Professor Kyle Graham’s brackets for (1) law school classes and (2) law blogs. I’m thankful for ATL’s #1 seed but terrified by who we’re up against (because they’ve ripped me a new one before). [noncuratlex]
* Sorry, Judge Steiner, you wuz robbed; you should have been our Judge of the Day. It’s tough to top “allegations of a sexual quid pro quo with a female lawyer and the eye-opening confiscation of carpet from [chambers] for forensic analysis.” [OC Weekly]
* “William Shatner’s Seductive Powers Don’t Create a Fiduciary Duty.” Robyn Hagan Cain explains why. [U.S. Second Circuit / FindLaw]
* Citi settles securities cases for $730 million. Matt Levine is not impressed. [Dealbreaker]
* And Ted Frank is incensed by Bernstein Litowitz’s nine-figure fee request. [Point of Law]
* If you’re already depressed by public ignorance about the Supreme Court, don’t look at the responses to question 9 of this opinion poll. [Penn Schoen Berland]
* Steven Harper — author of a new (and very good) book about the legal profession, The Lawyer Bubble (affiliate link) — offers thoughts on the billable hour in the wake of the DLA Piper overbilling allegations. [New York Times]
Earlier this week, Ted Olson and David Boies, along with lawyers from Cleary Gottlieb and Reed Smith, argued an appeal with billions of dollars at stake.
Airplanes / Aviation, Basketball, Biglaw, Blogging, Contracts, Douglas Berman, Education / Schools, Environment / Environmental Law, Federal Government, Intellectual Property, Law Professors, Mergers and Acquisitions, Morning Docket, Politics, Sentencing Law, State Judges, Trademarks, Wall Street
* What to do when your federal agency’s website has been hacked by Anonymous and you’re unable to post a major report online for public dissemination? Well, just ask a law professor to do it for you on his blog; that’s not embarrassing, not at all. [WSJ Law Blog]
* The many victims of the Deepwater Horizon disaster can now rejoice, because yesterday, Transocean pleaded guilty to violating the Clean Water Act, and will pay the second-largest environmental fine in United States history to the tune of $400 million. [CNN]
* Money takes flight: eleventy billion Biglaw firms are behind the beast that is this awful airline merger, but taking the lead are lawyers from Weil Gotshal for AMR and Latham & Watkins for US Airways. [Am Law Daily]
* After questioning the validity of one of the NBA players union’s contracts, Paul Weiss is withholding details about it thanks to the government’s intrusion. Way to block nepotism’s alleged slam dunk. [New York Times]
* “When is the last time you took the biggest financial institutions on Wall Street to trial?” Elizabeth Warren took the Socratic method to the Senate Banking Committee and she was applauded for it. [National Law Journal]
* If you liked it, then perhaps you should’ve put a ring on it, but not a Tiffany’s diamond engagement ring that you’ve purchased from Costco, because according to this trademark lawsuit, it may be a knockoff. [Bloomberg]
* “We feel very badly for Megan Thode.” A Pennsylvania judge ruled against the Lehigh student who sued over her grade of C+ because let’s be serious, did ANYONE AT ALL really think he wouldn’t do that?! [Morning Call]
She’s a longtime Debevoise partner, and she’s married to a longtime Cravath partner. Let’s take a look at their financial disclosures.
* Dear professors, please try to understand that most people who experience normal, human emotions are more concerned with the future of American law students than they are with whether or not American law schools can survive by bilking the hell out of foreigners. [PrawfsBlawg]
* In Canada, they raided somebody’s Super Bowl party to bust up an illegal gambling ring. They never would have done this during the Grey Cup. [CTV News]
* Apparently some kind of law something happened on Downton Abbey last night? I missed it, because staring at a dark stadium is literally more interesting than that freaking show. [Law and More]
* Thomson Reuters is getting out of the academic book publishing business. If only law professors would do the same thing. [TaxProf Blog]
* Is Washington & Lee’s “experiential” curriculum working? [The Volokh Conspiracy]
* Just to be clear, torturing people only works in the movies and television. [Politics USA]
* Cleary might become an ATL feeder firm. [Legal Cheek]
* Here’s an excerpt from a fun interview with David Lat, in which he talks about asking Richard Posner out on a date. [California Lawyer]
And there’s video, which you can watch for CLE credit, after the jump….
Lat participated in Legally Speaking, a series of in-depth interviews with prominent lawyers, judges, and academics, co-produced by California Lawyer and UC Hastings College of the Law.
You can watch Lat’s interview with Professor Evan Lee via the embed below. You can check out earlier interviews — with luminaries like Justice Stephen Breyer, Professor Alan Dershowitz, Justice Ruth Bader Ginsburg, Professor Harold Koh, Professor Larry Lessig, and novelist Scott Turow — over here. California CLE credit is available for watching each video.
* There’s an interesting take here by Scott Greenfield on Glenn Reynolds’s op-ed suggesting there be a “waiting period” before new legislation to try to make sure everybody at least reads it first. Personally, I’m a little more concerned with getting longer waiting periods before people can buy guns and shoot me. [Simple Justice]
* Funny to see Lindsay Lohan as the plaintiff, instead of the defendant. [Los Angeles Times]
* When reached for comment about the weakness in the U.S. legal job market, clients responded, “Frankly my dear, I don’t give a damn.” [Associate’s Mind]
* And now we’re back to the argument that allowing non-lawyer ownership of law firms will magically give clients a better experience. Yes, because whenever I’m on hold with Time Warner, I think, “Man, these business people sure get customer service.” [The Economist]
* R.I.P. Mark Hummels. [Huffington Post]
* It feels like it’s been a while since we made fun of Oklahoma. [Legal Juice]
* After the jump, Bloomberg has a fun video on whether Wall Street should fear Mary Jo White….
* PETA sends Bebe a cease-and-desist letter over fur-free advertising. To be honest, I only understood half of what I just wrote. [Fashionista]
* Here are five reasons why editors hate lawyers. Of course, when the editors are lawyers, you just kind of end up hating yourself. [About Editing And Writing]
* Can someone explain to me how it’s constitutional for Virginia to promise not to enforce laws? [Pilot]
* Did you enjoy the South Park episode that involved proprietary towel technology? Then you’ll love this lawsuit! [Thomson Reuters News and Insight]
* I asked Professor Rick Hasen whether or not I should self immolate to prevent the GOP from legally rigging the next election, and he’s telling me to chill out because it’s gonna be okay. [Slate]
* I’ve been trying to find an excuse to link to this. It’s a guy who is blogging about news from 1913 as if it was happening in real time, in this technological environment. Here, we look at some very swift Southern-style justice. [Retro Pundit]
* I must admit, I wanted to pull out my Leonardo DiCaprio coconut drinking goblet to fully enjoy this rich-white-man fight. [Dealbreaker]
* Belated congratulations to Elbert Lin, aka Mr. LEWW, on his appointment as solicitor general for West Virginia. [Bench Memos / National Review Online]