Career & Practice

Growing Midsize Firm Pays Big Bucks, Targets ‘Core Industries’

As a number of BigLaw firms have struggled over the past year to deal with the global economic downturn, one of their midsize competitors has been enjoying record revenue and expanding in selected markets. Loeb & Loeb, a five-office national firm with some 300 lawyers on its attorney roster, anticipates…

Jan 7, 2010 6:00 AM CST

Loeb & Loeb Lures Morgan Lewis Partner, an Outsourcing Expert, in Latest Expansion Effort

In a move offering yet another example both of a BigLaw attorney shifting to a smaller firm and continuing growth by some lesser-known law firms despite the difficult economy, a partner of Morgan Lewis & Bockius is jumping ship to the New York City office of Loeb & Loeb. The…

Jan 6, 2010 9:15 PM CST

Law Firm Mergers and Acquisitions Fell 24% in 2009

Law firm mergers and acquisitions announced last year fell by 24 percent over 2008, but there could be a resurgence in 2010. The Altman Weil MergerLine noted 53 mergers were announced last year, 79 percent of them involving the acquisition of small law firms with 20 or fewer lawyers. Altman…

Jan 6, 2010 4:08 PM CST

The Year Wasn’t So Bad for Law Firms in the Second 100

The law firms in the top 100 got a lot of press last year, with news of declining profits, frozen salaries and staff and lawyer layoffs. The year was considerably better for midsize law firms in the second 100, according to a legal consultant writing in the Connecticut Law Tribune.…

Jan 6, 2010 3:31 PM CST

Skadden Is Up, S&C Is Down in Deal Rankings

Global mergers and acquisitions were down last year, the worst market in six years, and some law firms felt the pinch more than others. Sullivan & Cromwell had advised on the highest amount of mergers and acquisitions for four years in a row through 2007, and was second on the…

Jan 6, 2010 12:35 PM CST

Ex-Attorney Mulls Plea in Alleged $1.2B Scheme as Trustee Sues Firm Partner for $4M

Formerly high-flying Florida attorney Scott Rothstein is negotiating a guilty plea, his lawyer says, concerning the federal criminal charges he faces over an alleged $1.2 billion Ponzi scheme he is accused of operating while making use of the credibility conferred by his role as the managing partner of a Fort…

Jan 6, 2010 12:50 AM CST

BigLaw Partners May Be Worth Top Pay, But What About Associates?

Amongst those at the top of the BigLaw ladder, partners at the 10 highest-grossing law firms in Washington, D.C., have been earning seven-figure annual incomes and some of the top players are billing over $1,000 an hour. Are they worth it? The answer may be yes, according to a lengthy…

Jan 5, 2010 11:55 PM CST

The Chasm in BigLaw Management: Restore or Cut Salaries?

When news broke that Latham & Watkins plans to restore frozen associate salaries (on the heels of Above the Law’s report of Arnold & Porter’s intention to pay up deferred compensation), we wondered if this was a sign that more firms will return to pre-recession compensation models. And what, we…

Jan 5, 2010 9:57 PM CST

10 Lawyers Exit Jeffer Mangels to Form New Elkins Kalt Firm

After practicing together for as much as two decades at a Los Angeles firm, 10 lawyers—including six partners—have departed Jeffer Mangels Butler & Marmaro to form their own firm. Their new legal partnership, Elkins Kalt Weintraub Reuben Gartside, opened its doors Jan. 1, reports the National Law Journal in an…

Jan 5, 2010 7:52 PM CST

Dechert Bonuses for ‘Reasonably Busy’ Associates Range from $7,500 to $30,000

Although they have decreased a bit since last year, still-hefty bonuses have been promised by Dechert to associates who were productive in 2009. In a memo yesterday, Chairman Barton Winokur announced that bonuses would be paid Feb. 1 to associates “who were reasonably busy during 2009 and who were evaluated…

Jan 5, 2010 7:11 PM CST

Associate Pay Freeze Is Thawing at Latham & Watkins

In a sign of an improving legal economy, an associate pay freezes at Latham & Watkins is thawing. The firm announced that it is ending a 2009 freeze, paving the way for potential salary increases, reports Legal Week. Associates there presently make a starting salary of $160,000 a year.

Jan 5, 2010 6:50 PM CST

Lawyer’s Enterprising iPhone App Routes Clients to ‘My Attorney’

A free iPhone application being offered by a Florida lawyer makes it especially easy for would-be clients to reach attorney Jason Turchin, send him photographs related to potential tort claims and download free legal advice and forms. But his My Attorney App has space for users to list additional attorneys…

Jan 5, 2010 5:50 PM CST

Foley & Lardner Software Gives Clients Real-Time Look at Costs

Foley & Lardner is among the law firms helping clients control their legal costs through technology. The law firm has software that allows lawyers sitting at their desks to enter and track their time and costs associated with any particular matter, the Wall Street Journal (sub. req.) reports. Lawyers can…

Jan 5, 2010 4:52 PM CST

‘Modest’ Isn’t a Word Used to Describe New S&C Chairman

The new leader of Sullivan & Cromwell is an ordained orthodox rabbi who pioneered securitization in the 1980s and gained a reputation for providing advice that helped his clients make money. Joseph Shenker’s good advice extended to his own law firm, according to the New York Times DealBook blog. During…

Jan 5, 2010 2:29 PM CST

‘Void Where Prohibited’ Holiday E-Card Wins Kudos for Akin Gump

A clever holiday e-card that offers “warmest wishes” with a number of lawyerly caveats (among them: “Wishes may be warmer than expected. Use caution when handling”) has won kudos for Akin Gump Strauss Hauer & Feld. The law firm took top honors, reports Above the Law, in an ATL reader…

Jan 4, 2010 10:34 PM CST