Strauss-Kahn saved by Brady
From the White Collar Crime Blog: Dominique Straus-Kahn has received from the district attorney what most defendants never get — early Brady material. * * * The District Attorney should be commended for the early disclosure of the purported victim’s credibility problems. I cannot help wonder, however, whether such disclosure would have been made — ... Strauss-Kahn saved by Brady
The pro bono problem
Law Blog notes, reporting on the AmLaw A-List issue, that last year, as AmLaw 100 firms enjoyed solid profitability growth overall, their pro bono output declined. Many lawyers, it appears, were too busy representing paying clients to counsel non-paying ones. * * * AmLaw. . . reports a 10.8% decline in the average number of ... The pro bono problem
Law schools as borscht
Zillions have linked to and millions have commented on the NYT Economix blog post on the supposed lawyer surplus. Here are some further thoughts on the “lawyer glut” and its implications for legal education. To begin with, the NYT numbers are unreliable. They ignore, among other things, the facts that people take multiple bars, and that ... Law schools as borscht
The return of privlic equity
It’s been over four years since the heyday of the last boom when I first discussed what I called “privlic equity” in an article about Blackstone’s proposed IPO. So here we are post-bust, and according to the WSJ, they’re baack: Apollo Global Management LLC became a public company in late March. Last year, KKR & ... The return of privlic equity
New York and the market for marriage law
NY’s decision to fully legalize same sex marriage (here’s a useful news roundup) can be seen among many other things as a demonstration of legal evolution in our federal system. For some background on marriage and the market for law see Buckley and Ribstein (published 2001 Illinois Law Review 561), Ribstein 2005, and O’Hara & ... New York and the market for marriage law
Ralph Nader, investor
So how is Ralph Nader, the former scourge of GM and all things corporate, doing with his retirement fund? The WSJ takes a peak: In 2000, his Cisco stake was valued at $1 million, about one-third of his $3 million portfolio. As Cisco’s share price swooned in the years that followed, it has represented a ... Ralph Nader, investor
The secret of Wachtell’s success
The WSJ on the occasion of Martin Lipton’s 80th birthday, discusses the man and his firm. On Wachtell’s structure, the article notes that Wachtell “has become one of the world’s most profitable and best-known legal brands under Mr. Lipton’s management,” that it charges “by the case, rather than by the hour,” that the firm’s “primary ... The secret of Wachtell’s success
Ted Frank wins bet, loses to capital markets
Per the Law Blog, the market either wasn’t very surprised by the Dukes ruling, or was already worrying about something else by the time Ted could cash in. Kind of figured that would happen. I still think lawyers can make money from capital markets, but they’ll need to partner with capitalists.
Corporate jets: the new backdating?
Looks like a new scandal is brewing. A WSJ article co-written by one of the backdating reporters (Mark Maremont) looks through FAA flight records to find that dozens of jets operated by publicly traded corporations made 30% or more of their trips to or from resort destinations, sometimes more than 50%. Often, these were places ... Corporate jets: the new backdating?
Law as a Byproduct @ ISNIE
That’s the International Society for New Institutional Economics 2011 Conference, at Stanford. Our paper is on during Session 2, Panel 3, 10:45 Friday. So if you’re at the conference, drop in. The paper will be on SSRN before too long, and of course discussed in this space. And I’ll let you know about items of ... Law as a Byproduct @ ISNIE
LLCs are not corporations
Nor are they the redundant fictional entity, “limited liability corporations.” This is a lesson that courts and commentators are finally, slowly, learning. I highlighted this point last fall in discussing CML V, LLC v. Bax, 6 A.3d 238 (Del. Ch. Nov. 3, 2010), where VC Laster denied a creditor standing to sue derivatively for an LLC, ... LLCs are not corporations
The new associates
The WSJ reports on contract lawyering: When he decided to become a lawyer, Jose Aponte followed a familiar path: He took the LSAT, spent more than $100,000 on law school, took a grueling bar exam and paid for continuing education. * * * For 10 to 12 hours a day—and sometimes during graveyard shifts—contract attorneys ... The new associates
