Good morning! Today is Friday, January 15, and here’s a look at yesterday top stories… A study from Altman Weil predicts biglaw billing rates will rise this year… The former COO of TARP has joined Cozen O’Connor.. White & Case has launched a arbitration practice in Singapore… Dickstein Shapiro is abandoning lockstep compensation… and the UK’s Appleby opened an [...]
Continue reading...Thursday, January 14, 2010
A survey conducted by Altman Weil projects U.S. law firms will raise billing rates by an average of 3.2 percent in 2010. The study polled 688 U.S. law firms that have 50 or more lawyers and was conducted in November of last year. The uptick follows a nearly two-year rate freeze, according to the report. Larger [...]
Continue reading...Thursday, December 3, 2009
I have a mental image of two giants staring each other down inside a locked steel cage before charging at one another, swinging leather briefcases and throwing blackberrys. In this corner, wearing a charcoal suit and a red power tie we have BigLaw, who wants to raise billing rates by 5%, and in this [...]
Continue reading...Friday, June 12, 2009
Incoming associates at Cincinnati’s Frost Brown Todd will get a lower salary, although specific numbers have not been released. In addition, the new associates will spend their first 1,000 hours in an “apprenticeship program.” Clients will be billed at a lower rate for work done by “apprentices.” I keep putting the word “apprentice” in quotes because an [...]
Continue reading...Tuesday, May 12, 2009
According to the Hildebrandt International Peer Monitor Index, demand for legal services dropped by more than 8% compared to Q1 2008, dropping sharply in January and February but flattening in March. In New York demand for legal work fell 9.5%; and in Washington DC and London, law work fell over 12%. Normally, law firm billing rates grow [...]
Continue reading...Friday, April 10, 2009
Pillsbury, which fired 155 in March, is hiring lawyers for its trusts & estates practice. Palo Alto-based partner Jennifer McCall, head of Pillsbury’s estates, trusts and tax planning group, is “looking to add lawyers in New York, Washington, DC, and expand trusts and estates in Los Angeles.” She says candidates have to be good at tax law, [...]
Continue reading...Wednesday, March 11, 2009
Connecticut’s Pepe & Hazard is laying off five attorneys and seven staff members. The 61-attorney firm says the move “is the direct result of the current economic downturn that is affecting businesses and employers across the nation.” In January, Pepe & Hazard laid off two attorneys and two staff members, and in December announced a pay freeze [...]
Continue reading...Monday, March 9, 2009
London’s Allen & Overy will only retain 70% of its trainees for September 2009 and March 2010. The Magic Circle firm has not made a final decision about the retention rate, and said the figure was a “working assumption in light of the current financial climate.” Allen & Overy retained 86% of its trainees in 2008, 90% [...]
Continue reading...Saturday, February 14, 2009
Above the Law reports that K&L Gates held a meeting Friday to discuss, amongst other things, salary freezes. Earlier today, associates at K&L Gates attended a town hall meeting with Peter Kalis, chairman and global managing partner. Kalis provided an overview of where the firm stands and announced steps that will be taken to deal with [...]
Continue reading...Friday, January 2, 2009
Evan R. Chesler, a Presiding Partner at New York’s Cravath, Swaine & Moore LLP, has made a bold suggestion in January’s Forbes Magazine: Kill the billable hour. I’m a trial lawyer. I bill by the hour. So do the associates who work for me. I have lots of clients, so I can pretty much work, and [...]
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Friday, January 15, 2010
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