2006 was a profitable year for AmLaw 100 firms; the majority of these top-grossing firms reported profits per equity partner of $1 million or more. The average revenue per lawyer went up 7.3 percent last year compared to 2005, and average gross revenue increased by 11.4 percent. These firms are attaining such profit per partner levels through various means. Contingency fees and simply more work (especially litigation, transactions, and real estate) were big contributors. Some firms also reduced the number of their equity partners. Chadbourne & Parke and Holland & Knight, for example, both reduced their partnership numbers by about 10 percent and then ended the year spikes in their profits per partner and equity partners.
Source: www.law.com
Monthly Archives: April 2007
Akerman Senterfitt Names First Firm President
Florida firm Akerman Senterfitt has named its first-ever firm president. The firm nominated its chief operating shareholder and M&A partner, Robert Zinn, to be in charge of the firm’s day-to-day operations. The 500-lawyer firm functions like a corporation rather than a partnership, hence the presence of shareholders and a president rather than partners and a mangaging partner. In 2006, Akerman recorded the second highest revenue among Florida firms.
Source: www.thelawyer.com
Dewey Snags Three Lateral Partners for London
Dewey Ballantine welcomes three lateral partners to its London office. Lee Parker will work to develop the firm’s English law practice, along with being a senior partner in the capital markets group. He comes from Global Legal Search, a partner placement agency. Carlo Kostka joins from Freshfields Bruckhaus Deringer, where he was a partner in the U.S. securities law group. Kostka will be a capital markets partner with Dewey and will provide valuable Italian connections and Italian language skills to the firm. Litigation partner Alastair Crawford also leaves Freshfields for Dewey, where he will work to develop the firm’s global arbitration practice.
Source: www.lawfuel.com
Lovells Hires Restructuring Partner in NY
London firm Lovells has hired Christopher Donoho for its New York office. Donoho, a restructuring partner, comes from Stroock & Stroock & Lavan. He represents bondholders’ and creditors’ committees, and his past clients include Gentek, Northwestern Steel & Wire, and Glenoit. Many New York firms are bulking up their insolvency practices in preparation for an economic downturn. Cadwalader Wickersham & Taft, for example, hired a four-partner bankruptcy team from Weil Gotshal & Manges in March.
Source: www.legalweek.com
Law Firm Leaders Polled for Most Admired Peers; Robert Dell of Latham & Watkins Comes Out on Top
Consulting firm Edge International surveyed law firm leaders to find out who of their peers they most admire. There were 62 respondents, and 13 percent of them chose Robert Dell, the head of Latham & Watkins. Behind Dell were Goodwin Procter’s chair and managing partner Regina Pisa and DLA Piper’s Joint Chief Executive Officer Lee Miller, who each got 6.5 percent of the vote. Respondents explained their choices by identifying desirable characteristics for a law firm leader such as commitment to change, an ambitious agenda, longevity, maintaining core values and the ability to get people aligned. About a dozen of those polled actually responded that they did not know enough about other firm leaders to answer, but the number of responses shows that recognition of top managers is increasing.
Source: www.law.com
UK Associate Pay on the Rise
UK firms are beginning to announce pay raises for London associates for the upcoming financial year starting May 1. Clifford Chance has increased its starting salary to $127,000. Lawyers with one year post-qualification experience will recieve $132,000. Allen & Overy made a 15 percent pay increase in associate salaries last October, and has now increased them by an additional 3 percent. First-year salaries are $130,000, and one-year qualified lawyer’s pay is $143,000. Linklaters is expected to implement pay increases similar to those of Clifford Chance and Allen & Overy. Freshfields Bruckhaus Deringer and Slaughter and May are also likely to bump up salaries soon. U.S. firms with London offices typically pay something between New York and London salaries, but they usually wait until after UK firms have announced their new pay structures to finalize their increases.
Source: www.nylawyer.com
Goodwin Proctor Recruits IP Team from Hunton & Williams
A six-partner intellectual property team has left Hunton & Williams’ Washington, D.C. office for Goodwin Procter. Thomas Scott, the former chair of Hunton & Williams’ IP practice, will chair Goodwin’s national IP practice. Joining Scott are Scott Robertson, Jennifer Albert, Patrick Doody, David Young and Stephen Schreiner. Especially after its 2004 merger with Shea & Gardner, Goodwin has significantly strengthened its D.C. presence. On a hunt for high profile laterals, the firm recently hired Mark Heller to start a FDA practice in D.C.
Source: www.law.com
Pepper Hamilton Raises Starting Salary
Another firm shows that it is never too late to implement pay raises for its first-year associates. Pepper Hamilton announced that it has increased its starting salary from $125,000 to $145,000, effective in its Philadelphia; Berwyn, PA; Pittsburgh; Princeton; Washington, D.C.; and Wilmington offices. No decisions have been made regarding pay increases for higher-level associates or for other offices. Pepper Hamilton, along with Drinker Biddle & Reath, will raise salaries on Sep. 1; Dechert and Morgan Lewis & Bockius are already at $145,000, making four Philadlephia firms to reach that level. Some firms, such as Cozen O’Connor are still resisting. The firm has no plans to raise its starting salary above $125,000, and sees the pay increses as detrimental to the clients.
Source: www.nylawyer.com
Simpson Thacher Opens in Beijing
Simpson Thacher & Bartlett has opened a new office in Beijing. The firm recruited Douglas Markel, a partner from UK firm Freshfields Bruckhaus Deringer, to head the new office. Markel is a megers & acquistions lawyer, and he has practiced in Beijing for 16 years; he also headed Freshfields’ China practice last year. Simpson Thacher starting recruiting for the office last year, hiring Shearman & Sterling partner Leiming Chan and Shaolin Luo, a counsel from Chinese firm Fangda Partners. Corporate partner Chris Lin will also relocate from Simpson’s Hong Kong outfit to Beijing.
Source: www.law.com
Pepper Hamilton Increases NY Presence
Since last year, Pepper Hamilton has been working on building up its New York office. The firm moved to a larger space, moved partner James Rosener from Berwyn, PA to NY, and has recently hired two new partners for the office. Kenneth King and Samuel Abate Jr. will focus their work on pharmaceutical and medical device litigation as well as commercial litigation. King joins from Patterson Bellknap Webb & Tyler, and Abate comes from the New York office of McCarter & English. King and Abate previously worked together at Brown & Wood and Beatie King & Abate in New York.
Source: www.nylawyer.com
