Winston & Strawn has recently sent a memo to its attorneys entailing two pieces of news. One is that it would appear that raises will be given sometime in the near future. The other is the fact that the amounts of the raises are still a mystery (in the minds of the associates). Winston & Strawn has just killed off the firm’s lockstep salary system. The memo explains that each associate will be capable of earning up to the maximum amount in the compensation level given to them.

Source:  www.abovethelaw.com

Kilpatrick Stockton has hired two new attorneys in Washington. Pail Pilecki and Michael Mancusi are joining the firm’s Financial Institutions team. Both were previously with Winston & Strawn.

Source:  www.lawfuel.com

Greenberg Traurig remained fairly financially steady in 2009. Profits per equity partner increased by a mere 0.15 percent landing at $1.311 million. Non-equity parnter profits jumped up 3.94 percent. Greenberg’s total revenue, however, decreased by 2.9 percent making $1.17 billion.

Source:  www.amlawdaily.typepad.com

Shearman & Sterling managed to increase profits per equity partner (PPP) by 4.2 percent, but revenue dipped by 8.6 percent in 2009. Despite the fact that the firm did not lay off any associates, its associate number declined by 6.7 percent. Shearman’s explanation is that half of the incoming class (50 associates) and 40 senior associates agreed to one year sabbaticals in exchange for $65,000 and medical benefits.

Source:  www.law.com

Linklaters has lost its only partner who was only qualified in the US.  Steve Thierbach was integral to establishing the firm’s US corporate and securities practice based in London.  Thierbach spent the last 15 years with Linklaters.  He joined Linklaters from Sullivan & Cromwell.

Source:  www.thelawyer.com

Novak Druce + Quigg LLP has hired Katherine Basile for its San Francisco office.  Basile joins the firm as a partner and as co-chair of the trademark group.  She was previously a partner at Howrey since 2000.

Source:  www.businesswire.com

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