Law Roundtable

Law Roundtable

Exploring the region between Law and Economics.

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February 9, 2010, 3:44 am, 646889

My class in private equity and venture capital doesn’t know it yet, but I think I might have them read Harvard Law School’s John Coates’ new empirical paper on the effects of ownership on M&A, or at least some important sections of it.  I’ve just been through it and ...


February 9, 2010, 3:44 am, 646888

The WSJ’s ‘Heard on the Street’ has an interesting item today comparing California and Greece from the standpoint of the bond markets.  Bottom line is that California fares far better than Greece in investors’ minds.  It’s a question, of course, how much of that is attributable to how investors ...


February 9, 2010, 3:44 am, 646887

In the New York Times, Adam Liptak has a Sidebar column on the remarkable story of Shon Hopwood. I have particular reasons to find the story compelling, as I’ve had the pleasure of working closely with Shon on briefs and I was clerking the Term that the Supreme ...


February 9, 2010, 3:44 am, 646886

This is a very fast note on the question of European political economy raised in my last post.  It’s not intended to be exhaustive, and yes, it is pretty conclusory.  My impression over many years as an international law professor who bridges the public and private law divides; not a ...


February 9, 2010, 3:43 am, 646885
Posted by D. Daniel Sokol Gea M. Lee (Singapore Management University) explains Optimal Collusion with Internal Contracting. ABSTRACT: In this paper, we develop a model of collusion in which two firms play an infinitelyrepeated Bertrand game when each firm has...


February 9, 2010, 1:44 am, 646826
Sheldon R. Smith, Lynn R. Smith & Katherine D. Black (all of Utah Valley University) have posted Dependent Care Tax Benefits: Ethical Issues in Taxation, 10 J. Accounting, Ethics & Pub. Pol'y 1 (2010), on SSRN. Here is the abstract: This paper, expanding on prior work, illustrates how some taxpayers...


February 9, 2010, 1:43 am, 646825
Since 1990, the Securities and Exchange Commission has possessed the authority to order respondents to cease-and-desist from present or future violations. The power is plenary; Professors Coffee and Sale have noted that the authority entitles the SEC to order the...


February 8, 2010, 11:44 pm, 646808

Paul Krugman writes:

The truth is that given the state of American politics, the way the Senate works is no longer consistent with a functioning government. Senators themselves should recognize this fact and push through changes in those rules, including eliminating or at least limiting the filibuster. This is something ...


February 8, 2010, 11:44 pm, 646807

Here’s a draft of the new section on Writing an Abstract, to be published in the fourth edition of my Academic Legal Writing book. There’s still plenty of time to improve it, so I’d love to get feedback. (By the way, the abstracts I give as examples are ...


February 8, 2010, 11:44 pm, 646806

From Ware v. South Texas Family Planning & Health Corp. (S.D. Tex. Jan. 26), a case in which a father sued a clinic for giving a “morning-after” contraceptive pill to his 14-year-old daughter without the parents’ permission:

Plaintiff contends that Defendants are a public nuisance because the “activity” that ...


February 8, 2010, 11:43 pm, 646803
Sadly for fans of consumer litigation, the great diet-plan advertising war has ended almost as quickly as it started. On Friday, Weight Watchers and Jenny Craig announced a settlement to a false advertising action that Weight Watchers had filed against Jenny Craig in late January. At issue: a Jenny Craig ...


February 8, 2010, 11:43 pm, 646805
Federal prosecutors have been stepping up their Foreign Corrupt Practices Act enforcement efforts in recent months, and on Friday they landed a big catch they'd been targeting for some time. BAE Systems, the largest military contractor in Europe, has agreed to pay nearly $450 million as part of a global ...


February 8, 2010, 11:43 pm, 646802
Lawyers and litigants are counting days to determine how many dollars are at stake in the case of the music promoters who hijacked the name of The Drifters. A judge set a 90-day deadline Thursday for entrepreneur Larry Marshak and his associates to supply an accounting of their profits from ...


February 8, 2010, 11:43 pm, 646804
Who's getting hired? What practice areas are showing particular strength? Are law firms picking up partners who've been laid off? These were just some of the issues on the agenda during a roundtable discussion involving the chairs of three top firms -- J. Warren Gorrell of Hogan & Hartson, R. ...


February 8, 2010, 11:43 pm, 646799
Winston & Strawn has expanded its restructuring practice by hiring a three-lawyer team from Dewey & LeBoeuf: partners Lawrence A. Larose, who acted as lead counsel for MBIA Insurance in its restructuring effort last year, and Samuel S. Kohn, who was counsel at Dewey. Associate Sarah Trum also made the ...


February 8, 2010, 11:43 pm, 646800
Pictures made of "Amy" -- as she's known in court papers -- when she was 8 or 9 are among the most widely circulated child pornography images online. A decade later, the woman is taking aim at anyone who would view the images and seeking restitution in hundreds of criminal ...


February 8, 2010, 11:43 pm, 646801
A 9th Circuit panel has slapped the state of California with sanctions after the attorney general filed a fifth meritless appeal in ongoing prison conditions litigation. The $13,500 in sanctions is minuscule compared to the millions of dollars the state has paid to defend class actions brought by inmates over ...


February 8, 2010, 11:43 pm, 646796
At the heart of a mortgage fraud trial that opened Monday in San Francisco are millions of dollars in loans that never should have been made, the lawyer for a family estate told the jury in opening statements. U.S. Bank sued on behalf of a mortgage pool to try to ...


February 8, 2010, 11:43 pm, 646798
Three litigation partners have signed on to join King & Spalding's Washington, D.C., and New York offices. The team, which is joining the firm from Orrick, Herrington & Sutcliffe, includes Diana Weiss, James Capra Jr. and James Cusick. Weiss will be based in Washington, and Capra and Cusick will work ...


February 8, 2010, 11:43 pm, 646795
After the Association of Corporate Counsel launched a rating system that included members-only access to performance evaluations of law firms, some critics cried foul. Now, law firms that have been critiqued by in-house counsel can also see their ratings online. Since the ACC began its "value index" in October, in-house ...


February 8, 2010, 11:43 pm, 646797
A California appeals court came down on a Superior Court judge in a strongly worded opinion, criticizing the way the trial court handled the contempt case of an elderly, cash-strapped attorney who failed to pay $10,000 in discovery sanctions and was ordered to serve five days in jail on three ...


February 8, 2010, 11:43 pm, 646792
The largest individual award to a former Florida smoker against the tobacco industry will not stand, a Broward Circuit judge ruled Friday. Calling the $300 million jury verdict "shocking," Judge Jeffrey Streitfeld said he would determine a lower award later against Philip Morris USA. The jury's decision to award $56.5 ...


February 8, 2010, 11:43 pm, 646790
New York federal Judge Jed S. Rakoff grilled attorneys for the SEC on Monday about a proposed $150 million settlement that would bring an end to two actions against the Bank of America Corp. stemming from its $50 billion takeover of Merrill Lynch in 2008. The actions accuse the bank ...


February 8, 2010, 11:43 pm, 646791
A formidable team of lawyers has lined up to defend Dr. Conrad Murray, who was charged Monday with involuntary manslaughter in the death of Michael Jackson. Murray's lead lawyer is Ed Chernoff, a partner at criminal defense firm Stradley Chernoff, who is handling the case with firm partners Matthew Alford ...


February 8, 2010, 11:43 pm, 646793
Electronic privacy in the workplace is a tangled subject, with only a few sure footholds for employers. Attorneys are hoping a Supreme Court ruling will provide unifying guidance on employer monitoring of employee text messages in a case currently under consideration by the justices.


February 8, 2010, 11:43 pm, 646794
The three-decade legal career of a former federal prosecutor, Marine Corps Reserve investigator and one-time candidate for Georgia attorney general has turned into a nightmare. James R. Harper III stands accused of racketeering and theft from his former client, international gun maker Glock Inc. A grand jury has charged Harper and two others with conspiring ...


February 8, 2010, 9:44 pm, 646771

That’s the odd result of Haskell v. Brown, decided a month ago by Judge Charles Breyer of the Northern District of California. Judge Breyer (not to be confused with Justice Stephen Breyer, his brother) refused to preliminary enjoin the collection of cheek swab samples from arrestees, largely because ...


February 8, 2010, 9:43 pm, 646770

Never expect compensation for a good deed. Rarely will those you help ever even bother to thank you - let alone pay you. Just askAnne Danaher.

Anne Danaher, Erin Brockovitch style, was a non-lawyer who spent thousands of hours fighting for a cause she believed was just. Nevertheless, she is being ...


February 8, 2010, 7:44 pm, 646745

Over at The Faculty Lounge, there are some pictures of sit-ins from the early 1960s.  Regarding a 1963 sit-in in Jackson, Mississippi, TFL writes: “By one account, members of the all-White Jackson police force stood guard outside, while several FBI agents (the guys in back wearing shades) ‘observed’ from ...


February 8, 2010, 5:44 pm, 646714

I saw this ad during the Super Bowl–sorry, I mean “The Big Game”–yesterday, and originally thought it was some sort of political issue ad. Although it is funny, in a creepy way, it is not clear to me what the ad agency and Audi are saying here about The ...


February 8, 2010, 5:44 pm, 646713

A pretty poor argument (see p. 6), it seems to me — the law applies to speech of a certain content, and is justified by a worry that the content of the speech will mislead people.

I’ve argued that the ban is constitutionally permissible, because it fits ...


February 8, 2010, 5:44 pm, 646712
ABA Journal, The Obvious Is Never Simple When Steven Levitt Talks About It: [Steven Levitt gave] the keynote address Saturday night at the 54th Annual Awards Banquet of the Fellows of the American Bar Foundation. ... Levitt, a research professor at the ABF and a professor at the University of...


February 8, 2010, 3:44 pm, 646623
From the BBC: A poll of 2,524 households found that 47.2% of those with a cat had at least one person educated to degree level, compared with 38.4% of homes with dogs. The study said longer hours, possibly associated with better qualified jobs, may make owning a dog impractical.See also...


February 8, 2010, 3:44 pm, 646622
Stephanie Hoffer (Ohio State) presents Defining a Role for Direct Democracy in Non-Essential Government Spending at Northwestern today as part of its Advanced Topics in Taxation Series organized by Tom Brennan and Charlotte Crane. Here is the Introduction: The task of raising revenue to provide public goods such as roads,...


February 8, 2010, 3:43 pm, 646621


February 8, 2010, 3:43 pm, 646620
Before the market meltdown in the fall of 2008, Charlotte, N.C., was headquarters to the largest and third-largest banks in the United States measured by deposits -- Bank of America and Wachovia Corp. But in the last 18 months, the banks that used to be the biggest exclamation points in ...


February 8, 2010, 3:43 pm, 646619

A San Diego federal district court recently provided guidance on what constitutes an "adverse employment action" and how an employer's shifting reasons for its actions may affect a discrimination case. In Coyne v. County of San Diego, the plaintiff, an employee, sued her employer for ...


February 8, 2010, 3:43 pm, 646618

Over the past decade, Buddhism, Taoism, and Greek and Roman wisdom are all being scientifically validated. Probably there is little reason to read past Marcus Aurelius' Meditations. In general: You are who you choose to be. You become your actions.

Epictetus said:"If you want to be a writer...write." How banal? ...


February 8, 2010, 3:43 pm, 646617
The Trial Warrior Blog hosts of Blawg Review #250. Antonin Pribetic is well-regarded for strategic blogging about trial advocacy and international litigation and arbitration. A litigator, he draws inspiration from Sun Tzu and the Art of War, as does his blawg.


February 8, 2010, 3:43 pm, 646616
Posted by D. Daniel Sokol Alessandro Diego Scopelliti (University of Warwick, Department of Economics) has written on Competition and Economic Growth: an Empirical Analysis for a Panel of 20 OECD Countries. ABSTRACT: This paper aims at analyzing, from an empirical...


February 8, 2010, 1:44 pm, 646534
The Atlantic, What Kind of Tax Relief Would Create the Most Jobs?: As Congress wrangles over a jobs bill in the next week, the central debate is: What kind of tax cut will stimulate the most growth? The White House has gotten behind a "hiring tax credit" that would give...


February 8, 2010, 1:44 pm, 646533
Wall Street Journal op-ed, Toward a Different Fiscal Future, by R. Glenn Hubbard (Dean, Columbia Business School): [T]he president and the Congress need to present a credible path toward lower deficits and more effective government. Such a plan should have three elements. First, introduce specific targets for reducing discretionary spending....


February 8, 2010, 1:43 pm, 646532


February 8, 2010, 11:43 am, 646466
The Judiciary/Media Committee of the Supreme Judicial Court is considering revisions to the Guidelines on the Public's Right of Access to Judicial Proceedings and Records. In order to evaluate whether the guidelines should be amended or expanded and what other initiatives the committee might wish to pursue, ...


February 8, 2010, 11:43 am, 646465
Posted by D. Daniel Sokol Luis Corchón (Universidad Carlos III, Madrid- Econ) and Félix Marcos (Universidad Complutense de Madrid - Econ) analyze Price regulation in oligopoly. ABSTRACT: In this paper we consider price regulation in oligopolistic markets when firms are...


February 8, 2010, 9:43 am, 646366
Most industries have markers of success, such as movies released by studios, Nielsen ratings for broadcast companies, square feet of warehouses for distribution companies, or ton-miles for truckers. The benchmarks by which general counsel in those industries might compare themselves...


February 8, 2010, 9:43 am, 646371
In 2008, the UK had approximately 130,000 lawyers according to an article in Law Bus. Rev., Winter 2009 at 54. By some estimates, the same year the US had somewhat more than a million practicing lawyers. Other estimates suggest that...


February 8, 2010, 9:43 am, 646369
As more legal departments bring inside the software and expertise to handle e-discovery, general counsel and their IT colleagues may want to consider work-flow management software designed for that task. KM World, Feb. 2010 at 15, mentions three offerings: iFramework...


February 8, 2010, 9:43 am, 646370
One of the common steps to reduce the costs of outside counsel assumes that inside lawyers can segment matters into those that deserve high-priced talent, those that have more modest demands suitable for mid-tier firms, and those that bump along...


February 8, 2010, 9:43 am, 646367
Two points struck me from findings in ILTA’s 2009 Technology Survey, at 42 of law firms: one about the shared challenges of providing technology to lawyers – inside or outside – and the other about overhead support for IT that...


February 8, 2010, 9:43 am, 646368
Gale force winds blow the message that legal departments should tourniquet various expenses charged by profligate law firms. A recent breeze from the opposite quarter, however, tells us that many firms do not frequently or routinely charge to clients expenses...


February 8, 2010, 9:43 am, 646365
Ellen Dannin (Penn State) has just posted on SSRN her article (forthcoming U. San Francisco L. Rev.) Hoffman Plastics as Labor Law – Equality at Last for Immigrant Workers? Here's the abstract:Hoffman Plastics, the poster child of immigration gone wrong,...


February 8, 2010, 9:43 am, 646364
... is this person getting a job: i found ur id on;line and found that u ans evil hr question. i am struck with a question in interview of "why my grades are so low". and also cant find an...


February 8, 2010, 9:43 am, 646363
I have a database of ninety different leadership styles that have been the subject of countless studies and articles. That said, why is there so little information on followership? With the increased scrutiny directed at boards in the U.S., I...


February 8, 2010, 9:43 am, 646362
Posted by D. Daniel Sokol Jean-Charles Rochet (Toulouse School of Economics) and Julian Wright (Department of Economics, National University of Singapore explain Credit card interchange fees. ABSTRACT: We build a model of credit card pricing that explicitly takes into account...


February 8, 2010, 7:44 am, 646291
Above the Law, Clarence Thomas Clarifies: His Clerks Aren’t ‘TTT’: Justice Clarence Thomas went down to the Sunshine State this week, where he spent time speaking with law students at Stetson University and the University of Florida. ... One UF student asked Thomas for advice given the difficult job market...


February 8, 2010, 5:44 am, 646235

Last week’s National Journal poll of political bloggers asked for an estimate of House Democratic losses in the 2010 election. While the answers are reported in clusters of 10, the median estimate for the Left appears to about 20 seats. The median on the Right was in the mid-30s. ...


February 8, 2010, 5:43 am, 646234
Open CRS has posted Business Investment and Employment Tax Incentives to Stimulate the Economy (R41034). Here is the summary: According to the Business Cycle Dating Committee of the National Bureau of Economic Research (NBER), the U.S. economy has been in recession since December 2007. Congress passed and the President signed...


February 8, 2010, 3:44 am, 646159

Last fall I was on a great panel at Stanford Law School on robotics and the law.  It had great people on it — Dan Siciliano, Paul Saffo, and Ryan Calo.  Great discussion; one of the things it brought home to me, as someone who came to law-and-robotics issues from ...


February 8, 2010, 3:43 am, 646158
Watch CBS News Videos Online The Power of Half: It all started when 14-year old Hannah Salwen, idealistic but troubled by a growing sense of injustice in the world, had a eureka moment when a homeless man in her neighborhood was juxtaposed against a glistening Mercedes coupe. "You know, Dad,"...


February 8, 2010, 3:43 am, 646157
Posted by D. Daniel Sokol Phillipe Gagnepain and Pedro L. Marín (both Universidad Carlos III de Madrid - Econ) note The effects of airline alliances: What do the aggregate data say. ABSTRACT: We consider an empirical model of worldwide airline...


February 8, 2010, 1:44 am, 646107
The IRS's Statistics of Income Division has released the papers from the 2009 IRS Research Conference held on July 8-9, 2009, at Georgetown: Forward and Acknowledgments Table of Contents Tax Systems and Taxpayer Behavior Leslie Robinson (Dartmouth) & Joel Slemrod (Michigan), Measuring the Impact of Tax Systems on Economic Behavior...


February 8, 2010, 1:44 am, 646108
Saturday: Ohio State President: It's Time to Rethink Tenure Happiness Is . . . WSJ: Pat Moynihan's Tax Lessons for the States Heritage Foundation Estate Tax Videos Redistributive Taxation and Personal Bankruptcy FIN 48 and the IRS-Taxpayer Relationship Sunday: IRS Silent Amidst Estate Tax Chaos Top 5 Tax Paper Downloads...


February 8, 2010, 1:43 am, 646106
Jordan J. Paust has posted Human Rights Responsibilities of Private Corporations on SSRN with the following abstract: This Article discusses the human rights responsibilities of private corporations. Part I addresses how decisions and activities of multinational corporations impact human rights....


February 8, 2010, 1:43 am, 646105
Headline-grabbing Trojans football Coach Lane Kiffin sent shockwaves through amateur sports last week when he announced that he had obtained an "oral" commitment from 13-year old, 7th grader David Sills to attend USC in return for a scholarship. Master Sills...