Over the past eight months, Los Angeles has become the hotspot for mid-size East Coast firms looking to expand. Seven firms have opened or expanded offices in LA: Duane Morris; Dreier; Goodwin Procter; Hunton & Williams; McGuireWoods; Steptoe & Johnson LLP; and Venable. Several of these firms have recruited large numbers of attorneys from prominent local firms; Goodwin Proctor, for example, acquired real estate partners from Pillsbury Winthrop Shaw Pittman in Century City. The recent activity seems to be the beginning of a trend – lawyers in the west are considering their options and are much more willing to move than some others.
Source: www.nylawyer.com
More Pay Raises in D.C.
Boston-based firm, Fish & Richardson, announced Monday that it would increase its starting salary to $160,000 in all its offices. Doing so, this intellectual property firm is the first to raise first year’s pay in D.C. by $25,000 (from $135,000). The firm has about 50 attorneys in its D.C. office and joins McKee Nelson with salary hike. Washington firm, Covington & Burling, also announced an increase to $145,000 for its 400-lawyer D.C. office.
Source: www.law.com
Lateral Moves from Cadwalader to Skadden
Cadwalader, Wickersham & Taft’s top antitrust lawyer, Steven Sunshine, and two other antitrust partners moved to Skadden, Arps, Slate, Meagher & Flom this week. This is the second recent lateral move for these attorneys, as all three had joined Cadwalader less than two years ago from Shearman & Sterling, where Mr. Sunshine had also headed the antitrust practice. Mr. Sunshine commented that Skadden’s larger M&A practice and established antitrust practice were the main draws to the firm.
Source: www.nylawyer.com
East- & West-Coast Pay Divide
Despite the New York pay raises, some California-based firms are holding their ground by increasing pay in NY, but remaining at $145,000 in their CA offices. Firms feel pressure to match salaries in NY because it is one of the most active and competitive legal markets in the world. In CA, on the other hand, firms will closely watch their competitors to decide their pay rate, recognizing the fact that the west-coast is a very different market than is NY.
Source: www.nylawyer.com
Boston Firms Look to Expand
Firms that have established offices in Boston over the past couple years are seeking to expand by acquiring lateral hires. Filling an office in this manner is not easy, and firms understand that it requires patience and sometimes just good timing to find individuals who will be a good fit. The competition for top laterals in Boston is fierce among the firms new to the market. In general, large firms are looking for $1 million in portable billings, and some are offering signing bonuses starting at $50,000 and even reaching $150,000.
Source: www.law.com
McKee Nelson Hikes Up D.C. Salaries
McKee Nelson announced last Friday that it would raise the salaries of its D.C. and NY first year associates to $160,000, matching the increases made by NY firms earlier in the week. This salary hike is an all-time high for a D.C. firm; McKee Nelson was before paying a starting salary of $145,000. No other D.C. firms have given word about a similar decision, but most likely some will eventually follow with a raise of their own.
Source: www.law.com
Four Promoted to Partnership at Milberg Weiss & Bershad
New York firm, Milberg Weiss & Bershad, promoted four associates to partners this week. Neil Fraser, Matthew Kuppilas and Christopher Polaszek have joined the partnership in the firm’s NY headquarters, while new partner Sabrina Kim is based in Los Angeles. The firm also promoted two associates to of counsel.
Source: www.nylawyer.com
Greenberg Traurig’s Growing Real Estate Practice
Almost all of the attorneys from New York’s real estate law firm Solomon and Weinberg have relocated to Greenberg Traurig’s real estate practice. Seven attorneys – Gary Kleinman, Howard Shapiro, Joseph D’Angelo, Nicole Fenton, Howard Schochet, Bennet Deutsch and Steven Sinatra – will join the firm as partners. Founding partner Craig Solomon, as well as Dana Gallo and Andrew Kellner, will become of counsel. Seven of the lawyers will join Greenberg Traurig’s New York real estate group; the remaining two will join the REIT tax practice and the litigation group, respectively.
Source: www.law.com
Some Firms Match Simpon’s Pay Raise
In response to Simpson Thacher & Bartlett’s salary increase implemented this week, several firms have matched their first year pay rate of $160,000. Miami’s Greenberg Traurig reported that first-year, mid-level, and senior associates’ salaries in its 330-lawyer New York office would be increased. Litigation boutique Quinn Emanuel Urquhart Oliver & Hedges also plans to increase salaries in both its Los Angeles headquarters and its 85-lawyer New York office. New York firms Willkie Farr & Gallagher, Shearman & Sterling and Fried, Frank, Harris, Shriver & Jacobson also announced associate pay raises yesterday. Some firms like O’Melveny & Myers, on the other hand, matched NY salaries, but didn’t apply them in all offices; first years in their CA office will receive $145,000. Morrison & Foerster also will match in New York, but keep its CA starting pay at $135,000.
Source: www.nylawyer.com
Holland & Knight’s FL Expansion
At the beginning of the month, Florida firm Holland & Knight LLP announced the expansion through lateral hiring of its South Florida Securities and M&A practice. Three former shareholders at Akerman Senterfitt, Kara L. MacCullough, Laurie Green and Esther L. Moreno, joined Holland & Knight as partners. MacCullough, formerly the chair of Akerman’s Securities group, and Moreno focus on securities, mergers and acquisitions and international corporate transactions. Green’s expertise comes largely from her experience with the Division of Corporation Finance at the Securities and Exchange Commission. Holland & Knight has one of the largest business groups in the country, with over 380 lawyers in its practice. Firmwide, Holland & Knight has more than 1,150 lawyers in 17 U.S. offices, along with several foreign offices. The firm is one of the top 15 largest firms in the world.
Source: www.lawdragon.com
