Chadbourne & Parke has begun intial merger discussions with London-based firm Watson, Farley & Williams. The combined firm would have over 600 lawyers and combined revenues of more than $350 milion. Chadbourne has been looking to merge to increase its size and become more competitive with larger firms. Managing partner, Charlie O’Neil, has been trying to increase Chadbourne’s profitability over the past couple years after a bad year in 2005. He has succeeded in increasing the firm’s revenues, but the firm has also lost several key partners along the way.
Source: www.nylawyer.com
Goodwin Procter Opens in Palo Alto
Goodwin Procter has opened a Palo Alto office, its fifth office in California to open over the past 14 months. The Boston-based firm recruited six Bay Area attorneys from Townsend & Townsend & Crew LLP, Wilson Sonsini Goodrich & Rosati PC and Latham & Watkins LLP for the new office. The firm has offices in L.A., San Francisco, and San Diego, and has over 750 attorneys nationwide.
Source: www.bizjournals.com
San Diego Has More Law Firms Than Clients
The San Diego legal market has become saturated with lawyers and firms over the past 10-15 years, making the competition fierce for the limited number of clients. Luce, Forward, Hamilton & Scripps and what was then Gray Cary Ames & Frye were the first two firms in the city, but in the 1980s some L.A. firms started setting up shop in the city. Tech-focused San Francisco firms arrived in the early 90s, taking advantage of the booming life sciences industry. Most recently, Boston firms such as Mintz, Levin, Cohn, Ferris, Glovsky and Popeo and Goodwin Procter are staking their claim in the southern CA market. Some people say that these new arrivals will not have what it takes to compete against the well-established firms, though others argue that with some agressive lateral recruiting, these firms will be able to grow their San Diego offices into a real player in the market.
Source: www.law.com
Cost of Living Differences Forgotten with Nationwide Pay Raises
Considering the difference in cost of living between California and New York, some have begun to wonder whether the West coast (and elsewhere) matching of the NY market rate is fair for NY associates. Starting in May many big CA firms raised first-year salaries from $145,000 to $160,000; some firms in Boston and Chicago have made the same move. Those firms justify the raises by emphasizing their national status – they want all of their associates to receive the same pay no matter where they are in the country. However, when it comes down to it, there are vast differences in cost of living across the U.S. The $160,000 NY salary is actually equal to $205,631 in L.A., and $278,573 in Chicago.
Source: www.nylawyer.com
Dickstein Shapiro Adds 4 Thelen Reid Attorneys in L.A.
D.C. based Dickstein Shapiro has added four attorneys from Thelen Reid Brown Raysman & Steiner’s L.A. office, which has seen more than a dozen departures since its fall merger. Partners James Turken and Amy Rubinfeld, along with two associates from Thelen’s commercial litigation group have joined the 20-lawyer office in L.A. Thelen’s office now has about 50 attorneys, down from 65 at the time of its merger with Brown Raysman Millstein Felder & Steiner.
Source: www.nylawyer.com
Pay Hikes in Sacramento
Several firms in Sacramento, CA have jumped onto the pay raise bandwagon. Seyfarth Shaw increased first-year pay from $121,000 to $135,000, while Weintraub Genshlea Chediak bumped up pay to $100,000 and Pillsbury Winthrop Shaw Pittman LLP raised starting salaries to $145,000. Morrison & Foerster pays new lawyers $160,000, which is said to be the best pay in town.
Source: www.bizjournals.com
Boston First Years Get Pay Raise
Several firms have raised first-year salaries to $160,000 in their Boston offices, and in some cases firmwide. Bingham McCutchen, DLA Piper, McDermott Will & Emery and Wilmer Cutler Pickering Hale and Dorr, along with Boston-based Foley Hoag are the firms who have recently raised pay to the NY market scale. Ropes & Gray, Goodwin Procter, and Choate Hall & Stewart have also already raised Boston salaries.
Source: www.law.com
Trowers & Hamilins Opens Saudi Office with New Partnership
UK firm Trowers & Hamlins has established a new partnership in Saudi Arabia with Feras Al Shawaf. Trowers associate Rami Ami-Ghosh will move to the Riyadh office joining Al Shawaf and his four associates; more Trowers lawyers will join later in the summer. Sources from Trowers are confident with the new alliance – the firms’ corporate and project work complement each other well.
Source: www.thelawyer.com
Akin Bankruptcy Duo Joins Reed Smith
Reed Smith Richards Butler snagged Akin Gump Strauss Hauer & Feld’s London restructuring team last week. Cross-border restructuring partner Jeff Drew and associate Nuala Barratt were recruited by Reed Smith in anticipation of an increase in restructuring work. With at least 20 restructuring attorneys in New York, Akin Gump has no plans to replace the two lost in London.
Source: www.thelawyer.com
Stoel Rives Opens in Minneapolis with 13 Lateral Hires
Portland firm Stoel Rives has opened a Minneapolis office with the hiring of 13 lawyers from Minneapolis-based Lindquist & Vennum. The ten partners and three associates have practices in agribusiness, renewable energy, and food. Stoel Rives has over 350 attorneys in 10 U.S. offices.
Source: www.bizjournals.com
