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We all know the housing market is in trouble — but just how much trouble the market's downturn will cause remains to be seen. Will it result in recession? Who knows? What is clear is that the skyrocketing increase in foreclosures is having and will continue to have a major impact on additional tax liability. (Don't you love the IRS?) Though it's slightly dated, the September 5 entry at the Resources for Attorneys Legal Blog is especially timely given the recent reports that the number of foreclosures has doubled since the same time last year. Lawyers will no doubt have their hands full as numerous borrowers try to extract themselves from those now-defaulted mortgages and their tricky fine print.
I don't know about you, but when I heard that DC administrative judge Roy Pearson lost his suit against a local dry cleaners to the tune of $54 million (yes, million), I was mighty satisfied. After all, a judge should know better than to waste everyone's time with a bogus exercise in litigious excess. As it turns out, Pearson is no longer a judge, having been dismissed from his post by a judicial committee which wisely voted against having him reappointed. Further proof that, at times, the system does indeed work. Read all about it at The Wall Street Journal Law Blog (November 1).
Heads up: he might have the most coveted judicial post in the nation, but Supreme Court Chief Justice John Roberts definitely doesn't have the fattest paycheck. According to recent salary stats released by the federal government, Roberts makes a very comfortable $212,100 per year. Few would argue with that, right? Guess again. Roberts himself has argued, repeatedly and passionately, that federal judges should receive more than that in compensation, though for now his argument seems to be falling on deaf ears. It certainly won't appease Roberts to learn that second-year associates at firms like Cravath and Debevoise make $225,000. Discuss Roberts's misfortune at blogs.wsj.com/law/2007/10/31/
And last but certainly not least, if you're among the many lawyers starting out on their own, hoping to build a reputable and lucrative practice, take a gander at the advice posted at Legal Marketing Blog on October 26. The post discusses the importance of networking via the Internet to get your name and your specialty out there — and it's all in a nifty new book for your convenience (and their profit). Make your brand known before someone else does! Read all about The Ultimate Guide for Lawyer Marketing on the Internet at www.legalmarketingblog.com.