JD Journal » Ruden McClosky

Morning Roundup

joshua — Tue, 07 Dec 2010 16:02:19 +0000

Good morning everyone! Today is Tuesday, December 7. It is the 69th anniversary of the Japanese attack on Pearl Harbor. Today is also release day for the latest WoW expansion so if your secretary called in sick today that may be why… For the rest of us, here’s a look back at yesterday’s news.

Arguments in the Prop 8 case are over…

Debevoise & Plimpton has a new partner…

Ruden McClosky laid off some staffers…

and Democrats met to discuss the compromise plan over the Bush tax cuts…

Ruden McClosky Axes 16 Staff

marvins — Tue, 07 Dec 2010 15:39:08 +0000

Ruden McClosky, a Florida-based law firm, slashed 16 staff members in line with the its reorganization plan to cut expenses, increase revenue and standardize the three-to-one lawyer-to-secretary ratio. The layoff did not include lawyers or paralegals. The affected workers were basically from the administrative and support division, including the longtime library director and several secretaries who have been with the firm for more than 20 years. The axed employees were generally concentrated in the Fort Lauderdale office, which removed 13 of its staff members. The West Palm Beach office slashed two and Orlando eliminated one.

Ruden’s co-managing partner, Carl Schuster, explained that the firm is currently focusing on increasing its profitability across the Florida market. “Ruden McClosky continues to implement changes that are in line with today’s law firm standards for best practices, which include maximizing efficiencies while enhancing the firm’s technological capabilities.”

Ruden McClosky has been greatly affected by the recent economic recession and real estate clash. As a result, the firm experienced partner defections, employed mass layoffs and closure of some of its offices. New co-partner elect Michael Kru said that the firm is now poised to grow and is looking to hire new associates. Kru also assured that there are no layoffs slated in the coming months after the recent downsizing.

Morning Roundup

joshua — Thu, 02 Dec 2010 11:53:48 +0000

Good morning everyone! Today is Thursday, December 2, and here’s a look back at yesterday’s headlines.

Chadbourne & Parke has a new managing partner…

The US Senate approved a pro-lawyer change to the “red flag rule”…

The UK is taking a stand against capital punishment by banning the export of thiopental sodium…

and Ruden McClosky has new leadership…

Ruden McClosky Names its New Managing Partner

marvins — Wed, 01 Dec 2010 18:23:50 +0000

After the recent real estate crash and economic downturn, Florida law firm Ruden McClosky will soon employ a new managing partner starting January 1, 2011 according to “The Daily Business Review,” the firm’s sibling publication.

Reports revealed that the current Ruden McClosky president and CEO Carl Schuster, an estate-planning partner in Fort Lauderdale, will now share the leadership seat with Michael Krul, his new second-in-command partner. Krul has chaired the firm’s corporate and finance practice for more than 20 years. He will co-manage the firm in 2011 with Schuster, who is slated to step down permanently from his present post and will return to his trusts and estate practice come 2012.

The reports also disclosed that Ruden McClosky has been under major changes in the recent months. The firm has implemented layoffs and instituted an 18% across-the-board pay cut to stay afloat during the economic upheaval. The firm has 85 lawyers presently, from nearly 200 lawyers, after losing more than 50 partners and offices in Sarasota and St. Petersburg to its competitors. Some partners left the firm at the end of 2009 when they were asked to sign personal guarantees to secure the firm’s line of credit.

Krul remained positive despite the firm’s set backs. “We’re stronger and leaner heading into 2011. We will make budget. We’re doing fine; we’re poised to grow. A new management committee will be chosen in another partner election in December. The firm is even looking to start hiring again, looking for three senior associates to add to its depleted attorney roster,” Krul said.

Morning Roundup

sara — Tue, 13 Apr 2010 14:02:20 +0000

Good morning everyone! Today is Tuesday, April 13, and here’s a look back at yesterday’s headlines…

Revenue is down but profits are up at Stevens & Lee…

Ruden McClosky struggles in the economic downturn…

Former head of enforcement at the Financial Industry Regulatory Authority Susan Merrill joins Bingham McCutchen as a partner…

Joseph F. Speelman joins Blank Rome as a partner in the products liability, mass torts and insurance group…

Clifford Chance alters it’s associate bonus program…

Revenue is down and profits are up at Sutherland…

Ruden McClosky Down But Not Out

joshua — Mon, 12 Apr 2010 16:53:30 +0000

By all accounts, these are tough times at Ruden McClosky. Defections, layoffs and office closures recently led the Florida-based firm to fall out of the National Law Journal’s ranking of the top 250 law firms in the United States when its head count fell to just over 100 lawyers.

However, talks of the firm’s imminent demise are off base, the firm’s brass told the Daily Business Review in a far-ranging interview.

“There’s no doubt that the firm has been having economic difficulties in this year uncommon to the history of the law firm,” Michael Krul, chair of Ruden’s corporate and finance department, told the Daily Business Review. “I believe the overwhelming majority of shareholders in the law firm are committed to staying with Ruden and continuing their practices with this firm.

“We’re not going away, we’re not falling apart.”

According to the report, several factors have played a role in Ruden McClosky’s downturn. They include the firm’s “nice guy” culture that included extending credit to clients that were unable to pay their legal bills; a failure to bring “the younger generation” of partners into the management fold; and, most importantly, the downturn of the real estate market and the firm’s slow response.

Firm officials said there are no plans for a possible merger pending.

“Ruden is looking to acquire, not be acquired, if the right opportunity presented itself,” said Carl Schuster. “But we would not just merge into a firm – unequivocally no.”

Those steps do not include a merger, unless a firm wants to join Ruden, Schuster said.

Four More Partners Leave Ruden McClosky

joshua — Mon, 29 Mar 2010 16:26:17 +0000

The exodus from Ruden McClosky continues. Four more partners have left the firm’s Miami office, dropping the number of attorneys there to six from a one-time high of 30.

The Daily Business Review reports Larrdy Gordich, who served as chair of the firm’s bankruptcy and creditors’ right practices, is leaving with partners Norman Segall and Norman Silber to start their own firm. Partner Stephen Siegel is also leaving to become an in-house counsel, but will remain as of counsel at Ruden McClosky.

In the report, Managing Partner Carl Schuster called the departures “amicable” and said the group will continue to serve as co-counsel on “numerous cases.” He added the departure of Gordich had to do with the fact many of his clients are debtors and a conflict of interest arose with many of the firm’s banking clients.

The firm will continue to have a presence in Miami, Schuster said, though the firm is trying to ‘divest’ its current office and find a smaller space.

Ruden McClosky fell out of the National Law Journal’s ranking of the nation’s 250 law firms last month when the number of attorneys at the firm dropped to 123 from a high of 175 at the beginning of 2009. Schuster continues to insist the 51-year-old firm is not dissolving.

Fox Rothschild Expands West Palm Beach Office

joshua — Wed, 17 Mar 2010 15:26:47 +0000

Fox Rothschild has expanded its West Palm Beach office with the addition of five attorneys from Ruden McClosky. Joining the firm are litigation partners Amy S. Rubin and David Greene; and three associates, Elliot A. Hallak, Dori K. Stibold and Heather L. Ries.

Rubin focuses her practice on complex commercial litigation. She has experience in class-action and multidistrict litigation, including contract disputes, real estate and loan workouts, employment litigation and probate matters.

Greene’s practice centers on complex commercial litigation matters involving banking, real estate and construction litigation as well as securities disputes. He also brings experience in franchise litigation and other business contract disputes. He has represented banks, title insurance companies and contractors.

“The addition of these attorneys to our West Palm Beach office complements our ongoing goal of steady, strategic growth for the benefit of the firm and our clients,” said Mark L. Silow, administrative partner of the firm. “Such conscientious expansion enables us to keep pace with our clients’ legal needs as well as the long-term business goals of both our firm and our clients. We are especially pleased that this new team will significantly enhance our litigation and bankruptcy capabilities in South Florida.”

Fox Rothschild has more than 475 lawyers with 15 offices across the United States.

Morning Roundup

sara — Thu, 11 Feb 2010 15:30:01 +0000

Good morning everyone! Today is Thursday, February 11, and here’s a look back at yesterday’s stories…

The American Bar Association will reduce the cost of annual dues for solo and public interest lawyers…

GM’s Rod Gillum has joined Jackson Lewis…

Law firm Ruden McClosky is not dissolving despite several departures…

Revenues are up and profits per partner are down at Perkins Coie…

Revenues are down and profits per partner are up at Buchanan…

Harvard Law has launched the Public Service Venture Fund to assist new graduates…

Revenues are up at Barnes & Thornburg…

Ruden McClosky Not Dissolving Despite Departures

sara — Wed, 10 Feb 2010 17:14:13 +0000

Last week 8 lawyers at Ruden McCloskey, including some prominent partners, left the firm for Adams and Reese. The firm is down to 123 lawyers from 175 at the beginning of 2009 and has fallen out of the National Law Journal’s annual ranking of the nation’s 250 law firms. The firm laid off 35 staffers and some attorneys last year. Managing director Carl Schuster released a statement saying the firm will stay open and is “in discussion with several potential laterals…Our firm is committed to serving Florida business and maintains a strong presence throughout the state.”

Founded in 1959, Ruden McClosky is a full service firm specializing in intellectual property law, litigation, banking and finance law, and general corporate law. The firm has offices in Miami, Orlando, Tampa and Fort Lauderdale.

Morning News Roundup for Monday

Erik Even — Mon, 06 Jul 2009 12:00:07 +0000

Good morning! Here are the top stories:

This week in law firm layoffs: 49 lawyers, 11 staff, 175 undisclosed…

A JDJournal tipster tells us that Mishcon de Reya has begun a round of redundancies, targeting 10 to 12 staffers…

Winstead which has let go 20 employees, according to the Dallas Morning News…

Linklaters is now the UK’s largest law firm by revenue, reporting income of £1.3 billion ($2.13 billion)…

Ruden McClosky has laid off eight associates…

The Week in Law Firm Layoffs

Erik Even — Sat, 04 Jul 2009 17:00:20 +0000

This week in law firm layoffs:

Ruden McClosky: 8 lawyers

Allens Arthur Robinson: 114 undisclosed

Weil, Gotshal & Manges: 16 lawyers, 11 staff

Barlow Lyde & Gilbert: 49 undisclosed

Taylor Wessing: 11 lawyers

Denton Wilde Sapte: 14 lawyers

Harvard Law School: 12 undisclosed

Total: 49 lawyers, 11 staff, 175 undisclosed

Previously:

Week of June 28th: 30 lawyers, 43 staff

Week of June 14th: 51 lawyers, 34 staff

Week of June 7th: 81 lawyers, 61 staff, 85 undisclosed

Week of May 31st: 101 lawyers, 142 staff, 49 undisclosed

Week of May 24th: 66 lawyers, 119 staff

Week of May 17th: 40 lawyers, 118 staff

Week of May 10th: 274 lawyers, 499 staff

Week of May 3rd: 274 lawyers, 160 staff

Week of April 26th: 352 lawyers, 220 staff, 70 undisclosed

Week of April 19th: 61 lawyers, 184 staff

Week of April 12th: 67 lawyers, 50 staff, 115 unidentified

Week of April 5th: 144 lawyers, 310 staff

Week of March 29th: 199 lawyers, 474 staff

Week of March 22nd: 455 lawyers, 219 staff

Week of March 15th: 91 lawyers, 177 staff

Week of March 8th: 574 lawyers, 812 staff

Ruden McClosky Lays Off 8 Associates

Erik Even — Fri, 03 Jul 2009 23:29:03 +0000

Florida’s Ruden McClosky, which laid off two lawyers and 18 staff in May, and cut associate and non-equity partner compensation in June, has laid off an additional eight lawyers.

The layoffs affected associates at the firm’s litigation, corporate and land-use practices.

Ruden’s gross revenue fell by 9%, to $85.3 million in fiscal 2008.

Fort Lauderdale, Florida’s Ruden McClosky is a law firm specializing in intellectual property law, litigation, banking & finance law, and general corporate law.

Ruden McClosky Cuts Compensation

Erik Even — Tue, 30 Jun 2009 16:48:09 +0000

Florida’s Ruden McClosky, which laid off two lawyers and 18 staff in May, is cutting associate and non-equity partner compensation by 8%.

Equity partners are not likely to receive the holdbacks of 18% of their pay.

The firm is struggling, as it relies heavily on real estate transactional work, which has been negatively affected by the global economic meltdown. Ruden McClosky has been shedding attorneys since last year.

Fort Lauderdale, Florida’s Ruden McClosky is a law firm specializing in intellectual property law, litigation, banking & finance law, and general corporate law.

The Week in Law Firm Layoffs

Erik Even — Sat, 09 May 2009 16:00:39 +0000

This week in law firm layoffs:

McDonough Holland & Allen: 4 lawyers, 13 staff

Ruden McClosky: 2 lawyers, 18 staff

Thompson & Knight: 17 lawyers, 25 staff

Berwin Leighton Paisner: 30 lawyers, 55 staff

Eckert Seamans Cherin & Mellott: 119 lawyers

Fenwick & West: 15 lawyers, 7 staff

Milbank Tweed Hadley & McCloy: 49 lawyers, 40 staff

Holme Roberts & Owen: 15 lawyers

Sullivan & Cromwell: 20 lawyers

Simmons & Simmons: 3 lawyers, 2 staff

Matheson Ormsby Prentice: 15 undisclosed

McCann Fitzgerald: 25 undisclosed

Total: 274 lawyers, 160 staff, 40 undisclosed

Previously:

Week of April 26th: 352 lawyers, 220 staff, 70 undisclosed

Week of April 19th: 61 lawyers, 184 staff

Week of April 12th: 67 lawyers, 50 staff, 115 unidentified

Week of April 5th: 144 lawyers, 310 staff

Week of March 29th: 199 lawyers, 474 staff

Week of March 22nd: 455 lawyers, 219 staff

Week of March 15th: 91 lawyers, 177 staff

Week of March 8th: 574 lawyers, 812 staff

Ruden McClosky Lays Off 2 Lawyers, 18 Staff

Erik Even — Fri, 08 May 2009 16:24:41 +0000

Fort Lauderdale, Florida’s Ruden McClosky has laid off two lawyers and at least 18 secretaries and paralegals.

Last Fall, the firm cut one lawyer and 15 staffers. At year’s end, the firm employed 172 lawyers in 11 Florida offices.

The firm has hired four new lateral partners in recent months.

Ruden McClosky is a full-service Florida law firm specializing in intellectual property law, litigation, banking & finance law, and general corporate law.