JD Journal » in-house attorneys

BofA, Merrill Lynch In-House Counsel Must Reapply for Jobs

Erik Even — Mon, 20 Apr 2009 17:17:56 +0000

The merged legal department of Bank of America and Merrill Lynch, with around 700 lawyers, is looking at pending layoffs.

The bank’s lawyers are being required to reapply for their own jobs, which is invariably a precursor to cuts.

Bank of America, based in Charlotte, North Carolina is the largest financial services company in the world, largest bank by assets, and second largest commercial bank by deposits. It serves clients in more than 150 countries and has a relationship with 99 percent of the US Fortune 500 companies and 83 percent of the Fortune Global 500.

The bank plunged in market value after its purchase of Merrill Lynch.

35% of Canadian In-House Legal Departments Have Frozen Hiring

Erik Even — Thu, 02 Apr 2009 20:18:18 +0000

According to the 2009 Barometer survey of Canadian in-house counsel, 66% of in-house lawyers feel the economic situation has affected their legal department; 59% say they are conducting more work internally compared with six months ago; 75% of in-house counsel surveyed say that their legal departments have taken steps to rein in costs.

The survey reports that 38% of legal departments are decreasing the amount of work sent to outside firms.

The survey is conducted by Ipsos Reid for the law firm Davies Ward Phillips & Vineberg and the Canadian Corporate Counsel Association.

More than one-third have implemented a hiring freeze, and 22% have cut their legal department budgets.

In-house lawyers report they still like their jobs, with 77% saying they would recommend becoming an in-house lawyer, and 80% recommending that a lawyer first work at a law firm before going corporate.

In-House Attorneys Hit With Layoffs

Erik Even — Mon, 23 Mar 2009 17:04:49 +0000

Firms including Hyatt, Cigna, General Electric, Motorola, Merrill Lynch and Yahoo! have cut the number of attorneys in their law departments during the past year, as corporations slash budgets in the economic meltdown.

This year the Association of Corporate Counsel’s membership has dropped for the first time since 2003, declining by almost 6% to 23,396 this month after average 10% annual increases.

While employing in-house counsel can save money compared to the cost of an outside firm, at some point legal work dries up enough to justify laying off a corporations lawyers.

Fairfield, Connecticut’s General Electric has cut lawyers across the country. Chicago’s Motorola has laid off attorneys in the Midwest.

In December, Yahoo! dismissed attorneys as part of larger layoffs.

Hyatt said it has “eliminated a number of positions” in the law department as part of a corporate restructuring that “re-engineered its methods of supporting its internal clients.” Um, what?

Time Warner has cut its legal department from 40 to 30 by dismissing some lawyers and not filling vacancies when others left.

Apax To Hire General Counsel

Erik Even — Wed, 04 Mar 2009 21:50:28 +0000

Apax Partners, a private equity group, is preparing to hire its first global general counsel.

Apax joins a growing list of funds hiring in-house attorneys. Last year private equity fund Bridgepoint hired Travers Smith partner Charles Barter as its general counsel.

TheLawyer.com says that the Apax job will be London-based and is expected to pay between 250,000 and 300,000 pounds (about $350,000 – $450,000) as well as bonuses and a share of “the carry.” The carry is a percentage of the profit made off of the fund. A carry is usually millions of pounds.

Apax has relationships with a number of partners at firms, including Ashurst, Kirkland & Ellis, SJ Berwin and Weil Gotshal & Manges.