Shearman & Sterling has increased its London associate salaries by 7 percent. There are multiple factors affecting this result, such as: how well the Shearman’s London office is doing and the firm as a whole (in terms of profit), and a desire to illustrate the value of its associates. Shearman & Sterling is the first big law firm to increase salaries this year.
Source: www.law.com
According to AmLaws 100 survey, most New York big law firms made history in 2007 in terms of profit. For instance, Wachtell, Lipton, Rosen & Katz made an outstanding $4.9 million, as compared to its $3.98 million in 2006. From the 100 law firms surveyed, 64 of them had over $1 million. After Wachtell, second and third place slots were filled by Cravath, Swaine & Moore and Sullivan & Cromwell respectively. The following firms also made the top ten: Simpson, Thacher & Bartlett; Cadwalader, Wickersham & Taft; Cahill Gordon & Reindel: Paul, Weiss, Rifkind, Wharton & Garrison; and Milbank, Tweed, Hadley & McCloy.
Source: www.law.com
Law firm Vinson & Elkins has enacted the plan of strengthening its New York office, as well as its presence abroad. Seven partners are to relocate to New York to join the capital martkets and M&A practice. Christopher Walker, previously at Linklaters, is now at Vinson & Elkin’s Hong Kong office. The firm is very enthusiastic about continuing to strengthen its offices, particularly in New York and London.
Source: www.legalweek.com
Not please with the new merger between Lord Bissell and Locke Liddell & Sapp, 7 partners have departed to form their own practice in Chicago. The new firm will represent insurance companies in litigation. So, where the new partners so unhappy? Ex-Partner Joesph Hinkhouse claims that the newly created firm pressured prior Lord Bissell lawyers to raise their billing rates by as much as 50 percent. This experience has become common when dealing with mergers, but instead of enduring, these 7 partners have took flight to create their own firm. Alongside Hinkhouse, the partners include: John Williams, Pat Walsh, Scott Ostericher, Rich McDermott, Laura McKay, and Sarah Dearing.
Source: www.chicagotribune.com
Edwards Angell Palmer & Dodge is preparing to open its new offices in Hong Kong and Tokyo. These new offices are part of 5 year plan to expand the firm globally. The plan not only consists of opening new arms of the firm, but also expanding existent locations, such as its London and Washington DC offices.
Source: www.thelawyer.com
Tags: Hong KongAttorneys who focus on bankruptcies, distressed assets, or restructuring are “banking” right now. Firms that specialize in bankruptcy are expanding and some bankruptcy attorneys are starting their own businesses. One such attorney is Jefferey Bast, previously a partner with Hunton & Williams. Others like him, are taking advantage of the state of economy and are able to ride the wave of bankruptcy.
Source: www.bizjournals.com
Law firm Chadbourne & Parke has announced its launch of a nanotechnologies practice. What is nanotechnologies, you ask? It is the science and technology of controlling matter at the atomic and molecular scale. There is sundry array of fields that utilize this science, such as electronics, energy, transportation, pharmaceuticals, manufacturing, and the list goes on. Such a cross-displinary subject will require the expertise of Chadbourne’s practice areas.
Source: www.nanotech.com
The law firm of Andrews Kurth LLP has announced its expansion of paid maternity leave from 12 weeks to 18 weeks. With this new policy, attorneys will have an additional 6 weeks for paid leave for birth or adoption of a child. This change also includes 2 weeks’ paid leave for non-primary childcare providers when connected to birth or adoption. This new policy starts immediately.
Source:www.earthtimes.org
The number of law firms offering programs for elder care is slowly growing. The idea is to ease the worries of over-worked attorneys, and that includes the worry of ailing parents. Besides not having to make the decision between work and family, elder care eases minds to allow for complete concentration while on the job. The law firm of Bryan Cave is adding this benefit starting June 1st. The program allocates 20 days per year of in-home adult care. Bryan Cave will also research nursing homes on behalf of its employees and their parents.
Source:www.law.com
Baker & McKenzie has hired a Partner from Kirkpatrick & Lockhart Preston Gates Ellis to join its property team. Justin Salkeld is joining Bakers at the end of next month, becoming its London office second partner hire. He will also become its third real estate partner.
Source: www.legalweek.com
Tags: Baker & McKenzie LLP