Morgan Lewis & Bockius is unlike any other firm in that it starts its fiscal year in the beginning of October.  It definitely affected its books.  For instance, financial downfalls that happened in the (most firm’s) fourth quarter of 2008 only affected those firm’s 2008 numbers.  Morgan Lewis took those hits in their 2009 financial reports; 2009 was bad enough on its own.  Morgan Lewis’ 2009 numbers took a big hit.  Its gross revenue was down by five percent.  Its profits per partner decreased by a whopping 15 percent and its revenue per lawyer slid down by 1.19 percent.

Source:  www.bizjournals.com

Crain’s list of largest Chicago law firms has just been released. Kirkland & Ellis LLP wins first place with 658 attorneys in Chicago. The top five included Sidley Austin LLP, Mayer Brown LLP, Winston & Strawn LLP and Jenner & Block LLP. The only firm to increase its number of attorneys in 2009 is Hinshaw & Culbertson LLP. The firm went from 1 lonely attorney to 188. To see the whole list, visit http://www.chicagobusiness.com

Source:  www.chicagobusiness.com

Sidley Austin just announced that it is freezing its attorney’s wages again. One guess as to why Sidley would do such a thing is as follows: the firm is trying to replace the lockstep based salary system with a merit based all while making it appear that wages at Sidley are comparable to pay at other firms. Whatever the reason, Sidley associates are not happy.

Source:  www.abovethelaw.com

Beachcroft has hired all but one partner of the healthcare practice at Halliwells. Andrew Peel is the only remaining partner. Christopher Briggs and Simon Wortley, both partners, are joining Beachcroft along with four associates and four solicitors. The team joins their new firm in the Manchester office.

Source:  www.thelawyer.com

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

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

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