Archive for the ‘ALM’Category

Law.com Puts the Spotlight on a Bad Apple

May 4, 2010 – Law.com

Scott Rothstein ran what appeared to be a wildly successful law firm but turned out to be a  $1.2 billion Ponzi scheme. Prosecutors asked District Judge James Cohn to execute a vast forfeiture plan last month seeking ill-gotten gains in the form of cash, real estate, and other goods. Meanwhile, the lawyers for Herbert Stettin, the Trustee overseeing the estate of Rosenfeldt Adler (Rothstein’s law firm) feel the Government’s reach is too broad and that something should be left over for their client to administer. “I know the intersection of federal forfeiture law and federal bankruptcy law is a treacherous one,” said Paul Singerman, the Berger Singerman partner heading the trustee’s legal team. He said forfeiture laws were designed to take race cars away from drug dealers, but “this is not that type of case.” Not so long ago, prosecutors put the bad guys away, and bankruptcy attorneys and receivers recovered money for fraud victims. But the Justice Department has expanded its mission in the past decade, and the federal docket is littered with actions such as U.S. v. One Ancient Egyptian Wooden Sarcophagus or U.S. v. $13.9 million from Wachovia.  When asked whether any money will be left, once prosecutors are done with claims from fraud victims, to pay creditors of the firm, Singerman responded, “We absolutely believe there will be.” Right now, however, not a lot of money has been recovered on the bankruptcy end. Singerman told U.S Bankruptcy Judge Raymond B. Ray in April that only about $3 million has been recovered by the trustee. What makes Singerman so optimistic, however, is negotiations with bankruptcy litigation targets, such as Banyon Income Fund, which claims a $775 million investment in Rothstein’s fake settlement financing scheme, and attorneys at the firm who received bonuses or loans. Singerman has told Ray that a settlement with a major player is forthcoming, and Banyon would be a juicy target. Stettin might be looking for any money Banyon received back from the Ponzi scheme, Tew said, but the Fort Lauderdale investment company reportedly lost $300 million and positioned itself as the leading creditor. << Read the Full Story >>

It’s better to burn out … rust never sleeps

Lawyers are calling it social networking burnout. Law.com reports that corporate America is losing its taste for social networking sites and shutting down access to Twitter, Facebook, and MySpace. Recent back-to-back studies show a big chunk of corporate America banning Twitter and Facebook from the workplace. The news for the media world is even grimmer. According to an August survey by ScanSafe, 76% of companies block employee use of social networking sites — up 20% from February 2009. And social networking sites have become productivity enemy #1. Indianapolis-based Barnes & Thornburg is seeing companies block Facebook “all the time.” The firm has banned Facebook itself, and Twitter is next. I think what’s happening is social media is starting to simmer and the lawyers, PR teams, HR teams, and marketers are realizing that all these problems can occur, said one associate at Gunster Yoakley & Stewart of West Palm Beach, Florida.

I think what’s happening is social media is starting to simmer and the lawyers, PR teams, HR teams, and marketers are realizing that all these problems can occur, said one associate at Gunster Yoakley & Stewart of West Palm Beach, Florida who focuses on technology and the Internet.

Legal Blog Watch asks the tough question …

Legal Blog Watch wants to know ...

Legal Blog Watch wants to know ...

… Should You Work as a Paralegal, Legal Secretary, or Librarian?

With associate positions hard to come by, new graduates — desperate to find a paying job in the legal profession — are applying for work as paralegals, legal secretaries and law librarians, according to Long Island Business News. The story sites one new grad, Jessica Sparacino, who secured a job as a paralegal at Jackson Lewis, but that was only because she’d been working in that position through law school. For the most part, law firms and other employers aren’t willing to hire JDs for non-lawyer positions. [Read the article]

teaching a new dog old tricks

 

 

 

According to Carolyn “My Shingle” Elefant at Blog Watch, this cat Afif Ghannoum started a practice by staffing his office on Craigslist. According to Carolyn:

 

Back in the olden days, when lawyers sought to start or expand a law practice they’d place a pricey advertisement in a hard-copy legal trade publication or retain a placement firm … [b]ut now it’s possible to build a new law firm … using Craigslist. That’s how former BigLaw associate Afif Ghannoum, founder of theGhannoum Law Firm, did it, drawing on close to 500 respondents to staff his new firm’s life-science and bio-technology practice. [Read more at Legal Blog Watch].

Here’s the thing. I guess we all knew 5 years ago as Craiglist became more of a household name that someday it would be good for more than just buying and selling second-hand Ikea furtniture. So really this is more a case of teaching a new dog old tricks, right? Now if the firm were getting the bulk of its business on Craiglist that would be interesting. Or Facebook. Or Twitter. Or Avvo. You get the point. But still interesting.

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ABA TechShow: The Video

Thought I’d share some choice video from TechShow 2009 featuring all 4 of the Best of Show winners that I wrote up in TechnoLawyer, plus interviews with some of my heroes such as Bob Ambrogi, Jay Funeberg, and Kevin O’Keefe, as well as sightings of legal blogging all-stars like Dennis Kennedy and Tom Mighelle. I’m still excited.

See related videos here and find me on YouTube as practicehacker.

ABA TechShow 2009 – Short and SaaSy

Were the ABA Damnit!

We're the ABA Damnit! We own you!

This was my 10th year at ABA Technology Show in Chicago. This year was particularly cool.  Here’s why:

Meeting The Heavies: To me, seeing people like Dennis Kennedy, Tom Mighelle, Bob Ambrogi, Jim Calloway, Kevin O’Keefe, Brett Burney, Andy Atkins, Jay Foonberg (!) and the rest of my pretend blog friends … I mean pretend LinkedIn friends … is like reconnecting with long lost relatives. Exciting and a little intimidating. But all of them were really great and down to earth. Except that Kennedy. Such a prima donna. I kid, I kid.

Meeting Canadians: Who can forget meeting the Great Librarian of Upper Canada! Beat that. Then there was Phil of the Future (my name for him), Steve Matthews (nice guy), Brett Burney (I think he’s Canadian), Dominic Jaar (vive la Quebec libre!), the boys from Clio (or as I called them, the Booth Babes), and a host of other talent from the Great White North. It was great to meet you all: now go back where the ice doesn’t melt until July.

Technology Becoming Accepted: This year for the first time in memory I noticed a preponderance of grey hairs and the careful gait of partners scoping out potential buys for their offices.  This was not the brash, flash-in-the-pan TechShow of the late-90′s in which the Internet was decried as a fad.

SaaS, Saas, and more Saas: Software as a service was all over the place, and by next year it will be pervasive. This year I was knocked out by the number and variety of kick-ass SaaS providers at the show including Clio, RocketMatter, and VLO Tech. Clio was my hands-down favorite for a number of reasons – I intend to use it in my own practice. Whatever your cup of tea, the idea of throwing away the IT department in favor of the Cloud is gaining traction fast.

Less is … Less: One lamentable fact about this  year’s show – there was less of it than I’ve seen in a long time. Another casualty of the economy I’d say, but we shouldn’t overlook the fact that many legal technology vendors have been slaves to profit instead of boosters for innovation and the slow economy is making it painfully apparent what a royal screw job they’ve been giving lawyers all these years. Many players couldn’t make it ? Good riddance to bad company.

Other than that however, it was a great experience as always and one that I heartily recommend to one and all. If you haven’t been to TechShow, go there. If you have, come back. A splendid time is guaranteed for all.

For more coverage see my SmallLaw Column in TechnoLawyer.

Check out Twitter coverage of TechShow.

As always, I’d love your thoughts. E-mail me at mhedayat[at]mha-law.com or tweet me @practichacker.

ttyl :-)

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04 2009