Lawyer Pay

75% of GCs Expect Lower 2009 Budgets

Most general counsel responding to a survey are expecting lower budgets next year and voicing concern about outside counsel costs. Nearly 75 percent of general counsel responding to a November survey (PDF) by legal consultants Altman Weil said their legal departments are facing budget cuts averaging 11.5 percent next year,…

Dec 9, 2008 4:59 PM CST

Dog Law Can Pay in Kibble, But Offers Other Benefits

It isn’t likely to be the most lucrative of law practices. But representing animals and their owners is a growing field due in part to the satisfaction that the job can offer. Among those who have made it a big part of their professional lives is Texas attorney Zandra Anderson,…

Dec 8, 2008 11:25 PM CST

At White & Case, Top Lawyers Bill as Much as $1,260 an Hour

Nearly 71 percent of large law firms surveyed hiked billing rates this year, with one firm charging rates of more than $1,200 an hour. The average partner rate, however, was considerably lower at $451 an hour at all law firms surveyed. White & Case reported the highest billing rate—$1,260 an…

Dec 8, 2008 2:35 PM CST

Boies Schiller Bucks Trend, Will Pay Some $100K Bonuses

Boies, Schiller & Flexner is keeping bonuses commensurate with those paid last year, awarding some associates more than $100,000 in additional compensation. Partner Philip Korologos didn’t reveal bonus details in an interview with the Am Law Daily, but said several bonuses will exceed $100,000. That compares to top bonuses of…

Dec 8, 2008 1:36 PM CST

Will Downturn Force Changes in Associate Compensation?

Bonuses for associates at several large firms are considerably smaller this year, reflecting a tougher economic environment for law firms. But is lower compensation a temporary phenomenon or an indication of changes to come? Some Pennsylvania law firm leaders interviewed by the Legal Intelligencer suggested the tough economy could force…

Dec 4, 2008 2:37 PM CST

Declining Pound, Pay Disputes Spur Lawyer Exits at Clifford Chance

Magic Circle law firm Clifford Chance is losing partners and cutting associates as it grapples with the decline of the pound and disputes over lockstep pay. Legal Week reports that four Clifford Chance litigation partners based in New York City are poised to jump to other firms. James Moyle is…

Dec 3, 2008 1:49 PM CST

Davis Polk Halves Associate Year-End Bonuses, Nixes Special Bonuses

Davis Polk & Wardwell will cut year-end associate bonuses in half, following the lead of two other law firms. Bonuses will range from a prorated $17,500 for first-year associates to $32,500 for those with the most experience, the Am Law Daily reports. Last year’s special bonuses of $10,000 to $50,000…

Dec 2, 2008 2:33 PM CST

Bar-ista

Make no mistake about it: Kathleen Aguilar loves her solo practice representing nonprofits and artists. But like other solo and small-firm practitioners, she’s also found that the rewards of a satisfying career can come with a price. In her case, she’s learned it can be hard to make a living…

Dec 2, 2008 3:40 AM CST

Down in the Data Mines

A tale of woe from the basement of legal practice

Dec 2, 2008 1:40 AM CST

Associate Bonuses at Big Law Firms May Drop Up to 75 Percent

A law firm consultant is telling law firms to cut back on bonuses this year—advice that several firms already appear to be heeding. Associates who got year-end and special bonuses last year totaling $115,000 may see only about one-fourth of that amount this year, Bloomberg reports. Two law firms have…

Nov 26, 2008 2:00 PM CST

Year-End Associate Bonuses at Simpson Thacher Are Cut by Half

Simpson Thacher & Bartlett is cutting associate year-end bonuses in half, following the lead of Cravath, Swaine & Moore. The associate bonuses range from a pro-rated $17,500 for first years to $32,500 for those with the most experience, the American Lawyer reports. Simpson Thacher chairman Philip Ruegger III told the…

Nov 25, 2008 1:24 PM CST

Will Florida’s Top-Paid County Attorney Get a Raise?

Attorney Robert Cuevas already is the highest-paid county attorney in Florida. But some Miami-Dade commissioners are trying to give him a 9 percent raise, which would increase his salary from $290,721 to $319,000 annually, reports the Miami Herald. They also want to give the 38-year county veteran and his family…

Nov 21, 2008 4:46 PM CST

Pay Hikes Delayed, Business-Based Bonuses Axed at Bryan Cave

Associates at Bryan Cave will have to wait three months longer than usual to learn whether they will get a pay hike. And they won’t receive bonuses under the firm’s unusual business generation program after November tallies. The firm announced the news in a memo yesterday that was posted on…

Nov 21, 2008 11:58 AM CST

Cravath Cuts 2008 Associate Bonuses, Says 2009 Bonuses Could Be Zero

Updated: In a much-awaited memo issued today by Cravath Swaine & Moore, the white-shoe New York City-based law firm told disappointed associates that they would be getting much smaller year-end bonuses in 2008 than in 2007. The really bad news, though, came lower down in the Cravath memo, according to…

Nov 21, 2008 12:50 AM CST

How to Avoid the In-House Ax—and Recover, If It Falls

As law firm layoffs become relatively commonplace news, it isn’t just attorneys in private practice who are nervously wondering where the ax might fall next. In-house lawyers are at risk of losing their jobs, too—and likely will have more trouble finding new corporate jobs, compared to their law firm colleagues.…

Nov 19, 2008 10:34 PM CST