Lawyer Pay

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

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

AIG GC Resigns Over Salary Cap, Will Receive Millions in Severance

AIG general counsel Anastasia Kelly will receive millions of dollars in severance pay after resigning over salary caps imposed because the insurer received government bailout funds. Kelly resigned along with her deputy general counsel, Suzanne Folsom, the Wall Street Journal (sub. req.) reports. Kelly will receive “several million dollars in…

Jan 5, 2010 3:26 PM CST

Will Client Demand For Greater Value Lead to Meaningful Change Inside Law Firms?

As law firms strive to provide more “value” to clients, legal industry insiders warn that without a permanent overhaul of business practices, firms will face decreased profitability in 2010. Cynics say the mass amounts of law firm layoffs last year – 12,196 people were laid off at 138 large law…

Jan 4, 2010 6:28 PM CST

Weil Gotshal Shows Associates the Money: Seniority Raises + Bonuses of Up to $50K

Known for its lucrative corporate bankruptcy practice, Weil Gotshal & Manges is showing associates the money after a year of unprecedented layoffs, pay freezes and even pay cuts at a number of well-known law firms. Associates with “overall strong” ratings by the firm will receive bonuses of between $7,500 and…

Dec 23, 2009 10:57 PM CST

Latest Twist in Rothstein Case: Firm Loaned $35M to Lawyers & Others

With $1.4 billion in liabilities and $42 million in assets, according to court filings, the now-defunct Rothstein Rosenfeldt Adler law firm obviously isn’t doing well in the wake of an alleged $1.2 billion Ponzi scheme by former attorney Scott Rothstein. And of that $42 million, $23.9 million represents loans and…

Dec 23, 2009 9:20 PM CST

As K&L Gates Lifts Salary Freeze, Blog Explains Lingo of Pay Thaws

Could the new year bring good tidings for associates whose salaries have been frozen? At least one law firm, K&L Gates, is planning to lift its pay freeze in 2010, according to reports in Above the Law, which broke the news, and the Washington Business Journal. Partner Michael Missal told…

Dec 23, 2009 3:51 PM CST

Sudden Defection of Senior IP Partner Sparks Storm at Sonnenschein

After a senior intellectual property partner at Sonnenschein Nath & Rosenthal announced yesterday that he is leaving the firm immediately to join McDermott Will & Emery, fireworks reportedly erupted. A war of words ensued between the departing lawyer, Palo Alto, Calif., office co-managing partner Yar Chaikovsky, and other senior attorneys…

Dec 22, 2009 8:32 PM CST

Among Decade’s 25 Key Legal Trends: Lawyer Pay, Terror Law, Social Sites

In a sweeping review of the top 25 topics and trends of the decade that have impacted the legal profession, the National Law Journal puts the war on terror and its test of the limits of the law at the top of the list. In second place is the roller-coaster…

Dec 21, 2009 9:30 PM CST

Feds Probe Possible Campaign-Finance Violations by Rothstein Lawyers

In the latest development in an ongoing investigation of the alleged $1.2 billion Ponzi scheme that disbarred attorney Scott Rothstein is accused of masterminding, federal authorities are now reportedly probing whether campaign-finance laws were violated by other attorneys in his now-defunct Florida law firm. Rothstein may have funneled money from…

Dec 21, 2009 8:13 PM CST

Will Changes in Associate Pay and Training Hurt Law Firms?

Law firms that are cutting associate pay, adopting new training programs and abandoning lockstep compensation could find themselves at a disadvantage when the economy recovers, a legal recruiter says. Writing for the Recorder, James Smith of Solutus Legal Search says the demand for legal services will likely rebound, and so…

Dec 21, 2009 2:49 PM CST

First-Year Associates Bear the Brunt of Lower Bonuses; Some See Cuts of 71%

Bonuses have dropped by up to 71 percent for first-year associates at some top law firms while holding steady for those with more experience. Law firm consultant Peter Zeughauser told Bloomberg why more experienced associates are being spared. “It’s harder to replace those people,” he said. “They are fully trained,…

Dec 21, 2009 2:09 PM CST

Kelley Drye Joins BigLaw Bandwagon Driving Away from Lockstep Pay

Kelley Drye & Warren has joined a growing contingent of BigLaw firms that are abandoning the traditional “lockstep” system of paying associates based on the year in which they graduated from law school. Managing partner James Kirk says partners of the New York-based firm have agreed to “move away from…

Dec 19, 2009 1:45 AM CST

WilmerHale Joins Growing Group of Law Firms in Eliminating Lockstep Pay

Joining a number of other well-known law firms that have announced plans to eliminate so-called lockstep pay, Wilmer Cutler Pickering Hale & Dorr announced today that it will be moving to a merit-based system that rewards individual performance and relies more heavily on bonuses. The planned elimination of the current…

Dec 16, 2009 1:11 AM CST