Wolf, Block, Schorr & Solis-Cohen and Cozen O’Connor put merger talks on hold while Wolf Block closed out its fiscal year. Now that the calculations are complete, Wolf Block reported that gross revenue and profits per equity partner increased by 8 percent. The increase of profits per equity partner (PPP) from 448K in 2005 to 485K in 2006 puts Wolf Block closer to the Cozen’s 2005 PPP (470K). It is likely that Cozen’s key financial indicators also increased last year, making it easier for the two firms to combine.
Source: www.nylawyer.com
Mid-Size Firms Try New Recruiting Strategy
Some mid-size firms like Phillips Lytle of Buffalo, NY have shifted their recruiting efforts away from the top schools like Harvard or Yale, and to regional, less prestigious schools. Because large firms are having to consider lower ranked students at top schools, mid-size firms are starting to look elsewhere. These smaller firms cannot compete with the top firm-salaries so large firms do have an advantage in first-year recruiting. However, mid-size firms are staying afloat thanks to their ability to keep experienced associates and acquire lateral recruits.
Source: www.nylawyer.com
CT Firms Consider Salary Raises
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
