Under the KORUS FTA, Korea has agreed to phased-opening of the domestic legal services market to international firms. In preparation for the opening, local firms are working to stay competitive and build their practices. The law market opening will occur in three phases, over a span of at about five years. In the first phase after FTA implementation, U.S. lawyers can establish offices and work as “consultants” on issues related to U.S. and international law. In the second phase, two years after implementation, U.S. firms can affiliate with Korean firms and split revenue on cases. In the final phase, five years after implementation, U.S. firms can establish joint ventures with Korean firms and U.S. firms can hire Korean lawyers. In this new market, leading U.S. firms will have an edge in M&A work, capital markets and cross-border business deals.
Source: www.times.hankooki.com
Loeb & Loeb Increases Profits and Expands
Loeb & Loeb has hired three more lawyers for its LA office. Laura Wytsma, a patent litigation partner in Los Angeles, comes from Sonnenschein Nath & Rosenthal. The firm also brought in two associates, Timothy Bellamy and Paul Sagan, for the entertainment and media group. The firm now has 260 attorneys, up from 195 in 2005. Earnings also increased last year; the firm reported a 23 percent increase in revenue and a 27 percent boost in profits per partner. After hard times in the mid-1990s, Loeb & Loeb has rebounded nicely, increasing profitability by remaining midsized and focused. This success has attractive top lateral candidates; already nine lawyers have joined the firm this year.
Source: www.nylawyer.com
NY Lateral Hires at Cadwalader
Cadwalader, Wickersham & Taft hired three new Special Counsels for its New York office. Michael Anglin has joined the firm’s Global Finance Department; he specializes in real estate finance, acquisitions, dispositions, and leasing. Christopher Mirick and Gary Ticoll have joined the Financial Restructuring group. Mirick practices in the areas of business reorganizations and debtors’ and creditors’ rights. Ticoll represents clients in chapter 11 bankruptcy cases and out-of-court financial restructurings.
Source: www.home.businesswire.com
Former NY Chief Deputy Attorney General Hired at Paul Weiss
Paul, Weiss, Rifkind, Wharton & Garrison has recruited former New York chief deputy attorney general, Michele Hirshman. Hirshman worked under ex-Attorney General Eliot Spitzer, and previously she was a prosecutor Southern District U.S. Attorney’s Office. At Paul Weiss, Hirshman will focus on internal investigations and white-collar criminal defense.
Source: www.law.com
Salary Hikes in Two Regional Firms
Two more firms just announced a first-year associate salary increase. Flaster Greenberg of Cherry Hill, New Jersey raised its starting pay for all offices from $120,000 to $130,000. According to the firm’s managing shareholder, the pay increase follows the firm’s expansion over the past five years, and is its way to remain competitive in recruiting. The firm’s offices are located in Philadelphia; Vineland, Morristown, Egg Harbor Township and Cherry Hill, NJ and Wilmington, Delaware. Ballard Spahr Andrews & Ingersoll will also increase starting salaries on July 1 from $125,000 to $135,000. This $10,000 raise will be applied to associate levels.
Source: www.nylawyer.com
Greenberg Traurig Increases First-Year Pay and Changes Pro Bono Policy
Greenberg Traurig has increased salaries in its South Florida offices. The starting base salary in Miami and Ft. Lauderdale was raised from $120,000 to $135,000, while the total compensation is actually more than $150,000. That extra $15,000 comes in the form of a signing bonus, year-end bonus, Bar costs, and a discretionary bonus. More senior associates in those offices will also receive raises of about the same amount. Greenberg’s starting salary now matches that of White & Case; Holland & Knight, Hogan & Hartson and Akerman Senterfitt recently raised salaries for first years to $130,000 in South Florida. Greenberg also made a change in its pro bono policy. After a 15 percent firmwide drop in pro bono hours in 2006, the firm now allows lawyers to count 20 pro bono hours toward their billable hours target.
Source: www.nylawyer.com
Labor & Employment Team Joins Bracewell & Giuliani
Bracewell & Giuliani’s Dallas office has hired a new labor & employment team. Robert E. Sheeder and Marc D. Katz, formerly partners in Jenkens & Gilchrist’s Dallas office, will join as partners. Sheeder’s practice focuses on employment-related litigation, arbitration, employment discrimination and representing employers in collective bargaining and labor union organization campaigns. Katz focuses on the management-side of labor and employment litigation and counseling. Gail N. Salcido and Donna G. Hiltenbrand will also join Bracewell & Giuliani as associates.
Source: www.home.businesswire.com
Thompson & Knight Hires Lateral Partner to Tax Practice
Tyree C. Collier has joined Thompson & Knight as a partner in the Tax practice of the Dallas office. Collier specializes in the representation of nonprofit organizations, including large and small private foundations, hospitals and health systems, university-affiliated organizations, private schools, fundraising organizations, other types of public charities, and non-charitable tax exempt organizations. Thompson & Knight has around 420 attorneys in offices in North America, South America, Europe, and Africa.
Source: www.clickpress.com
Shearman & Sterling Approved for Shanghai Launch
Shearman & Sterling was finally granted a license to open in Shanghai today; the firm expects to open the new office later this spring. This will be the third office in the firm’s China operations after those in Hong Kong and Beijing. Corporate partner Andrew Ruff will head the new office; he has worked in the region for over 10 years focusing on M&A, infrastructure projects, and project finance. Chicago firm McDermott Will & Emery also launched in Shanghai this year.
Source: www.legalweek.com
Seven Wilson Elser Litigation Partners Start Their Own Firm
Seven former partners at Wilson, Elser, Moskowitz, Edelman & Dicker have left to form their own firm, Littleton Joyce Ughetta & Park. Robert Littleton, Robert Joyce, James Ughetta, Yong Jin Park, Bryon Friedman, Bruce Ainbinder, and Michael Bai are all partners in the new firm, which focuses on complex litigation. The firm has offices in Manhattan and in Westchester County.
Source: www.nylawyer.com
