The rumor mills have been churning about Ruden McClosky closing its doors because of the major flight away from the firm lately. Last week seven major partners left for Adams and Reese. At the start of 2009. Ruden had175 attorneys and its now down to 123. Despite the rumors, Carl Schuster, the firm’s managing director, has announced that Ruden McClosky will not be shuttering and that it is currently in the midst of discussion with a few laterals.
Source: www.amlawdaily.typepad.com
After almost 30 years, wealth management partner, Peter LaBoskey is leaving Wilson Sonisini Goodrich & Rosati. He and five other attorneys are joining mid-sized firm, Hopkins & Carley on March 1st. LaBoskey joins as a partner. Darin Donovan and Laurie-Ann Look will be the firm’s newest of-counsels. Diane Fong, Christina Hwang and Richard Schachtili join as associates.
Source: www.nylj.com
Tags: Wilson Sonsini Goodrich & Rosati P.C.
Cozen O’Connor apparently had a fantastic year in 2009 while everyone else suffered. The firm had double digit increases in gross revenue, profits per equity partner and revenue per lawyer. It’s gross revenue increased by 22 percent from $237 million in 2008 to $290 million. Cozen’s profits per partner was 19 percent less in 2008 at $545,000. In 2009, that number increased to $650,000.
Source: www.bizjournals.com
Tags: Cozen O'Connor, P.C.In the span of a year from January 1, 2009 to January 1, 2010, 25 out of the 26 largest firms decreased headcount by 5.7 percent. Firm’s took steps to counteract the affects of the economy downward turn via lay-offs and first year deferrals and sticking strong to a mandatory retirement age.
Source: www.law.com
A three lawyer team has migrated from Dewey & LeBoeuf to Winston & Strawn. Lawrence Larose, lead counsel for MBIA Insurance Corp. last year, Samuel Kohn, counsel at Dewey, and Sarah Trum, an associate are joining Winston in New York. Winston & Strawn has made it clear that the firm wishes to grow its New York presence and boost its numbers from 200 attorneys to 300.
Source: www.law.com
Tags: Winston & Strawn LLP | New York
The Bureau of Labor Statistics’s latest report provides the following information: 1,100 legal jobs were lost in the month of January. Its a small improvement when compared to December’s 2,900 job lost. November had 5,800 legal jobs disappear. From the time period of January 2009 through January 2010, a total of 44,700 people were laid off in the legal sector.
Source: www.jdjournal.com
Cravath announced back in June that its 2010 incoming first-years would actually be deferred until 2011. Now the firm is saying that some of the newbies will actually get to start sooner than later. The firm will be conducting a lottery to decide who gets to start work in the fall. Those who have acquired employment elsewhere for the year, as well as those who have federal clerkships will be ineligible for the lottery.
Source: www.businessinsider.com
Tags: Cravath, Swaine & Moore LLP
Dechert snagged Allan Brilliant and Craig Druehl, two restructuring attorneys from Goodwin Procter. Brilliant co-headed the restructuring department at Goodwin since 2005. Druehl was an associate but is joining Dechert as a partner.
Source: www.nylj.com
Tags: Dechert LLP | New York
White & Case had an 11 percent decrease in revenue in 2009, compared to 2008. The latter year, the firm made a total of 1.467 billion. That number dropped to 1.307 billion. White & Case’s profit per equity parnter (PEP) increased a mere .3 percent from 2008’s 1.59 million to 1.595 million in 2009.
Source: www.thelawyer.com
Tags: White & Case LLP
Paul, Weiss, Rifkind, Wharton & Garrison have announced the firm’s 2009 financial numbers. Overall revenue dropped 3.8 percent, but profits per equity partner rose from $2.65 million in 2008 to $2.69 million in 2009. This was achieved without the help of layoffs and even with an increase in number of lawyers from 647 to 653.
Source: www.nylj.com
Tags: Paul, Weiss, Rifkind, Wharton & Garrison LLP