London Firms Earn #1 Billing in World

Record profits for the biggest London law firms reportedly make them the dominant players in the world legal market. Three London firms, headed by Clifford Chance, are at the top of the earnings list, with annual billings close to or exceeding $2 billion. For each, that represents an increase of…

Jul 5, 2007 7:25 PM CDT

NY Attorneys Failed to File Tax Returns

Four lawyers are among seven professionals who recently pleaded guilty to misdemeanor charges of failing to file New York state tax returns. The four attorneys, who earned between just under $400,000 and more than $2.7 million during the period, did not file state tax returns for four consecutive years, according…

Jul 3, 2007 9:52 PM CDT

‘Golden Handcuffs’ Chain Attys to Desks

If they could afford to, they’d leave the legal profession. That’s what one in five law firm partners and nearly one in three associates surveyed by a British legal publication recently said. Flush with profits from a booming market in mergers and acquisitions, some of London’s biggest and most highly…

Jul 2, 2007 9:08 PM CDT

IL Prosecutors + Low Pay = ‘Brain Drain’

Although it hasn’t yet caused a rush to the courthouse door, state prosecutors in Cook County, Illinois, due to a budgeting quirk, earn less than public defenders. On average, they have been making $63,000 annually to prosecute alleged criminals, compared to $73,000 for those who defend alleged criminals. And that…

Jul 2, 2007 8:51 PM CDT

Howrey’s ‘Bold Move’: Merit Pay

Associates at Howrey will get raises based on performance rather than seniority. The 630-lawyer firm says it will eliminate its lockstep compensation system beginning next year, the Recorder reports. The result is that some associates will achieve partner more quickly, and others more slowly, according to Henry Bunsow, managing partner…

Jun 29, 2007 12:31 PM CDT

Two-Tier Associate Pay at Thelen

Only the biggest-billing associates will make $160,000 a year at one California law firm. Thelen Reid Brown Raysman & Steiner will pay that amount to new associates who bill at least 2,000 hours a year, and $145,000 to those who work less, according to the Recorder. “We wanted a compensation…

Jun 25, 2007 12:28 PM CDT

‘Phenomenal Year’ for Florida Lawyers

Defying predictions of a law practice slowdown, attorneys in South Florida report their business is booming. “It was a phenomenal year to be a lawyer,” John C. Sumberg, managing partner of Bilzin Sumberg Baena Price & Axelrod, an 85-attorney firm in Miami, tells the Daily Business Review. “We had many…

Jun 18, 2007 9:16 PM CDT

Bonuses Pay Off for Legal System

Law firms will soon be paying signing bonuses of up to $250,000 to entice former Supreme Court clerks to join their practices. The bonus is in addition to initial salaries that are close to $200,000 a year. Some critics say these young lawyers should not be making twice as much…

Jun 18, 2007 6:37 PM CDT

Jenner & Block Culls Equity Partners

Jenner & Block will shift between 15 and 20 equity partners to nonequity status this year.

The National Law Journal reports that some of the partners will leave the firm and others will move toward retirement.

Some recruiters predict more firms will follow suit in an effort to boost partner profits.

Jun 11, 2007 1:05 PM CDT

Surprise Letters for Departing Partners

Pillsbury Winthrop Shaw Pittman is seeking to recover some of the money paid to a dozen partners in 2006 before they left the firm.

Certified letters mailed to partners who left in 2006 sought amounts that ranged from $10,000 to $90,000, American Lawyer reports.

The partners received $15,000 a month in a draw against future profits, and the firm contends the amount paid exceeded the profits earned. The firm wants the partners to return the difference.

Jun 8, 2007 3:18 PM CDT

Boston Firms Hike Associate Pay

Several Boston law firms will pay new associates $160,000, matching starting pay at big firms in New York, Chicago and Los Angeles. The National Law Journal lists about a dozen firms that have announced the pay hike for Boston associates. Among them is Foley Hoag. Tom Block, the firm’s chief…

Jun 8, 2007 1:54 PM CDT

Bingham Offers Associate Buyouts

Bingham McCutchen is paying buyouts to several associates at its San Francisco office,reportedly in response to a slowdown in commercial litigation. Four associates left the firm and three others transferred to part-time, contract attorney status, the Recorder reports. The move comes as the Boston-based firm raised associate pay to $160,000…

Jun 6, 2007 12:32 PM CDT

400 Prosecutors Saved From Furloughs

Georgia’s governor transferred more than $800,000 into the state budget for district attorneys’ offices this morning, avoiding furloughs of about 400 state-paid prosecutors. Gov. Sonny Perdue took action after Georgia Supreme Court Chief Justice Leah Ward Sears declared a “judicial emergency,” the Atlanta Journal-Constitution reports. The budget shortfall was created…

Jun 1, 2007 9:18 PM CDT

Pay Gap Grows at Top 100 and 200 Firms

The pay gap is widening for partners in American Lawyer’s top 100 and second 100 law firms. Average pay for all partners rose 10.7 percent in top 100 firms and 3.8 percent in second 100 firms, according to an article published today in American Lawyer. Profits per equity partner averaged…

Jun 1, 2007 7:50 PM CDT

Benefits Spell Relief for Harried Associates

Some law firms are providing special fringe benefits in an effort to boost recruiting and keep their attorneys happy. The National Law Journal found firms providing everything from concierge services to help buying environmentally friendly cars. Nixon Peabody has a 401(k) plan that includes matching contributions for associates who have…

May 30, 2007 1:39 PM CDT