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Tuesday, May 13, 2008

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Client Profitability

Ron Paquette, an analyst at Redwood Analytics, recently penned an interesting two-parter which has been posted to More Partner Income: Client Profitability: What Is The Cost Of Partner Time? and Partner Cost and Client Profitability (Part II)

Blawg Book Highlighter #29 - Terror and Consent: The Wars for the 21st Century

Blawg Book Highlighter #29: Terror and Consent: The Wars for the 21st Century

Columbia University law professor Philip Bobbitt is a rare breed of Democrat. While he, like many of his Democratic counterparts, supported the invasion of Iraq in 2003, he is different than most in that his support hasn’t wavered. He still thinks it was the right thing to do. He just thinks it was done the wrong way.

In his new book, Terror and Consent: The Wars for the 21st Century, Bobbitt doesn’t take sides and he doesn’t mince words. He is in no way pro-Bush, concurring with most of his fellow Democrats that the Bush administration bungled the war on terror. But he doesn’t outright dismiss Bush, either, and, in fact, mostly agrees with the neocon principles of pre-emptive war and even the necessity for curtailing many civil liberties.

Where Bobbitt finds fault with the Bush administration is for thumbing its nose at the law and for, at least initially, trying to define the war on terror in the same way that wars in history have been defined. “We need to change our ideas about terrorism, war, and even victory itself,” he argues.

The Bush administration’s failure was that it tried to fight a war – a war that Bobbitt agrees is a real war and one that needs to be fought – by circumventing the law rather than working with Congress to change the law and by not preparing the American public for a long, drawn-out war.

As Harvard law professor Niall Ferguson writes in his review of the book for the New York Times, “The administration’s fatal mistake was its failure to understand that these things could be achieved by appropriate modifications of the law. By doing what indeed was needed, but doing it outside the law, the administration undermined the legitimacy of American policy at home as well as abroad. Bobbitt is emphatic: all branches of government must act in conformity with the Constitution and the law.”

Ferguson is an unabashed convert to Bobbit’s position, calling Terror and Consent “quite simply the most profound book to have been written on the subject of American foreign policy since the attacks of 9/11 — indeed, since the end of the cold war. I have no doubt it will be garlanded with prizes. It deserves to be.”

Other leading reviewers have also heaped praise. Publishers Weekly calls the book: "[A] complex and provocative analysis of the West's ongoing struggle against terrorism. Terror and Consent merits wide circulation and serious consideration." And Booklist says, "Bobbitt aims for the big picture and succeeds . . . Not just another book about terrorism, this is a complete theory of constitutional evolution and a sophisticated set of far-reaching policy prescriptions."

Bobbitt’s debut, The Shield of Achilles, won the Robert W. Hamilton Book Award and was selected as one of the best books of 2002 by The Times Literary Supplement, The Economist, and The Guardian. In addition to being a Professor of Law at Columbia University and Distinguished Lecturer and Senior Fellow at the University of Texas at Austin, Bobbitt has served in a number of posts in the U.S. government, including as associate counsel to the President, legal counsel to the Senate Select Committee on the Iran-Contra affair, the counselor on international law at the State Department, and several senior positions at the National Security Council.

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Randy Richardson is an author, humorist, former journalist, and a lawyer. His fiction debut, Lost in the Ivy, a murder mystery set against the backdrop of Chicago's storied Wrigley Field, won the Writers Marketing Association's “Fresh Voices” Book Award and the Illinois Woman's Press Association's Mate E. Palmer Communications Contest. He writes the Dad Libs column for SanityCentral.com and is a frequent contributor to Chicago Parent magazine. In his day job, he is an attorney for the Social Security Administration’s disability appeals branch. At night and during lunch breaks, he serves as president of the Chicago Writers Association (chicagowrites.org) and works on his second novel while a 4-year-old tugs on his legs. Visit his website at www.lostintheivy.com.

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Headlines Across the Blawgosphere

If your feed reader is anything like mine, it is increasingly jammed with interesting posts on myriad subjects. 

Here are some headlines that have caught my eye this week:

SEC's Corporation Finance Recommends Changes to Cross-Border Tender Offer Rules - Securities Law Prof Blog

Wikipedia Ethics Event, May 15 at SCU - Technology & Marketing Law Blog

Rethinking Waiver Provisions - AdamsDrafting

$24.2 Million Verdict in Asbestos Suit Against Honeywell International - Products Liability Prof Blog

Conflict Coaching Podcast - mediator blah...blah...

Creating an effective IP and trade secret protection program -The Trade Secrets Vault

Military Religious Freedom Case Gains Attention - Blog From The Capital

Prepare for Exams with Library Study Aids! - LexLibris

Eric Posner on Ledbetter Act -Point of Law

Technorati Tags:

Justice Scalia Speaks

CBS has posted 60 Minutes' Lesley Stahl's interview of United States Supreme Court Justice Antonin Scalia, including some video snippets.  See Justice Scalia On The Record.

The Wall Street Journal Law Blog commented on the interview last night in its post Scalia to Stahl: End of Term “Usually a Disappointment” .

Meanwhile, the Blog of the Legal Times, spent some time Delving Into Scalia's New Book.

 

Blawg Book Highlighter #28: The Law of Second Chances

Blawg Book Highlighter #28: The Law of Second Chances

Florida seems to be a breeding ground for alligators and crime fiction writers.

John D. MacDonald. Carl Hiassen. Randy Wayne White. Tom Corcoran. Bob Morris. Tim Dorsey. All have helped to paint with words a dark side to the Sunshine State.

James Sheehan is one of the newer entrants into the increasingly competitive field of Florida crime fiction.
Sheehan writes from experience. He’s been a practicing attorney in Tampa/St. Petersburg, Florida, for 28 years, which of course means that he writes legal thrillers.

His 2005 debut, The Mayor of Lexington Avenue, came out to rave reviews.  Booklist declared it a “top-notch legal thriller” and a “genuine literary achievement.”  The Chicago Tribune called it “powerful,” saying it “reads like To Kill a Mockingbird on steroids.”  Marilyn Stasio, writing for The New York Times Book Review, said, “Sheehan writes with bleak clarity when he’s sharing the dirty tricks of his trade in the harrowing trial scenes, but there’s a touch of the poet in his voice.”

It was in Lexington Avenue that Sheehan introduced Jack Tobin, a Florida trial lawyer “committed to justice for the innocent.”

Sheehan’s follow-up is appropriately titled, The Law of Second Chances.  This time Tobin is presented with a death row case and he isn’t sure if he should take it. Why? Because he’s not so sure that the convict didn’t do it.
As the clock ticks on the convict’s life, a backstory develops out of a small-time robbery gone bad that brings Tobin’s past into play.

Says Karen Haymon Long of the Tampa Tribune: “Luckily, (Sheehan) thinks like a lawyer and writes like a writer. His stories roar along, transporting readers at a galloping pace.”

Sheehan used to write a blog called Slow Moving Dreams. In 2005, shortly after the release of his first book, Sheehan wrote: “In any writing you have to be true to yourself. There’s an old saying – write about what you know. I think that’s true.”

Read at excerpt from Second Chances at
http://us.macmillan.com/BookCustomPage.aspx?isbn=9780312366308#Excerpt

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Randy Richardson is an author, humorist, former journalist, and a lawyer. His fiction debut, Lost in the Ivy, a murder mystery set against the backdrop of Chicago's storied Wrigley Field, won the Writers Marketing Association's “Fresh Voices” Book Award and the Illinois Woman's Press Association's Mate E. Palmer Communications Contest. He writes the Dad Libs column for SanityCentral.com and is a frequent contributor to Chicago Parent magazine. In his day job, he is an attorney for the Social Security Administration’s disability appeals branch. At night and during lunch breaks, he serves as president of the Chicago Writers Association (chicagowrites.org) and works on his second novel while a 4-year-old tugs on his legs. Visit his website at www.lostintheivy.com.

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The Importance of Cost in Law School Rankings

In the National Law Journal article What Law School Rankings Don't Say About Costly Choices, authors William D. Henderson and Andrew P. Morriss suggest that [s]ome students should consider lower-ranked schools that offer more grants, better opportunities.   I particularly liked the article because it spends significant time talking through the cost of law school and importance of factoring likely debt load upon graduation. 

As I have noted before, it is often difficult for law students just entering law school (especially those coming straight from undergrad) to adequately factor in what their eventual law school debt load could mean in the years after they graduate.   Yet, from the vantage point of years down the road (and many monthly debt payments later), many lawyers will tell you that they wish they had had the foresight to not incur such a large debt. 

In any case, here are some bullet points snipped from Mr. Henderson and Morriss' article:

Deciding where to go to law school is a difficult decision for many applicants. Law school is expensive and becoming more so each year, making the choice of where to go often the biggest investment decision an applicant has made in his or her life. Yet many prospective law students lack knowledge about the entry-level legal market or even what different types of lawyers do in their daily lives.

During the last three decades, the size and geographic dispersion of the global economy has dramatically increased the demand for sophisticated corporate legal services. In contrast, the demand for personal-services legal work -- wills and estates, personal injury, family law, simple business contracts, etc. -- has grown at roughly the rate of population growth.

These dynamics have resulted in a "bimodal" income distribution, in which there is a heavy concentration of salaries in two distinct ranges, based on salary figures provided by NALP.

For most prospective law students, the most important question is whether law school is worth $100,000 in debt plus three years of lost earnings.

An equally important question is whether to go law school at all. A ranking of 50 law schools by the percentage of students who either flunked out or are unemployed or unaccounted for nine months after graduation includes many schools in tiers two, three and four of the 2007 U.S. News rankings. Thus law school does not guarantee lucrative, or even gainful, employment. Moreover, over-reliance on the U.S. News rankings can be damaging to a law student's financial health.

As the data reveal, the vast majority of students finance their legal education through debt. Some may be surprised to learn, however, that high-rank schools, all with large endowments, are not especially generous with scholarships. In general, their graduates have the highest debt loads. Because of the ready access they provide to lucrative corporate jobs, these schools enjoy enormous market power. They can raise tuition, reduce teaching loads, poach scholars from lower-ranked schools and tweak their course offerings to please tenured faculty.

This data also reveals another key distortion of rankings that combine all 194 ABA-approved law schools: With the exception of a few national firms, the vast majority of legal employment is regional. For T14 schools, 35 percent stay in state upon graduation, versus 58 percent for the rest of Tier 1 and 70 percent to 77 percent for tiers two through three.

Based on our experience with many extremely successful alumni, all of these qualities can be developed (sometimes better and faster) in smaller firms, state court clerkships, government practice or public interest jobs. Yet the key is avoiding the financial vise of excessive law school tuition.

For many prospective lawyers, the best strategy may be a careful evaluation of the regional job market in the area of the country where they want to work. If they are not competitive for admission into a national law school -- or are sure they are not interested in corporate law -- they can use their entering credentials to negotiate for a substantial tuition discount. By focusing on price rather than rankings, they will have the financial freedom to pursue jobs that will build valuable professional skills and mentoring relationships or leave the law altogether, without debt, to pursue other life ambitions. Further, if prospective law students still want a shot at large corporate law practice, their best bet may be to focus on regional schools in major legal markets that will provide them with substantial scholarships. Virtually all large firms routinely interview at regional law schools in close proximity to major branch offices while ignoring higher-ranked schools farther away.

If you find this topic interesting, I encourage you to read the full article, which is posted to Law.com and includes the above snippets in context.  

For myself, speaking with the benefit of hindsight, I was drawn to this single sentence from the article: By focusing on price rather than rankings, they [prospective law students] will have the financial freedom to pursue jobs that will build valuable professional skills and mentoring relationships or leave the law altogether, without debt, to pursue other life ambitions.

After all, in the end, isn't the freedom to pursue life's ambitions among everyone's goals for their life? 

Don't overlook the role debt can play in ensuring you have that freedom.

Here is the link:   What Law School Rankings Don't Say About Costly Choices

Madisonian Delivers on Legal Education

If you have not stopped by Madisonian.net recently, you may want to take a moment to do so.   Penned by a collection of law professors and guests, this blawg continues to deliver intriguing posts loosely focused on and around the topic of legal education.

For example, Washington and Lee Law School Dean Rodney Smolla recently posted an overview of the "new model" of legal education being developed at the school.

We are in a period of ferment in which law schools are beginning to experiment, and I think this will enrich all of us in the world of legal education, and be good for the profession and the public at large.

As Dean of Washington and Lee I am proud that we have committed to a bold program to quite radically revamp our third-year of law school, adding to the national conversation about the mission and character of “the law school of the future,” to borrow a phrase from my friend, former colleague, and dean-in-waiting Erwin Chemerinsky.

What follows is a bulleted list of key items in the new model for third years at Washington and Lee; you can read all about it here: Washington and Lee’s New Model and here, Washington and Lee School of Law Announces Dramatic Third Year Reform.

In selecting the weblog platform for Madisonian.net, its founders have also allowed for other interested persons to quickly respond and add their own comments to topics presented in its posts.   Which makes the posts even more interesting and worthwhile; see, for example, the post and responsive commentary on the subject Some Musings About Possible Ways To Improve Law Reviews And Law Schools Simultaneously.

Other recent posts at Madisonian include the following:

  • Too Many Law Schools?
  • Learning How to Learn
  • Institutes of Excellence and the Global, Departmentalized Law School
  • Law School As Community
  • Washington and Lee’s New Model
  • The Perfect Law School
  • A Focus on Quality of Scholarship, Rather than Placement
  • Are attorneys generalists or specialists?
  • Good stuff.

    Multilocal Management

    Bruce MacEwen, writing at Adam Smith, Esq., posted this week on the topic of global management of law firms, a timely subject in this era of globalization.  In his post, Global Management: Central or Local?, Mr. MacEwen noted:

    Multilocal?

    That's the new McKinsey coinage intended to lend new intellectual luster and heft to the perennial management-theoretical challenge of how to manage multinational firms. No matter how familiar the business issues, now is probably an especially timely moment to revisit them, given the strenuous economic environment. In good times, suboptimal management can be overlooked; but at times like this there is no room for slack in the rigging.

    Other bullet points from his post include:

    The fundamental challenge is to capture the greatest value from local practices while also benefiting from the value of an international platform and brand...

    ...If, for example, you're a capital markets-centric New York and London powerhouse, a centralized and more or less top-down approach may be ideal. To the extent you have other offices, they may be more branches of convenience than full service local outposts in their own right. Conversely, if your firm has a more widely diversified portfolio of local practices (say, energy in Moscow, IP in Milan, project finance in Dubai, startup financing in Eastern Europe, etc.) then headquarters needs to "get out of the way" of these country-specific profit centers...

    ...Consider some partial measures--short of centralized mandates--to facilitate more "natural" and instinctive collaboration...

    ...And especially in our industry, where local jurisdictional, substantive law, regulatory and licensing issues are so much more critical to what we do than (say) different packaging preferences might be to a consumer goods firm, it's important to try to strike the right balance between capitalizing on local law capability while maintaining the "one-firm firm" strength of a global platform able to seamlessly serve our equally global clients...

    To read these points in context, and all of Mr. MacEwen's post, click this link: Global Management: Central or Local?

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