As the baby boomer generation grays over the next few years, hundreds of thousands of lawyers will face a possible career transition. An estimated 250,000 are expected to start retiring by 2011. Though some may retire by choice, many more will likely be forced out of their firms by mandatory retirement policies. What will these individuals do with themselves? Some may work pro bono, others may move to smaller firms, and yet others will leave the firm but continue to check in with former clients. Firms vary as well, on how they implement their retirement policies. They may, for instance, be more lenient with top-producers than they are with less profitable attorneys.
Source: www.nylawyer.com
New Partner Numbers Change Little – Suggest Difference Between Equity and Nonequity Partners
The 2007 new partner classes at some of the largest U.S. firms varied widely, with some increasing and others decreasing; however, this year’s partner classes among the top 20 firms made up about the same percentage of the firm’s total partner population as last year. Concerning the actual number of new partners, the overall trend was an increase, as 5.1 percent more associates or counsels were promoted to partner compared to 2006. Though these changes are rather small, experts speculate that bigger changes are occuring in regards to the expansion of nonequity partner classes rather than equity partnership. This strategy keeps profits per partner high, and most firms are quiet about their specific breakdown of equity vs. nonequity promotions. The two firms with the biggest percentage gain of partners this year are White & Case (NY) and Weil, Gotshal & Manges (NY), with a 48 and 66.7 percent gain respectively.
Source: www.law.com
Rider Bennett Closes Its Doors
One of the ten largest Twin Cities firms, Rider Bennett, announced that it will shut down on May 31. According to a notice posted on their website, firm leadership has concluded that with its current structure, the firm cannot compete in today’s market. Founded in 1960, the firm has 91 lawyers and 101 other professionals. Most of the attorneys will probably continue their practice at other existing or newly formed firms.
Source: www.law.com
Chadbourne & Parke Opens in Dubai
After a 14 year absence, NY-based Chadbourne & Parke will be returning to the United Arab Emirates when it opens in Dubai on May 1. Former Chadbourne partner, Jack Greenwald, will lead the new office, overseeing a legal staff of eight lawyers and paralegals. Greenwald has been practicing in Dubai since 1986. The new office will build on the firm’s energy/project finance and cross-border acquisition practices. Joining forces with Greenwald and his team, many members of which are native to the area, allows the firm to handle local law issues on behalf of UAE-based and international clients.
Source: www.pr-inside.com
Legal Work in Fashion World Heats up
The fashion industry is becoming a hot practice area in need of style-savvy attorneys. Though law enforcement and customs are cracking down on trademark violations in the fashion industry, counterfeiters are still finding more sophisticated ways to get around the law. M&A work is also heating up, as banks and private equity are looking to invest, apparel companies are taking over smaller companies, and non-apparel companies are using fashion labels to expand their brands. Though few firms have practices dedicated solely to apparel, things are starting to change as the demand for expertise increases. Moreover, as the work becomes more corporate, firms with strong M&A practices are getting deals as well.
Source: www.nylawyer.com
Norton Rose Hires Energy Partner in Singapore
Jones Day senior associate Alex Cull has been hired by Norton Rose for their Singapore office. Cull joins the firm as a partner in their energy team. Through his work at Jones Day, Cull has a decade of experience in the energy industry, specializing in oil and gas project development, M&A and financing throughout Asia. Norton Rose energy and infrastructure partner, Jeff Smith, is excited about what Cull has to offer to the firm and sees this addition as another important step in the growth of the firm’s Asia practice.
Source: www.thelawyer.com
Jones Day Hires Former DOJ Antitrust Attorney
Jones Day has hired former Deputy Assistant Attorney General in the Department of Justice’s Antitrust Division, Bruce McDonald. McDonald will work in the firm’s Houston and Washington, DC offices. He began his legal career at Jones Day in 1988, and has worked in the DOJ doing civil antitrust enforcement since 2003. McDonald has experience in a variety of areas including telecommunications, aviation, electricity, and healthcare industries. With over 2,200 lawyers practicing in 30 locations worldwide, Jones Day is one of the world’s largest firms.
Source: www.home.businesswire.com
Former MD Lt. Governor Joins LeBoeuf Lamb in DC
Former Maryland Lt. Governor, Michael Steele, will join law firm LeBoeuf, Lamb, Greene & MacRae as a partner. Steele will work in the DC office, and will focus on corporate securities, government relations and international affairs, with an emphasis on Africa. Steele was the first African-American to be elected to statewide office in Maryland when he became Lt. Gov. in 2003. He previously served on the board of visitors of the US Naval Academy and worked for Cleary, Gottlieb, Steen & Hamilton. LeBoeuf, Lamb, Green & MacRae employs over 700 attorneys in 18 offices worldwide.
Source: www.bizjournals.com
Three Partners Depart from DC Firm
Three partners from Miller & Chevalier’s international practice have jumped ship. William McGlone, vice chairman of the export control group, left for Latham & Watkins, and Lisa Prager and Josephine Aiello LeBeau have joined Wilson Sonsini Goodrich & Rosati. Miller has recently lost several other partners to larger firms; however, with the hiring of two new partners from The Loeffler Group for the international practice, the DC firm is working to stay competitive.
Source: www.nylawyer.com
Greenberg Traurig Welcomes Zinober & McCrea Duo
Greenberg Traurig has taken well-known Tampa firm, Zinober & McCrea, in-house. The two-lawyer firm will become shareholders in Greenberg’s labor and employment legal practice. Besides labor & employment, the Greenberg Tampa office also handles civil and criminal litigation; trial and appellate practice; alternative dispute resolution; environmental and land use law; construction, architecture and engineering law; lending, taxation, and other financial matters; as well as business planning and transactions. The firm has 1,600 attorneys practicing in 29 offices worldwide.
Source: www.tampabay.bizjournals.com
