Economics

Judge Posner Blames ‘People Like Me’ for the Economic Crisis

Judge Richard Posner says he probably misspoke when he advocated less government intervention in the private sector. Posner, a judge with the Chicago-based 7th U.S. Circuit Court of Appeals, tells U.S. News & World Report that he should have added a qualifier. “I’ve always been a strong supporter of deregulation,…

May 13, 2009 4:47 PM CDT

Derivatives Regulation Becomes a Popular Law School Offering

The financial meltdown has spurred interest in derivatives classes among law students interested in learning about the origins of the crisis and hoping to tap into an expanding job market for lawyers well-versed in financial regulations. New York Law School has seen so much interest in its derivatives course that…

May 8, 2009 3:18 PM CDT

Thompson & Knight Lays Off 42

Due to the dismal economy, Thompson & Knight laid off 17 associates and 25 support staff yesterday. The cuts were made in multiple offices of the Dallas-based law firm and focused on real estate and other corporate practice groups impacted by the sudden shortage of bank lending, managing partner Peter…

May 6, 2009 10:41 PM CDT

What if Washington Listened When Brooksley Born Sounded Alarms About Unregulated Markets?

Shortly after she was named to head the Commodity Futures Trading Commission in 1996, Brooksley E. Born was invited to lunch by Federal Reserve Chairman Alan Greenspan. The influential Greenspan was an ardent proponent of unfettered markets. Born was a powerful Washington, D.C., lawyer with a track record for activist…

May 6, 2009 6:49 PM CDT

Some Law Firms Prepaid 2009 Expenses in Anticipation of a Down Year

Some large law firms anticipating a tough year in 2009 braced themselves by prepaying some expenses last year. The American Lawyer says these firms were among those opting to prepay: • Gibson, Dunn & Crutcher, which prepaid 2009 expenses for online research and firm events. • Dechert, which prepaid about…

May 5, 2009 1:01 PM CDT

More Lawyers Seek Help for Depression, Addictions; Economy a Factor

Lawyer assistance programs are seeing more lawyers seeking help with problems such as depression and substance abuse, and the economic downturn may be at least partly to blame. Lawyer assistance programs created by bar associations in California and Illinois are seeing twice as many cases as usual; programs in New…

May 5, 2009 12:38 PM CDT

The Born Prophecy

More than a decade ago, Brooksley Born warned that unregulated financial markets were getting out of hand. Now many in Washington wish they’d listened.

May 2, 2009 4:30 AM CDT

Hunton Is Hiring (Really)

Firm won’t let recession retard its growth

May 2, 2009 1:10 AM CDT

Too Many Lawyers, Too Little Work: More Layoffs Are Likely, Expert Says

Too many lawyers are chasing too little work. And meanwhile a number of law firms are effectively serving as bankers for cash-strapped clients struggling in a difficult economy. After a “disastrous” fourth quarter in 2008, many law firms can expect an even more worrisome 2009, writes Dan DiPietro in the…

Apr 30, 2009 1:30 AM CDT

Are Law Schools Like Automakers? Dean Says Some Educators Will Fail

The law school dean in the news earlier this year for his charge that some law schools are “exploiting” unsuccessful students is getting more press attention for his predictions about the future of legal education. This time, Dean Richard Matasar of New York Law School was responding to an audience…

Apr 29, 2009 1:03 PM CDT

40% of Law School Applicants Riding Out Recession

Despite layoffs, deferrals, depressing U.S. job stats and anecdotal complaints about a lousy legal employment economy, students consider law school a good option for waiting out the financial crisis. Kaplan Test Prep and Admissions surveyed more than 1,000 prelaw students who took the LSAT in February and found that 2…

Apr 24, 2009 5:39 PM CDT

Acting CFO of Freddie Mac Found Dead in Apparent Suicide

Updated: The acting chief financial officer of Freddie Mac has died in an apparent suicide, following reports that the Securities and Exchange Commission was questioning executives about the mortgage lender’s accounting practices. David Kellerman was found dead in his Vienna, Va., home early today, according to the Washington Post and…

Apr 22, 2009 1:37 PM CDT

Profs Jump Ship at Nevada Law School Facing Big Budget Cut

Three professors have announced plans to depart from a Nevada law school following a proposed 36 percent cut in the state’s higher education budget to help deal with a revenue shortfall. And other faculty members reportedly may soon follow their lead. Rising stars Raquel Aldana and Tuan Samahon say the…

Apr 21, 2009 6:02 PM CDT

How Uninsured Law Student, 25, Gets Treatment via Girlfriend & Pal’s Mom

An e-mail by an anonymous self-described second-year law student at a first-tier New York law school tells the story of his life without medical coverage. In it, under the headline “Uninsured,” a 25-year-old explains what he does to get at least some of the treatment he needs. Posted by the…

Apr 20, 2009 8:14 PM CDT

NY Won’t Admit Would-Be Lawyer Due to $430K in Unpaid Student Loans

A written opinion doesn’t give his name. But an anonymous would-be New York lawyer with some $430,000 in delinquent student loans dating back to 1985 presumably knows who the New York appeals court is talking about. In a decision (PDF) today, the Appellate Division of the New York Supreme Court…

Apr 16, 2009 10:11 PM CDT