Noon-Thirty News 07/12/10

Applications Up, Applicant IQs Down

[Law.com]

Despite the legal sector shedding 22,000 jobs in the last year, perhaps the same number the year before, and showing no sign of recovery, law school applications are up.

The total number of applicants has risen 3% with the number of applications up 7%.  So, not are only the 0Ls incapable of reading the writing on the wall and recognizing that a law degree is a terrible idea, they seem more desperate to get in wherever will take them.  Hopefully, though, the increase in how many schools people are applying to may just mean more students are looking for scholarships from lower ranked schools.  But, the 13% rise in applications to Yale suggests otherwise.

You May Masturbate to this Picture

[NY Daily News]

Model Irina Krupnik wasn’t happy when one of her pictures made its way into the film Couple’s Retreat.  In the film, her picture is used by a character as a masturbatory aid.  She sued NBC Universal for using her picture in a vulgar context, and lost, because that’s what happens when you sign a release and give up control over how your pictures are going to be used.

Also, what does she think usually happens to her pictures?  You can’t sue because a movie acknowledges what we all know.  Just be happy you make a lot of money for being pretty.

FMMBE

[New York Times via ABA Journal]

So…apparently a lot of states have been striking down the Rule Against Perpetuities.  Boston College Law Professor Ray Madoff explains:

Now any wealthy American can set property aside for his heirs forever, simply by hiring a trustee from one of these states. The change has fueled the growth in dynasty trusts that benefit generations in perpetuity, “truly creating an American aristocracy.

An ordinary trust dissipates as money is distributed to the beneficiaries.  But a dynasty trust can avoid this by discouraging outright distributions and instead encouraging trustees to buy, for the use of the beneficiaries, things like houses, artwork, airplanes and even businesses. Because the trust retains ownership, the assets can pass tax-free and creditor-proof to the next generation.

One question…how will this affect the multistate portion of the bar exam?

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3 Responses to “Noon-Thirty News 07/12/10”

  1. es Says:

    You mean to tell me the 6 weeks we spent in Property dedicated to future interests was a complete waste of time?! Say it ain’t so!

  2. bl1y Says:

    Well, no more of a waste than the time spent on other topics, if that’s any consolation.

  3. Olga Says:

    Why the focus on women’s teats? This is supposed to be a legal website, no?

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