Law Students to Law Schools: "We Gotta Have More Sunshine"

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By James Bowden

Sunshine is the best disinfectant, of course.  Patrick Lynch and Kyle McEntee, both law students at Vanderbilt University Law School, have started Law School Transparency, a not-for-profit organization devoted to providing potential law school students with the information they need to make a fully-informed decision as to what law school they should attend.  And by “fully-informed,” Law School Transparency means providing prospective law students with the nitty-gritty of who pays law school grads and how much.

But are there places the sun shouldn’t shine?  Redacting the name of the graduate won’t do much to protect a graduate’s identity when the graduate’s law school, graduation year, and employer are listed.  After all, attorneys practicing in law firms generally have public profile pages.  I don’t mind people knowing where I am and what I am doing, and with NALPdirectory.com, a curious person would probably have an idea as to what my paycheck looks like, but I don’t think that everyone would like that kind of scrutiny.  In any case, a law school that places a large number of graduates in lower-paying public interest jobs may not be doing anything wrong; they may in fact be doing everything right.

My suggestion: I think that incoming students would be better served by focusing the spotlight not on the graduates, but on the employers.  The best way to do this – track which employers recruit at which schools, and for which markets they recruit.  This would focus less on the individual graduates, and more on the efficacy of the law school’s placement services.  It would also be a little bit less subject to volatile fluctuations in the economy and inexplicable recruiting anomalies.

[In the interest of full disclosure, I am a proud Vanderbilt University Law School Graduate, and Patrick and Kyle were classmates of mine.  They are good guys doing good work, and Patrick plays a mean harmonica.]

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Let's Talk About Conflicts

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By Eileen Burkhalter Smith 

For those of us who are litigators, a referral from the corporate guy downstairs is great, right?  I have really enjoyed stepping in for a client of one of my corporate colleagues when the client is in a litigation situation.  This referral situation raises some conflict issues, though, that might be overlooked here when they would not have been for a new client off the street.  Here is what I now have on the top of my list in this situation when handling the new matter:

  1. Did the guy downstairs run a conflict check on this new litigation matter?  Often some preliminary negotiations or conflict resolution may have been performed, but was a formal conflict done consistent with firm procedures?  When in doubt—run the conflict check!
  2. Does the engagement need to be defined in a letter?  How is this matter being treated—as part of the corporate matter or a new matter completely?  I think it never hurts to put in writing your understanding of the representation.
  3. Are the parties here the same as in the corporate matter?  This is important with entity-clients whose individuals have a litigation matter—whether personal or related to the business performed by the corporate attorneys.  Rule 1.13 of the Tennessee Rules of Professional Conduct, for example, addresses specifically Organizational Clients and “dealing with” the individuals associated therewith.
  4. Does the dispute concern work that the firm did?  This may or may not completely prevent me from handling it.  For example, if my colleague may be a witness or documents we prepared are at issue, the Rules of Professional Conduct in Tennessee likely prevent me from handling it (See R. P.C. 3.7 and 1.10).  This may not always be the case, though.  If my corporate colleague anticipated a potential conflict and received a conflict waiver, or if his representation was narrowly defined, I might still be okay.
  5. Is this something the firm wants to handle?  This should be part of every inquiry on a new matter, obviously.  But with this type of referral, I find that I sometimes forget to ask it.  Are other entities or parties involved in the new litigation matter that were not involved in the corporate matter?  Are there employees involved that have a precarious relationship with the corporate client/employer? 

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SEC Accuses Goldman Sachs of Playing Liar's Poker, Bonfire of Vanities Ensues

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By James Bowden

The SEC’s suit against Goldman Sachs is starting to look like a battle for the soul of the U.S. financial industry, and for good reason.  The SEC’s case gets to the heart of financial engineering as it was practiced during the mortgage-backed securities boom of the mid-aughts, the hangover of which the world economy is still suffering. The transaction in question, the sale of a synthetic Collateral Debt Obligation styled “ABACUS 2007-AC1” to institutional investors, is a case study in how investment banks used mortgage debts to increase their leverage exponentially, but I think that the financial press is missing the real meat of the story.  The real story is that investors that lost on the deal didn’t buy a mortgage-backed security at all – in fact, the transaction didn’t involve any mortgage assets at all.  The aggrieved investors bought shares in a bet that a collection of mortgage-backed bonds would not default, and they lost.

My guess is that folks in the Enforcement Division at the SEC read Michael Lewis’s article The End, and have been savvy to the game ever since.  Lewis, whose book Liar’s Poker shed a not-so-nice light on the 1980’s iteration of Wall Street, presents a story that is prescient despite often being profane; the crown jewel of the article is a succinct explanation on page five of how bad home loans in Florida led to insane levels of leverage on Wall Street.  The idea is that because interest rates reflect risk of default, there is effectively no difference between the cash flow produced by an interest-only mortgage and a credit default swap on that mortgage.  The SEC is clearly aware of this – paragraph 13 of the SEC’s complaint could have been written by Lewis.  This element of financial alchemy meant that an investment bank could double down by engineering a bond that mirrored the performance of any other bond simply with the payments that they received on a side-bet, and they could do so without ever having to own any interest in the underlying assets.  This is the type of security that a man much smarter than me has referred to as “Financial Weapons of  Mass Destruction.

In the Goldman Sachs suit, the SEC has identified an interesting example of the life cycle of a synthetic CDO.  The SEC’s suit rests on the theory that because the securities were allegedly designed by a third party who expected them to default and had a financial interest in such, and the alleged failure to disclose that third party’s involvement was a material misstatement or omission.  Still, all the parties involved were financially sophisticated, Goldman Sachs has indicated they intend to put up a good fight, and the SEC will have to prove scienter, or a guilty intent, in order to prevail.  Goldman’s defense?  My guess is it will be an artful formulation of “c’mon, ref – we’re all big boys.  Let us play!”  The only thing that is certain is that this case will be interesting to watch.

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Successful Summer Strategies

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By Kathleen Pearson 

Well, summer 2010 is almost here and let’s face it – summer looks a lot different for law students today than it did for your older brethren. Gone are the days of bloated summer classes of yore where the main goal was for the Summers to be wined and dined, perhaps show up by 10:00 am to do a little light research and then out to a 2-hour lunch at the hottest spot with some partners giving you the hard sale on a great job with a high salary.

All is not lost, however. While firms and students faced terrifying unknowns going in to last year’s summer season, we are all settling in to this new reality. Whether you have a clerkship or not, you can still have a very successful summer that will help you enter the field of law after graduation and create a path for the type of legal career you think you would like.

1Ls –

1L clerkships are virtually extinct. The good news for you is that firms know that. When Fall Recruiting starts, we will not be expecting you to have a primo clerkship from a top tier firm (or any firm for that matter) listed on your resume. Focus your efforts on summer school, volunteering at the legal clinic, working on a research project for a professor, even going to the courthouse to just watch the action. Anything to practice or review those newly found Contract or Torts 101 skills.

2Ls without a clerkship –

I’m not going to lie to you. You need to get some legal experience somehow this summer. This may not be in the form of a traditional clerkship with the firm of your dreams doing the work you feel destined to do. Look to your "circle of influence" and work that network. Your network can include family friends, older law school classmates and undergraduate friends. Let them know you are looking to get experience and are willing to help in any way – even for just a short time. You never know when an introduction to a business person by a close family friend will translate in to a summer job reviewing contracts, which may lead to another introduction, etc. While the networking process takes a lot of time and energy, you are learning valuable skills for the future that will help you develop business and may land you a job right now.

2Ls with a clerkship –

Congratulations. Fall recruiting was more difficult this year than any time in the past. Now you have got to show your summer firm that you have the drive and determination to be an associate with them. Expect some wining and dining – we do need to get to know you after all – but also expect some real work. Do your best and be yourself and you will be fine.

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Good Idea - Bad Idea: Loving and Lying

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Good Idea:  Loving your spouse.

Bad Idea:    Lying to authorities when you're an assistant dean at a public law school about your spouse's counterfeit prescription drug scheme.

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The Stevens Seat - A Legacy of a Century's Struggle?

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By James Bowden

As we’ve noted, the seat on the Supreme Court that Justice John Paul Stevens will vacate this summer is notable for the longevity of its occupants over the last 100 years (give or take).  But Justice Stevens, like Justices Douglas and Brandeis before him, is notable for more than just the length of his tenure.  All three were capable and influential voices on the court – and at times their jurisprudence stirred up more than a little bit of controversy.

Justice Brandeis was an ardent and powerful supporter of the right to privacy and freedom of speech on the Court.  His successful career in private practice featured aggressive advocacy, often offered pro-bono, against abuses by large corporations and business interests, which gained him fame as “The People’s Lawyer” and, “A Robin Hood of the Law,” not to mention significant opposition to his confirmation as a Justice.  Justice McReynolds (rabid anti-Semite and general crank that he was) refused to speak to Brandeis throughout his tenure on the court, and supposedly walked out of the room whenever Brandeis spoke.

Justice Douglas was by reputation one of the most brilliant justices ever to serve on the Court, and wrote many influential opinions supporting civil liberties and environmentalism, some of which he is rumored to have drafted on the backs of napkins over a beer.  His position as the liberal lion of the court and a tenacious advocate for an expansive interpretation of the First Amendment, not to mention his writing for Playboy Magazine and his fourth marriage to a college-age cocktail waitress, provided the ammunition his opponents in Congress needed to mount an eventually unsuccessful impeachment attempt.

Justice Stevens, a moderate Midwestern Republican and son of a wealthy family, was nominated by a Republican President.  Despite this and although his judicial temperament is best described as incrementalist, Stevens has come to be recognized as the leader of the court’s liberal wing, and has written vociferous dissents highly critical of the Court’s current conservative majority, most notably in the case of Citizens United v. FEC, 558 U.S. ___ (2010).  However, despite his conservative critics, Justice Stevens apparently did not disappoint the President who nominated him; speaking of his legacy soon before his death in 2005, President Ford said of Stevens, “I am prepared to allow history’s judgment of my term in office to rest (if necessary, exclusively) on my nomination thirty years ago of John Paul Stevens to the U.S. Supreme Court.”  That is without a doubt one of the highest compliments I’ve ever heard paid.

Stevens’ seat provides a unique view of history.  Over the past 96 years, a collection of people who would fit comfortably in a subcompact car presided from that seat over the growth of a country from a new insurgent on the world scene to preeminence as a world superpower, through the trials and triumphs of modern age and beyond. Their decisions and judicial careers were frequently reflections of the turbulent world outside the doors at One First Street.  Justice Stevens’ successor has quite an act to follow, but I wouldn’t be worried about having an opportunity to leave a mark – the seat he or she will take has a good track record for providing plenty of sound and fury to keep the long voyage exciting.

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The iPad: Making Your Briefcase and Wallet Lighter

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By Brian Malcom 

I am "that guy." I bought the iPad, paid Apple's early-adopter tax, and smiled all the way home.  Some call it a giant iPod Touch, and they are not too far off...for now.  Specially designed apps and Apple's OS upgrades for the device will be what sets the iPad apart from the rest of the iFamily.  

So, I have owned it for ten days.  I feel like that's a reasonable amount of time to deliver an initial assessment of the iPad's strengths and weaknesses for young lawyers.  Here's hoping there are some other fanboys/fangirls out there who care about the practical uses of this seemingly luxurious device.  With stuff like this, I like to start with the weaknesses and end on strengths.  It's the anti-hype approach to hype.  

Weaknesses:  

-  No stylus.  I understand that a stylus would injure the Jobsian ideal of beautiful simplicity.  I, however, would like to have a stylus for note taking and markup of PDF documents on the nice, big screen.  

- Fingerprints.  Oleophobic or not, the screen shows fingerprints.  After two days of use, my iPad screen was riddled with fingerprints.  The least Apple could have done is include a microfiber cloth for cleaning, like they did with past releases of the iPhone.  Luckily, I stock microfiber like Band-Aids at my house.   

- Size.  I know, I know...the whole point of the device is the larger screen.  I get that.  I have to nitpick and say the device feels a bit heavier than you would think when you are holding it in your hands.  I knew going in that this was not a pocket device, unless you have really large pockets. It is a briefcase or backpack device.  If you carry either of those, you'll find that the iPad is very portable--especially if it replaces paper, an iPod, and a laptop.  

- Lack of user storage or print .  I work with PDFs a good bit.  Natively, there is no way to save files to the hard drive of the iPad.  A workaround is to simply email yourself the file and download each time you need it.  But, that can get old.  GoodReader has a good iPad app that allows you to save files via wifi transfer, web downloads, email access, etc.  You can even hold down your finger on the icon of an attachment in the native mail app and save the file directly to the file system in GoodReader.  Last I checked,  GoodReader was reasonably priced, too ($0.99).   Third-party apps are also developing that allow printing directly from the iPad via WiFi to a networked printer.   

- Keyboard.  I am still getting used to the keyboard.  The lack of tactile feedback from the keyboard is a bit odd.  Then again, it took me a while to become a believer in the iPhone's soft keyboard.  Now, I can fly on it.  If I prove unable, there is always the option of syncing a Bluetooth keyboard or Apple's cradle and keyboard to get me by.  Who wants to tote around one of those, though?  The better option may be to use Dragon Dictation's app for the iPad, which is equally as effective as the iPhone application but with a larger visual interface.   

- WiFi only.  I know I went early and I could have waited for 3G.  The truth: I don't want to pay another fee for mobile, digital data.  So, why wait for the 3G iPad?!  I think the better investment would be to have a mobile WiFi hotspot device for all your computing devices to retrieve digital data, depending on which one you're using that day.  It would be really nice if you could tether the iPad through the iPhone, but Steve Jobs has already said that he won't support that.   

- Price.  This puppy ain't cheap.  Technology is my vice.  There are more expensive vices, though.  

There are some nice uses and features for this device for young lawyers.     

Here are the strengths:  

- Lightweight/Portable.  I know this is a bit of a contradiction from the Weaknesses section, but this device, though it feels heavier than it looks, is still much lighter than a 100-page document or a laptop (unless you own the MacBook Air).  With third-party apps, you can store numerous documents on this device for review and editing.  If need be, you can even create documents.  

- Instant digitization of annotations.  Think about it: It is absurd to open a document, print it, make handwritten notes, scan, and then send your edits.  Why not just open the document, i.e. PDF, input your annotations or changes and click send?  iAnnotate, an iPad app, allows you to do just that.  iAnnotate allows you to highlight text, write in the margin, type a note in the margin, underline text, or strike through text with your fingertips--although, ironically, a stylus may feel more natural.  One catch: iAnnotate can currently only transfer files within a WiFi network by using it proprietary server software.  The developers have promised that the next update will allow users to instantly email the annotated PDF file.  I hope they add a print feature, too.  

- Full Westlaw.  The iPad Safari browser is essentially a fully capable browser, not a lightweight, mobile version like the iPhone's.  Thus, you can see "normal" websites instead of being relegated to mobile pages.  ESPN is awesome on the device...oh yeah, so is Westlaw.  I think the iPad is great for reading materials from a legal research site.   (See screenshot below)

- Along the same lines, this device is a terrific reader.  If you are a heavy user of Word docs or PDFs, you will enjoy the experience of reviewing a document on the iPad's pretty screen without worrying about those pesky paper cuts or getting your pages out of order.  This thing could save a lot of trees, if people adapt.   

- E-Mail.  There are some small improvements in the native mail application.  It allows for a large preview of a message before opening.  It is also nice to have a portable device that allows you to quickly review email on a large screen.  

- Lots of storage.   You can store an entire file's worth of PDFs on the iPad, and still have room for your music and videos.  Think about being able to carry an entire case file with you, and not have to worry about dropping that Redweld.  

As more apps appear, more uses will emerge.  Stay tuned.  

 

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Note to Justice Stevens’ Successor: Get Comfortable

Posted by wlansden | Filed under , ,

peeps

So speculation is in full swing on Justice John Paul Stevens' replacement this summer.  Our advice to the eventual nominee? Plan to stay a while. Stevens took William O. Douglas's seat; Douglas was appointed by President Roosevelt more than two years before the U.S. entered the Second World War, and is the record holder for longest tenure on the court at 36 years and 209 days.  Stevens' tenure,  at 34 years and 124 days, makes him the fourth longest serving Justice.  The difference between Justice Stevens and the second-longest serving Supreme Court Justice (Stephen Johnson Field): 80 days. 

William O. Douglas took the seat from Louis Brandeis, whom was the first Jewish Supreme Court Justice and was nominated by President Wilson before the U.S. entered the First World War; Brandeis served on the court with the legendary Oliver Wendell Holmes Jr., a veteran of the Civil War and the oldest person to serve on the Supreme Court (Justice Stevens holds the honor of the second-oldest serving Justice).  Between these three men no other justice has occupied the seat since 1916.  One thing is clear, the next nominee needs to be ready for a long stay on the bench if they want to fill the large footprints that they are following. 

Justice Sandra Day O’Connor, a contemporary who never knew a day on the court without having  Stevens as a colleague,  is rumored to have kept a pillow in her office chair reading “Sometimes In Error, But Never In Doubt.” The pillow in the seat vacated by Justice Stevens should probably say, “Whether Or Not In Error, In For The Long Haul.” It should probably be a very comfortable pillow, too.

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How to Date a Lawyer - A Response

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By James Bowden

Avvo.com, in an apparent attempt to assist users in finding the right lawyer for any and every purpose, has published a list of 10 suggestions on how to date a lawyer. While it is clearly tongue-in-cheek, per Avvo’s suggestion number three I have chosen to take the list literally and will respond accordingly.  Obviously, I am completely serious and by no means intend the following to be interpreted as being sarcastic, sardonic, or (heaven forbid) “pithy.”

  1. “Fish where the fish are” - First off, if you want to meet a successful lawyer, you might want to try a rich location over a lawyer-rich location.  Contrary to popular belief, not all lawyers are rich (unless by “rich” you mean “rich in debt”).  As for the provided ranking, I think we can all agree that Guam beats D.C., New York, and Arkansas despite its lack of (practicing) attorneys resulting directly from its location on a beach in the Pacific Ocean.
  2. “Go in for the kill” - Please do not kill lawyers.  Also, frequently bar association events are in fact held in … bars.
  3. “Beware the lawyer personality” - Ouch.  “The same qualities that persuade juries and win cases can also work like acid on marital relations.”  That one hurts.  It’s a good thing for my marriage that I’m a transactional attorney.
  4. “Only repeat things you hear from credible people” - While I don’t think that filing briefs with your prospective lawyer beau or belle is a dating best practice (“The Life of Pi is an excellent book. Oprah, 132 N.B.C. 882 (2006)”), are you really in the habit of passing along information from dubious sources as objectively factual?  If so, stop.
  5. “Use Latin whenever possible” - You have a poodle AND you named it Per Stirpes?  Gross.
  6. "Make love notes long and confusing” - This one gets my hackles up.  No, I don’t like writing to be deliberately baroque.  Quite the contrary - first and foremost I am a technical writer in my role as an attorney, and I deal with complex and difficult subject matter (law).  Nothing bothers me more than wasted words.  My advice re: writing love notes to a lawyer would be “Short (max 0.1) and sweet.”
  7. “Don’t be surprised when your lawyer sweetheart nitpicks everything” - Finally, a statement I can agree with.  But I must point out that I do not nitpick because I am a lawyer; I nitpick because I am slightly obsessive-compulsive.  Oh, and I’m a bit of a jerk, too (see Number Three, above).
  8. "Always cite sources” - Yes, lying will in fact win a lawyer’s heart.  Go with that.  Citing an imagined source will never result in mockery or discipline (see item L).
  9. "Never speak of beliefs not backed by empirical evidence - They are on a real winning streak here, aren't they?  Yes, treating wait staff and children with scorn is sure to melt your law-trained mate's heart every time.  But you might want to make sure he or she didn't attend Michigan, Chicago, Berkeley, Penn, or any of the many other top-ranked law schools that happen to be a part of a public university before you get too down on the American education system.
  10. “Remember, it can all be very worth it” - Cute.  I didn’t know that dating a lawyer was comparable to house-breaking a Doberman Pinscher.

I think Avvo’s article can be summed up: “lawyers are like grapes: beat ‘em up, crush ‘em into goo, and lock them in a dark place for a few years and you might end up with something really nice.”  Clearly Avvo doesn’t work much with recent law school graduates, or they’d have a keener sense of the debt loads that many young and single attorneys labor under.  Overall, I give their Ten Tips a split decision: one thumb up for entertaining, one thumb down for missing the mark by a New York mile.

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Where's Pat Venditte when you need him?

Posted by wlansden | Filed under , ,

By Eileen Burkhalter Smith 

“Please contact an administrator to unlock the computer.”  This pop-up message gave me a major heart attack recently when it refused to allow me to unlock my lap top right before a closing argument in a jury trial.  The lap top had been working fine, and while I hated having to unlock it every time, I had been a little proud of myself for getting it done pretty smoothly.  I had set up the lap top, screen, and projector in the courtroom the Friday before a Monday trial, and I had actually practiced switching between the devices.  I had handwritten notes on which buttons to push, how to zoom in and out.  Then, inexplicably, the lap top would not unlock!  At the worst possible time!

Anyone experience this?  I think one of the most important things in a trial or deposition is to have a second option.  This applies to evidence and witness questioning, of course, but also to technology.  I was completely panicked because my closing argument involved a video, and I had no back-up for that.  It turns out that I had typed the username wrong, and after I took a second (which felt like 37 minutes) to assess what was going on, I realized my gaffe, and got the lap top going.  But what would I have done if it really was locked?

Not all of us can have the natural ability, like Mr. Venditte, to immediately adapt to what steps up to the plate.  But what we can do is try to anticipate these technology failures (or, um, butter fingers) and have a Plan B.  A dry erase board, writing pad, extension cord, and extra light bulb can be the best defense to these panic attacks--even a friendly opposing counsel might work in a pinch.  Next time, however, I am bringing an Administrator.  Or maybe just an extra lap top.

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