Selections from National Law Journal Daily Headlines October 24, 2008
By David Badertscher, PLL
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<p><font size="2"><strong>Source: </strong><em>NLJ.com, </em>October 24, 2008.</font></p>
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<p><a class="headline" href="http://alm.rsys1.net/servlet/cc6?HtuYQSRTDDQSVKIHKLjlkxJhmjlkQklHlLQgPQmkVaVS" target="_blank"><font size="2">FROM THE UPCOMING ISSUE
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Deep cuts slam legal aid</font></a><br/><font size="2"><font color="#333333">"Legal aid programs throughout the country are facing budget cuts of up to 50%. With the economy likely headed into a recession and coastal areas in Texas and Louisiana still struggling with the aftermath of hurricanes, the need for legal aid programs is stronger than ever. Legal aid funding from state appropriations is also down, because state budgets are facing revenue shortfalls. And law firm contributions could decrease as well, as firms tighten their belts."</font><br/><br/><!--commentsListSize 0--><!-- siteDateFormat MMMM d, yyyy --><!-- October 27, 2008 --><!-- Style = headlineSummaryKickerNewsletter --><font color="#336699"><b><a class="headline" href="http://alm.rsys1.net/servlet/cc6?HtuYQSRTDDQSVKIHKLjlkxJhmjlkQklHlLQgPQmkVaVT" target="_blank">FROM THE UPCOMING ISSUE
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O'Melveny moves ahead with cost-cutting measures </a></b></font><br/><font color="#333333">"O'Melveny & Myers has reduced its staff and associate headcount amid cost cutting measures that were announced this week, according to the firm and other sources. Five associates are rumored to have been let go in the Los Angeles office. The moves come as O'Melveny's profits per partner have remained at about $1.6 million, on average, during 2006 and 2007, mostly due to a drop in large private equity deals, and as many other firms, including Katten Muchin Rosenman, Sonnenschein Nath & Rosenthal and Clifford Chance, have laid off associates and staff in recent weeks." </font><br/><br/><!--commentsListSize 0--><!-- siteDateFormat MMMM d, yyyy --><!-- October 24, 2008 --><!-- Style = headlineSummaryKickerNewsletter --><font color="#336699"><b><a class="headline" href="http://alm.rsys1.net/servlet/cc6?HtuYQSRTDDQSVKIHKLjlkxJhmjlkQklHlLQgPQmkVaVU" target="_blank">WEB-ONLY
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Grim report advises law firms to prepare for a long, painful slide </a></b></font><br/><font color="#333333">"Brace yourselves, because the legal industry is in for a long and painful slide. That's the gist of the latest client advisory from Hildebrandt International, which director James Jones called 'the grimmest one I've ever written.' The advisory released this week predicts that average law firm profits per partner will be flat in 2008, and could decrease by 15% or more at certain firms." </font><br/><br/><!--commentsListSize 0--><!-- siteDateFormat MMMM d, yyyy --><!-- October 24, 2008 --><!-- Style = headlineSummaryKickerNewsletter --><font color="#336699"><b><a class="headline" href="http://alm.rsys1.net/servlet/cc6?HtuYQSRTDDQSVKIHKLjlkxJhmjlkQklHlLQgPQmkVaVW" target="_blank">WEB-ONLY
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Election's outcome could have seismic effect on federal courts </a></b></font><br/><font color="#333333">"Republican Presidents have appointed more than half of the current 179 federal appellate judges, but that could rise dramatically to 74% if Senator John McCain wins the presidency, or give Democrats a 56% majority in appointments if Senator Barack Obama prevails, according to a Brookings Institution report issued on Wednesday."</font></font></p>
<p><font color="#333333"><a class="headline" href="http://alm.rsys1.net/servlet/cc6?HtuYQSRTDDQSVKIHKLjlkxJhmjlkQklHlLQgPQmkVaVD" target="_blank"><font size="2">WEB-ONLY
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Federal judge rule in W.Va. election ad controversy </font></a><br/><font color="#333333" size="2">"A West Virginia nonprofit organization seeking to broadcast radio ads and distribute mass mailings against a pro-abortion candidate for the Nov. 4 election for West Virginia Supreme Court of Appeals has won a partial court victory after a federal judge found segments of the state's electioneering communications law to be unconstitutional."</font></font></p>
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</font><font size="2"><strong><font color="#000000">OPINION<br/><br/><!--commentsListSize 0--><!-- siteDateFormat MMMM d, yyyy --><!-- October 27, 2008 --><!-- Style = headlineSummaryKickerNewsletter --></font><font color="#336699"><a class="headline" href="http://alm.rsys1.net/servlet/cc6?HtuYQSRTDDQSVKIHKLjlkxJhmjlkQklHlLQgPQmkVaVSU" target="_blank">FINANCIAL CRISIS
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Don't overstate crimes</a></font></strong><br/><font color="#333333">"The FBI's recent announcement that it was beginning an investigation into the failures of various financial institutions was one more moment of d
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vu from the S&L crisis. There has no doubt been wrongdoing that has contributed to the latest financial crisis. And any effort to address the ongoing meltdown must include vigorous prosecution of those who crossed the line. However, public officials tend to overstate the criminal wrongdoing, in part to deflect blame for their own lack of proper oversight."
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