As first-year salaries around the country rise like thermometers in August, some local firms are still holding their ground. Several firms in Connecticut have resisted raising salaries, at least not to the heights of their neighbor, New York. Wiggin & Dana, for example, will not make changes, if any, unti mid-year like normal. Finn, Dixon & Herling in Stamford did raise its starting pay, but only to $136,000. The branch offices of some large national firms like Bingham McCutchen have followed the salary increase trend, however, creating a pressure on local firms to follow suit in order to remain competitive.
Source: www.nylawyer.com
Firm COOs Musing over Mergers
Chief Operating Officers (COOs) of The Am Law 200 firms were recently surveyed by Law Firm Inc. on a variety of issues. The survey revealed, among other things, that these firms are looking to grow through lateral acquisitions and mergers. The COOs that responded indicated that possible mergers (49%) was the most important issue that they will be dealing with this year. Evaluating practice group performance (46%) and making better use of business intelligence (41%) were also top priorities.
Source: www.law.com
Who Are the Most Desirable Candidates?
A recent report reveals that associates with 5 or more years of experience in corporate transactional law or corporate litigation are in high demand at most top firms. Attorneys with backgrounds in compliance and regulatory issues, litigation, intellectual property and real estate are also prime targets for lateral recruiting. An increase in competition in lateral hiring also means increased pay for junior and senior associates (as we have seen over the past two months). A little over half of the firms surveyed for this report expect to increase their numbers this year, particularly in the areas of ethics and corporate governance, litigation and intellectual property.
Source: www.nylawyer.com
Holland & Knight Starts Pay Raises in S. Florida
Holland & Knight announced this week its plan to increase first-year associate salaries in its South Florida offices to $130,000. Besides implementing raises in FL, the firm is also raising salaries in NY to $160,000 and in Chicago, D.C., and LA to $145,000. This move will likely prompt other firms to boost FL salaries, but two NY-based firms already have pay a starting salary of $160,000. The two firms, Weil Gotshal & Manges and Boies Schiller & Flexner, are reported to pay the same in all of their offices.
Source: www.law.com
Philly Sees Salary Increases
Blank Rome announced yesterday that it would increase first-year salaries in New York, Washington, D.C., and Philadelphia. Starting pay in Philly will now be $135,000; in D.C. it will be $145,000; and in NY it will be $150,000. The same day D.L.A. Piper also made the move pushing Philadelphia salaries to $135,000, NY to $160,000, and D.C. and Chicago to $145,000. Other firms have not confirmed plans to match the increases but will be wathcing the market closely now that the first Philadelphia firm has raised salaries.
Source: www.law.com
Salary Increases Spread to New Jersey
Similar to what happened last year when salary increases spread through the nation coast to coast and New Jersey firms eventually followed, the pay raise fever of 2007 has finally hit the state. Some firms such as Day Pitney and Drinker Biddle have already increased salaries in their NJ offices. However, though they may compete for some of the same candidates, NJ firms firms will not necessarily match NY salaries. As for the firms that have yet to raise payrates, they are watching the NY market closely and will act appropriately to remain competitive.
Source: www.nylawyer.com
Peckar & Abramson Acquires NY Boutique
Construction firm, Peckar & Abramson, recently acquired NY boutique Berman, Paley, Goldstein & Monte. Three partners and one associate from Berman have joined Peckar & Abramson. The midsize firm has around 100 attorneys in its nine offices across the country.
Source: www.nylawyer.com
Merger Proves Profitable for Buchanan Ingersoll
The merger between Buchanan Ingersoll and Klett Rooney Lieber & Schorling has proved to be profitable, as Buchanan Ingersoll & Rooney shows a 40 percent increase in gross revenue during 2006 compared with Buchanan Ingersoll’s pre-merger numbers in 2005. The firms merged in July of 2006, increasing revenues to $271.3 million from $193.7 million in 2005. Part of the increase can be attributed to the spike in numbers – from 385 to 505 attorneys. Though the merger was the main contributor to the growth, the firm also experienced growth in certain practice areas such as intellectual property, corporate finance, and complex litigation.
Source: www.law.com
Susman Godfrey Expands in NY
Litigation boutique, Susman Godfrey, is expanding its NY office. The Houston, TX firm recently added a new partner and relocated another from Dallas to New York. The 75-lawyer firm opened the NY office last fall, and it focuses on representing clients in antitrust, intellectual property, securities and accounting malpractice cases. Having won some of the largest damages awards and settlements in history, Susman Godfrey is most known for its antitrust practice.
Source: www.law.com
Pay Raises in Atlanta
Three Atlanta firms followed Troutman Sanders’ lead in raising salaries. Jones Day, King & Spalding and Alston & Bird are implementing raises that actually put them above Troutman’s first-year associate increase from 115K to 125K. Jones Day’s starting pay will be $135,000, King & Spaulding will pay first-years $130,000, and Alston & Bird raised all associate salaries by 15K, putting first-year pay at $130,000. Alston will also raise salaries in D.C. and New York to match the market increases of last month; D.C. attorneys start at $145,000, and NY associates receive $160,000 in their first year.
Source: www.nylawyer.com
