Jenkens & Gilchrist, R.I.P.
Maybe you're grumpy because your firm hasn't matched the latest associate pay raises. Maybe your clerkship bonus isn't as big as the $50,000 now offered by Sullivan & Cromwell.
But at least you still have a job. From Bloomberg:
Jenkens & Gilchrist, a Dallas-based firm that once had 600 lawyers, is shutting down after reaching an accord with authorities to avoid prosecution for selling tax shelters that generated more than $1 billion in phony losses.The firm admitted it developed and marketed fraudulent tax shelters and faces a $76 million fine, the Internal Revenue Service said.
The firm points a finger towards its Chicago office:
Jenkens & Gilchrist blamed its demise on unnamed lawyers in its Chicago office. That branch was closed on March 22."The Chicago tax shelter practice seriously undermined the firm's long-standing reputation," the firm said in a statement. "We deeply regret our involvement in this tax practice."
This was probably ill-advised on the part of the firm:
Among the fraudulent shelters were transactions known as BOSS, BART and HOMER, prosecutors said in the agreement.
Guess those IRS types aren't Simpsons fans.
Update: This Jenkens & Gilchrist promotional video is nothing short of mortifying.
Jenkens to Close After U.S. Agrees Not to Prosecute [Bloomberg]
U.S. Enters Non-Prosecution Pact With Jenkens & Gilchrist [WSJ Law Blog]
Comments
Loyola 2L, was this the shop that hired you?
Posted by: Anon | March 29, 2007 04:01 PM
Doh!
Posted by: Anonymous | March 29, 2007 04:11 PM
In my dreams. They're biglaw and they won't go out of business for at least a few months. I also could have used their biglaw exit options.
Posted by: Loyola 2L | March 29, 2007 04:15 PM
Lat,
Download this video on J&G before they take it down!
http://www.theconglomerate.org/files/jgaustinspirit2.wmv
Posted by: Loyola 2L | March 29, 2007 04:22 PM
For the technically challenged here is a hot link
Posted by: Hotlinker | March 29, 2007 04:25 PM
Do all biglaw firms have their own brand of water? *yearns*
Posted by: Loyola 2L | March 29, 2007 04:30 PM
Actually, yes. We all do have our own brand of water ...
Posted by: BigLaw | March 29, 2007 05:07 PM
What is in the video on J&G? Not able to download where I am.
Posted by: Anonymous | March 29, 2007 05:45 PM
Wow. That video clip is unbelievable. It was supposed to *attract* clients? Also, did enyone else notice that apparently only white males play ball at J&G?
Posted by: anonymous | March 29, 2007 05:47 PM
Wow. That video clip is unbelievable. It was supposed to *attract* clients? Also, did enyone else notice that apparently only white males play ball at J&G?
Posted by: anonymous | March 29, 2007 05:48 PM
I would never be caught in such a video. A partner shouldn't let his associates see him dressed in anything other than a tuxedo. The polo shirt, hat, whistle ensemble is mortifying.
-Spielvogel
Posted by: Spielvogel | March 29, 2007 06:04 PM
The thing that bothered me most about the video is that one of the people in it had a mullet.
Posted by: mullet | March 29, 2007 06:17 PM
The video is part og J&G's defense plan: "We're too f*ckin' goofy to have thought this up ourselves."
Posted by: Marketguru | March 29, 2007 06:30 PM
On the recuiting page of the website it states:
"At this time, Jenkens & Gilchrist is not hiring staff positions, laterals or summer associates."
http://www.jenkens.com/jenkens/careers.asp?
Posted by: anon | March 29, 2007 06:36 PM
ONE of the people had a mullett? I discerned a few of them in the throng of support staff rabidly cheering on the prancing attorneys.
Posted by: anon | March 29, 2007 07:39 PM
The video proves reality is stranger than fiction.
Posted by: anon | March 29, 2007 08:22 PM
I've never seen such a high percentage of hair-helmeted women outside D.C. Those support domes are well protected!
Posted by: Anonymous | March 29, 2007 08:36 PM
I think the video was a recruiting video, not a client promo video.
Every day WAS game day.
Posted by: exploited | March 30, 2007 12:03 PM
Lat,
If I remember correctly, this is not the first time J & G attorneys have gotten in trouble for tax fraud.
I think one attorney is in prison for tax fraud in the early 90s with real estate transactions. Darn it all I cannot recall his name.
Anyone?
Posted by: Curious | March 30, 2007 12:57 PM