Economics

Jenner & Block Used ‘Stupid’ Search in Sorting Through Lehman E-Mails

A “stupid” search turned out to be productive for lawyers at Jenner & Block. “Stupid” was among the search terms used by the Chicago-based law firm as it sorted through some 34 million pages of e-mails and other electronic documents for its 2,200-page report on the collapse of Lehman Brothers,…

Jun 11, 2010 12:52 PM CDT

Wily Real Estate Agents Found a Way to ‘Flop,’ Scamming Lenders on Short Sales

Banks have made it harder to get a mortgage in recent years, after a national lending spree to buyers with dubious qualifications that contributed to an ongoing foreclosure crisis. But, adjusting their tactics to the new economic reality, two wily Connecticut real estate agents found a way to profit despite…

Jun 10, 2010 6:46 PM CDT

Law Jobs Still Lacking: Legal Sector Lost 22,200 in a Year, But Added 300 Last Month

The economy is showing some signs of recovery—including a gain of 300 legal-sector jobs in May, versus the loss of hundreds the previous month, according to the latest Bureau of Labor Statistics report. But accounts of the legal employment market still paint a grim picture of the situation many attorneys…

Jun 5, 2010 12:35 AM CDT

Have JD, Now What? Many Law Grads Get Jobs, But Not Dream Careers

Although the economy seems to be picking up and many new law graduates are employed, they often are not pursuing the dream careers they anticipated when they went to law school. Many are working temporary or part-time jobs, and others have had their start dates as new law firm associates…

May 20, 2010 8:15 PM CDT

Law Firms Shop for Deep Office Space Discounts, Possible Shark Tank, in Buyer’s Market

Two well-known law firms are reportedly shopping for bargain office space in a buyer’s market: In New York City, Proskauer Rose is expected to ink a deal this week for about 40 percent of an office tower being developed at 42nd Street and Eighth Avenue, reports the New York Times.…

May 10, 2010 10:46 PM CDT

Orrick Nixes Potential Merger With UK’s 600-Lawyer SJ Berwin

Orrick Herrington & Sutcliffe has called a halt to a potential merger with a well-known London-based law firm. Amidst news of the now-completed Hogan Lovells marriage, “a host” of United States law firms have been looking to expand in London, reports the London Times. But Orrick and SJ Berwin won’t…

May 4, 2010 5:10 PM CDT

NALP Numbers Tell Sad Story: Offers & Recruiting Plunge, But Law School Help Boosts Jobs Stat

Only about a dozen people attended a late-afternoon program in Puerto Rico on Friday in which executive director James Leipold of the National Association for Law Placement discussed the statistics NALP has developed on the recessionary legal economy. But they got an earful, Above the Law reports today: The rate…

May 4, 2010 1:05 AM CDT

Seeking Support for Core Issues

Economics a factor as ABA’s federal governmental advocacy focuses on 10 priorities

May 1, 2010 8:50 AM CDT

Report: FDIC and OTS Sat Back as WaMu ‘Mortgage Time Bomb’ Ticked

Federal bank regulators took a lackadaisical approach as signposts loomed pointing toward Washington Mutual’s record-breaking 2008 collapse, allowing executives to continue on a course of risky subprime lending that one WaMu executive characterized as “a mortgage time bomb,” according to information released today by the U.S. Senate’s Permanent Subcommittee on…

Apr 12, 2010 10:59 PM CDT

Dang Gummit! Law Prof Uses ‘Machine Gun’ Student Grilling Method on Wall Street

In her quest for a new consumer financial protection agency, Harvard Law School professor Elizabeth Warren speaks with the twang of her native Oklahoma and the zeal of a hard-nosed crusader. “Dang gummit, somebody has got to stand up on behalf of middle-class families!” she told the New York Times…

Mar 26, 2010 11:00 AM CDT

Report Finds Power Shift and Declining Support for Law Firm ‘Up or Out’ Model

The recession has driven a power shift that now favors in-house counsel over the law firms they hire, a new report has found. About 75 percent of general counsel and law firm partners said the balance of power now lies with law firm clients, according to the report (PDF). A…

Mar 24, 2010 10:30 AM CDT

Cravath and Davis Polk Boosted ‘09 PPP Without Cutting Attorney Roster

There was good news from Cravath Swaine & Moore reported last week: The New York City firm saw its income increase in 2009 without resorting to the attorney roster reduction used by a number of competitors to boost profits during a difficult year economically. Revenue at Cravath grew 7 percent…

Mar 22, 2010 9:54 AM CDT

Lehman Used Linklaters Opinion to Justify Aggressive Accounting, Report Says

Updated: Jenner & Block chairman Anton Valukas has released a 2,200-page report on the collapse of Lehman Brothers that details the investment bank’s use of an accounting device dubbed a “Repo 105” to keep debt levels off the books. Lehman was unable to find a U.S. law firm that would…

Mar 12, 2010 3:04 PM CST

After Serving His Time, Ex-Milberg Partner Lerach Blasts Wall Street

Former Milberg partner William Lerach is out of prison and just as outspoken as ever. In an interview with Reuters, the disbarred lawyer blasted Wall Street and warned of more problems ahead. “There will be another financial fraud wave if serious changes aren’t made,” Lerach said. “We keep repeating the…

Mar 10, 2010 2:05 PM CST

Laid-Off Lawyer Among Those Working as Census Bureau Temps

Third-year associate Susan Williams was laid off from a small Washington, D.C., firm in November 2008, and she had been out of work for four months when her brother told her about an ad for a Census Bureau job. The rest is history. Williams is now on her fourth temporary…

Mar 9, 2010 6:32 PM CST