Partners

Under 1-tier Structure, DLA’s Equity Partner Count Jumps from 300 to 670

With the February free fall still reverberating throughout the legal world, we thought we’d check in with a group of lawyers who anted up as much as $150,000 for job security at DLA Piper this winter. To strengthen the global firm’s financial position in the struggling economy, DLA’s partners “overwhelmingly…

Mar 2, 2009 9:44 PM CST

Minn. Lawyer Job Ads Plunge 50%; State Law School Applications Surge 20%

Updated: The tough job market is extending to Minnesota, where job ads in the state bar publication Bench & Bar are down 50 percent. Eric Caugh, the hiring partner at the Minneapolis office of Zelle Hofmann, tells the Minneapolis Star Tribune that the downturn is producing a flurry of resumés…

Mar 2, 2009 1:37 PM CST

Survey: Young Lawyers Glad They’re Attorneys

Contrary to media reports suggesting widespread lawyer dissatisfaction, a new study of 4,160 individuals who became lawyers in 2000 has found that three out of four say they are either extremely or moderately satisfied with their decision to become an attorney.

Mar 2, 2009 2:20 AM CST

McDermott Coffee Cutback Sends ‘Message of Desperation,’ Partner Says

After layoffs were announced at McDermott Will & Emery early this month, those in charge of its Chicago headquarters office decided to reduce the scope of its coffee service there in another effort to cut costs. But the economic move isn’t going to be good for morale, a partner suggests…

Feb 28, 2009 12:22 AM CST

As Layoffs Launch Lawyers into Solo Firms, Small Shops Are Hot, Experts Say

Omair Farooqui had always been interested in running his own law firm. But being laid off last year from his job as an intellectual property associate in the Palo Alto, Calif., office of Manatt Phelps & Phillips pushed him into actually doing it. Sensing from a work slowdown that his…

Feb 27, 2009 6:10 PM CST

February Free Fall: Major Law Firms Lay Off Another 2,000-Plus Attorneys and Staff

As the dismal economy has continued on a downward spiral this month, so has the legal industry, with February layoffs exceeding January’s by a considerable margin. January’s carnage, in which renowned law firms laid off more than 1,500 attorneys and staff at last count, has been followed by further freefall…

Feb 26, 2009 9:25 PM CST

Bankruptcy Boom Raises Legal Stars’ Pay; $5M a Year for Luc Despins

Bankruptcy lawyers are once again seeing their heyday as law firms seek to lure them on board with big-bucks salaries. The paycheck for Luc Despins, who jumped to Paul, Hastings, Janofsky & Walker last fall, is $5 million a year, report the Wall Street Journal (sub. req.) and the Wall…

Feb 26, 2009 1:36 PM CST

At 14 Law Firms, Partner Promotions in 2008 Didn’t Include Women

Fourteen out of 100 law firms surveyed didn’t include a single woman in their partner promotions last year, but for some the results were an aberration. On the opposite end of the spectrum, 23 of the law firms surveyed had partnership classes of at least 40 percent women, according to…

Feb 25, 2009 4:30 PM CST

Heller Paid $7M to Departing Partners; Will They Have to Pay It Back?

Heller Ehrman paid more than $7 million to 35 partners who retired or left the firm last year before its collapse. A bankruptcy filing detailed the payouts to partners recovering a portion of capital invested with the firm, the Recorder reports. Most of the money—$5.3 million—went to 13 lawyers who…

Feb 25, 2009 1:29 PM CST

Davis Wright Partner Picked for Commerce Chief

A former Washington governor who is a partner in the Seattle law firm Davis Wright Tremaine is President Obama’s latest pick to head the Commerce Department. Gary Locke, who helps lead Davis Wright’s China practice, was Obama’s third choice after two previous nominees withdrew, according to stories in the New…

Feb 25, 2009 12:30 PM CST

Alleged $3.5B Petters Ponzi Scheme Racks Up Another $1.6M in Legal Bills

An alleged $3.5 billion Ponzi scheme that a Minnesota businessman is accused of operating for a decade is keeping a number of Twin Cities law firms busy. The latest legal fee requests concerning the ongoing civil and criminal cases against Tom Petters total $1.6 million, reports the Star Tribune. The…

Feb 24, 2009 6:54 PM CST

Law Firm Consultant: ‘I’ve Never Seen It This Bad’

Last year, as the economy began to plummet, many law firms saw bankruptcy as a hot practice area that would counterbalance a sudden shortage of corporate work. Now, some are thinking about filing themselves. “I have never seen it this bad,” legal consultant Bill Brennan of Altman Weil tells the…

Feb 24, 2009 6:15 PM CST

UK Firm Set to Hire at Least 10 McKee Nelson Partners for US Presence

The British law firm Ashurst is in advanced talks to acquire at least 10 finance partners from McKee Nelson, giving the British law firm a presence in New York and Washington, D.C. Leading the McKee Nelson finance team is partner William Gray, Legal Week reports. Ashurst is also seeking to…

Feb 24, 2009 2:15 PM CST

Lawyer Layoffs at Neal, Gerber & Eisenberg Include Partners

Chicago law firm Neal, Gerber & Eisenberg has laid off 19 lawyers and 32 administrative staffers. Partners as well as associates were hit by the layoffs, managing partner Jerry Biederman told the Chicago Tribune. He did not say how many partners were ousted. The cuts represent about 10 percent of…

Feb 24, 2009 1:14 PM CST

Attorney Layoff Alternative: Temporary 10% Pay Cut at Much Shelist

Amidst the latest news of law firm layoffs and salary restructuring announcements, a Chicago-based business law firm has temporarily imposed a 10-percent pay cut on partners and associates. The measure will be in effect until May 31, when the fiscal year ends at 80-attorney Much Shelist Denenberg Ament & Rubenstein,…

Feb 23, 2009 10:42 PM CST