A lawyer who was once the highest-paid public defense lawyer in Maine is facing a state lawsuit contending that she and her law firm misrepresented the hours that they worked on behalf of indigent defendants.
Law firms will be able to easily absorb higher expenses driven by a talent war because of strong revenue growth in 2021, according to the 2022 Citi Hildebrandt Client Advisory released Thursday.
Cravath, Swaine & Moore—the first law firm to announce year-end associate bonuses of up to $115,000—has matched additional special bonuses being paid by Davis Polk & Wardwell.
After Cravath, Swaine & Moore announced year-end bonuses of up to $115,000 for associates Nov. 22, a handful of law firms quickly chimed in. Since then, however, things have been quiet on the bonus front.
The average starting salary for prosecutors in 31 larger cities was $68,506 at the start of 2020, according to a survey by a Lafayette College professor in conjunction with the Association of Prosecuting Attorneys.
Cravath, Swaine & Moore announced year-end bonuses of up to $115,000 for associates Monday, topping last year’s year-end bonuses of up to $100,000. Cravath has “reclaimed its throne as BigLaw’s bonus leader” by being the first to announce.
Law firm business leaders are bullish about the future of the legal industry, but they are increasingly concerned about the impact of talent wars on profitability, according to a survey released Tuesday.
Direct expenses at larger law firms increased 7.2% in the last year, mostly driven by a jump in associate compensation, according to the latest Peer Monitor Index report by Thomson Reuters.
A shortage of associates in California’s Bay Area is leading some law firms to turn down work and others to strain available lawyers with the workload, according to a report by the Recorder.
