Combs Spouts Off

"It's my opinion and it's very true."

  • Calendar

    March 2025
    S M T W T F S
     1
    2345678
    9101112131415
    16171819202122
    23242526272829
    3031  
  • Recent Posts

  • Tag Cloud

  • Archives

Posts Tagged ‘law’

Recession batters law firms

Posted by Richard on January 27, 2009

Every cloud has a silver lining:

After upending a succession of U.S. industries, the recession has arrived for U.S. law firms, which have long seen themselves as partially insulated from economic downturns. In December, Thelen LLP, another large San Francisco firm, also shut down for good, citing recessionary pressures. Later that month, Thacher Proffitt & Wood LLP, a 160-year-old New York firm, announced that it was closing. Dreier LLP of New York is dissolving after its founder was arrested for fraud.

After the arrest, all the other partners and associates decided they wanted to spend more time with their families.

Pay cuts and layoffs are becoming commonplace. …

In November, New York legal giant Cravath, Swaine & Moore LLP announced it was reducing year-end bonuses for junior lawyers, and that it wouldn't raise its billing rates in 2009. Latham & Watkins LLP, one of the nation's highest-grossing firms, said in December that associates would not get raises in 2009 — a move followed by many other firms.

"More firms are in a fragile condition than I've ever seen," says William Brennan, a law-firm consultant with Altman Weil Inc. and formerly chief financial officer at two large Philadelphia firms.

Profits, on average, were down 8% to 12% across the industry last year, after 15 years of consistent profit growth, says Peter Haugh, managing director for the Legal Specialty Group of Wachovia Wealth Management.

Throughout the industry, business has dropped off in such key practice areas as mergers, public offerings, and corporate finance. Litigation, often counted on to carry firms through downturns, has become less profitable as clients increasingly settle big cases, forgo lawsuits altogether, or pressure firms to discount their fees, lawyers say. Some practice areas, such as bankruptcy, however, are robust.

Litigation is less profitable — more good news!

Too bad about the bankruptcy business, though.

Posted in Uncategorized | Tagged: , , , | Leave a Comment »

LEAP billboard up in Omaha

Posted by Richard on July 28, 2008

Thanks to a generous donor, Law Enforcement Against Prohibition (LEAP) has its first billboard up. Check it out — it looks pretty good. Here's the scoop from Tony Ryan of LEAP:

That’s right – LEAP’s first ever billboard – now showing at 108th and I street in Omaha, Nebraska. It is up high, where many can see it, and it shows a new website for us which we can use to measure response and effectiveness.

It will be there three months and then will move around the city to other locations for additional three month periods for at least a year – all thanks to LEAP supporter and donor Melanie Marshall.

I was in Omaha to assist with the unveiling of the billboard via an on-air interview with talk-show host Scott Vorhees of Omaha’s superstation KFAB (1110 AM).

While in Omaha July 17 and 18, I also spoke at three Kiwanis Club meetings, wrote an Op-Ed on the War on Drugs which was published Friday, July 18 in Omaha’s World-Herald, did an interview with the Bellevue Leader weekly and, along with Melanie and her husband, spoke with Omaha’s US Congressman Lee Terry about the Drug War.

Tony is a retired Denver cop and one of the really good guys. If you ever get the chance to hear him speak, do it. Meanwhile, how about donating a few bucks to LEAP?

(HT: Chicago Boyz)

Posted in Uncategorized | Tagged: , , , | 4 Comments »

Declaring war

Posted by Richard on August 24, 2007

Whenever the legitimacy of some U.S. military action comes up, libertarians and leftists generally bring up the issue of a congressional declaration of war, arguing that in the absence of a formal declaration of war, war-fighting is unconstitutional.

(Libertarians at least have standing to make this argument. Leftists do not. When they complain that something goes against a strict interpretation of the Constitution, leftists should be laughed at and dismissed as the unprincipled hypocrites that they are.)

Gabriel Malor, posting at Ace of Spades HQ, tackled declarations of war in three recent installments of his "Law Lessons" series. He looked at the Constitution, U.S. history, 18th-century international law, and case law, and he concluded what I've thought for a long time: Congress doesn't have to use specific "magic words" in order to constitutionally declare a state of war. And in fact, it usually hasn't, beginning with the Barbary Wars, as Malor noted in his first installment:

Indeed, the U.S. Constitution says that Congress has the power to declare war. It doesn’t say that to exercise that power Congress must perform an arcane ritual of words and actions. There is no constitutional requirement that Congress use the specific words “Declaration of War.” Nor has the use of such language been the usual practice when the U.S. goes to war.

The U.S. has formally declared war only five times. The other 10 or so times a state of war existed between the U.S. and another country or countries, Congress simply authorizes the use of military force. For example, to authorize the First Barbary War, Congress directed President Jefferson “to cause to be done all such other acts of precaution or hostility as the state of war will justify.”

Malor noted some interesting parallels between the First Barbary War declaration and the 2001 AUMF (authorization to use military force) declaration under which we invaded Afghanistan. Both targeted specific actions and their perpetrators rather than identifying a specific enemy. Furthermore:

Even more noteworthy is the fact that both war authorizations leave it up to the President to determine just which individuals or nations fall into the enabling language. (Think of this the next time you hear a hysterical ninny gulping about how the discretion Congress gave to President Bush is simply unprecedented.)

In the second installment, Malor tackled the 2002 AUMF (Iraq War Resolution) and looked at what little case law exists regarding declarations of war. I was surprised to learn that Attorney General Gonzales claims there's a difference between authorizations to use military force and declarations of war. I wonder how many libertarians and leftists realize that they're perilously close to agreeing with Gonzales on this issue.

In the third installment, Malor expressed some further thoughts about informal versus formal declarations of war and looked at 18th-century thinking about the nature and purpose of war declarations.

If you're interested in this topic, read all three posts, and don't overlook the comments; there are some thought-provoking ones. For instance:

Federalist #23 reasoned that the CinC could face an infinite variety of threats and as such, "no constitutional shackles can wisely be imposed on the power to which the care of [national defense] is committed." Madison went further noting that ''The sword is in the hands of the British king, the purse in the hands of Parliament; it is so in America, as far as any analogy can exist." I'm thinking Madison may know a thing or two about the Constitution.

It can't be true! Madison wouldn't say that, would he? It must be a Rovian trick to justify the imperial presidency, perpetual war, and the BushCheneyHalliburton police state! Aaaargh!

Hmm, that little Google search confirming the Madison quote that I tossed into the previous paragraph led me to an interesting Heritage Foundation article by John Yoo about the war-making power. Among other things, Yoo argues that the Constitution deliberately and with good reason gives Congress the power to "declare" war, not the power to "engage in" or "levy" war (verbs it uses elsewhere regarding war). There is much more, well-buttressed with specific examples from the Constitution and contemporaneous documents. I'm going to have to read it more carefully and give it some thought.

Posted in Uncategorized | Tagged: , , , , | 2 Comments »

Pardon Libby

Posted by Richard on June 6, 2007

The so-called "CIA leak" case was completely bogus from the beginning. Even before Attorney General Gonzales appointed Patrick Fitzgerald as special prosecutor, the Justice Department knew that it was Deputy Secretary of State (and administration critic) Richard Armitage who told Bob Novak (and Bob Woodward) that Joe Wilson's wife, Valerie Plame, worked for the CIA. 

Fitzgerald either concluded that "outing" Plame wasn't a crime — that is, Plame wasn't covert, and thus her identity wasn't protected by the statute — or that he'd give Armitage a pass on that major felony, and instead try to trip up someone else on picayune perjury charges.

Fitzgerald apparently glommed onto the left's (and media's) baseless contention that there was a Cheney-Rove-Libby conspiracy to persecute Wilson, and decided to get to the bottom of it. Or maybe he just liked the idea of having an all-powerful, high-profile, cushy government job with an unlimited expense account.

In any case, Fitzgerald "caught" Libby claiming that a conversation took place on a Friday, when it really took place on a Tuesday. Or maybe it was a Monday, not a Thursday. Was it perjury or forgetfulness? Fitzgerald persuaded the jury it was the former (with the help of a hostile judge). But consider this: no two witnesses who testified in that case had the same recollection of whom they talked to when.

Joe Wilson has demonstrably lied about his Niger trip and his wife every step of the way. The source of the Plame "leak" has been known from the beginning. The appointment of a special prosecutor was a stupid, foolish attempt to assuage unassuageable critics, and it should never have happened. Fitzgerald's dogged pursuit of something, anything, to charge someone connected to Cheney with was unconscionable. The conviction of Lewis Libby was a gross miscarriage of justice.

Pardon him now, Mr. President. And apologize for the suffering your administration's incompetence and disunity have caused this man.  

Posted in Uncategorized | Tagged: , , , , | 9 Comments »

Maybe this should be a crime

Posted by Richard on May 25, 2007

Yesterday, I wrote disapprovingly about the criminalization of hateful speech. I'm pretty close to a First Amendment absolutist, really. But today, I read something so horrendous and pain-inducing that I'm tempted to call for criminal penalties. The material in question is shareholder information from ICICI Bank of India (I own some ADRs in it). To cope with the rather happy burden of a 40% annual growth rate, the bank's board wants shareholder permission to make some changes in capitalization and the articles of association pertaining to that. There are three proposals before the shareholders (see this PDF if you dare). It's the third one that brought me to my knees:

RESOLVED that pursuant to the provisions of Section 81 and other applicable provisions, if any, of the Companies Act, 1956 (including any amendment thereto or re-enactment thereof), and in accordance with the provisions of the Memorandum and Articles of Association of ICICI Bank Limited (the "Bank") and the regulations/guidelines, if any, prescribed by the Government of India, Reserve Bank of India, Securities and Exchange Board of India and United States Securities and Exchange Commission or any other relevant authority, whether in India or abroad, from time to time, to the extent applicable and subject to approvals, consents, permissions and sanctions as might be required and subject to such conditions as might be prescribed while granting such approvals, consents, permissions and sanctions, the Board of Directors of the Bank (hereinafter referred to as the "Board", which term shall be deemed to include any Committee(s) constituted/to be constituted by the Board to exercise its powers including the powers conferred by this Resolution) is hereby authorised on behalf of the Bank, to create, offer, issue and allot (including by way of Preferential Allotment, Private Placement (including allotment to qualified institutional buyers by way of Qualified Institutional Placement in terms of the Chapter XIII-A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000) or Public Issue, with or without provision for reservation on firm and/or competitive basis, of such part of issue and for such categories of persons as may be permitted), in the course of one or more public and/or private offerings in domestic and/or one or more international market(s), equity shares and/or equity shares through depository receipts and/or convertible bonds and/or securities convertible into equity shares at the option of the Bank and/or the holder(s) of such securities, and/or securities linked to equity shares and/or securities with or without detachable/non-detachable warrants with a right exercisable by the warrant-holder to subscribe for equity shares and/or warrants with an option exercisable by the warrant-holder to subscribe for equity shares, exchangeable bonds and/or any instruments or securities representing either equity shares and/or convertible securities linked to equity shares (all of which are hereinafter collectively referred to as "Securities"), to all eligible investors, including residents and/or non-residents and/or institutions/banks and/or incorporated bodies and/or individuals and/or trustees and/or stabilizing agent or otherwise, and whether or not such investors are Members of the Bank, through one or more prospectus and/or letter of offer or circular and/or on public and/or Preferential Allotment and/or private/preferential placement basis, for, or which upon exercise or conversion of all Securities so issued and allotted could give rise to, the issue of an aggregate face value of equity shares not exceeding 25% of the authorised equity share capital of the Bank, as amended by the resolutions of the shareholders of even date such issue and allotment to be made at such time or times, in one or more tranche or tranches, at such price or prices, at market price(s) or at a discount or premium to market price(s), including at the Board's discretion at different price(s) to retail investors defined as such under relevant rules, regulations and guidelines of the relevant authority, in such manner, including allotment to stabilizing agent in terms of green shoe option, if any, exercised by the Bank, and where necessary in consultation with the Book Running Lead Managers and/or Underwriters and/or Stabilizing Agent and/or other Advisors or otherwise on such terms and conditions, including issue of Securities as fully or partly paid, making of calls and manner of appropriation of application money or call money, in respect of different class(es) of investor(s) and/or in respect of different Securities, as the Board may in its absolute discretion decide at the time of issue of the Securities.

RESOLVED FURTHER that …

OK, that's enough — I'll spare you the remaining five RESOLVEDs. I really did try. I made it almost half-way through that first paragraph, desperately hoping to reach a period soon, before my eyes became totally unfocused and my lip began quivering. I believe at the time I was inside three levels of nested parentheses.

If you can get further and would like to advise me what to think of this proposal, I'd appreciate it. I'd wash my hands of them, but my ADRs are up 110% in 10 months, and the way they're still growing…

Does the CIA know about Indian attorneys? Do the interrogators at Gitmo? Forcing prisoners to listen to this probably violates international law, but I'll bet it breaks them faster than Christina Aguillera music. 

Posted in Uncategorized | Tagged: , , , , | Leave a Comment »