Revenues for 130 mid- to large-size law firms have risen nearly 3.5 percent on average so far this year, according to a report from a Wells Fargo division obtained by Law360 on Thursday, but that increase stems from a few firms that outperformed their peers, mainly by increasing hourly rates.
In the world of BigLaw, associates who bill the most hours are often the ones that rake in the biggest bonuses. Here, find out how to log a bevy of hours this year in order to secure a whopping windfall.
Looking to ease the pain of partner exits and head off client losses, a small but growing cohort of BigLaw firms are putting more financial teeth into their partnership agreements, tying an obligatory resignation notice period and other requirements directly to a departing partner’s capital buy-in, experts said.
Forty percent of in-house counsels say they would consider taking a new position because of compensation concerns, and rising BigLaw salaries are set to make pay disparities an even bigger issue for corporate employers, according to a new report.
It turns out lawyers are, on average, less suited for leadership roles than other professionals in two key ways, new research indicates.
For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.
Like a top ballplayer who's confident in his bat speed but neglects newer methods to improve his swing, a leading law firm can be behind the curve when it comes to the latest technology and business models. Here, experts share five things many firms have yet to catch up on.
BigLaw is prospering on the back of rate increases, a U.S. Supreme Court review of class waivers looks inevitable as a circuit split deepens, and the DOL issues its final Fair Pay and Safe Workplaces rule. Those stories top the corporate legal news you may have missed last week.
A recent Sixth Circuit decision backing the right of Kentucky judicial candidates to promote their party affiliation is the latest to push states with traditionally nonpartisan election systems closer toward campaigns clearly divided between red and blue candidates, experts say, potentially discarding a key barrier between elected judges and traditional politics.
Ninety-five percent of most client pitch meetings are personal discussions, sharing life stories. Rarely do they delve into hypotheticals on how you would handle a particular transaction, says Andrew Kirsh, founding partner at Sklar Kirsh LLP.
Even some of the most successful trial lawyers have started their careers with a heap of student loan debt and jobs that aren't quite as glamorous as the ones they had envisioned. The long hours in the office and away from home can compound the stress. Here, top trial attorneys talk about the most nerve-racking or disheartening times in their careers.
It turns out New York University’s law faculty may reign supreme when it comes to affecting judicial decisions with their academic ramblings, beating out Harvard and Yale, according to a new study comparing judicial and academic citations of law review articles.
Being responsive and going above and beyond what is expected builds trust and loyalty with your partners and with clients and will eventually lead to more work, says Teresa Pahl of Hanson Bridgett LLP.
Weil Gotshal & Manges LLP has a reputation as a go-to litigation firm, and over the past year, it has succeeded in delivering victories to clients in several high-profile cases, from a big win in Morgan Stanley’s first jury trial in over a decade to the complete dismissal of a $24 billion class action against Credit Suisse, earning the firm a place among Law360’s Litigation Powerhouses.
Getting clients to trust you to solve their problems doesn’t happen overnight. In one case, it took at least a dozen correspondences and two years of courtship before I got assigned one small case. As Christopher Morley said, “Big shots are only little shots who keep shooting," says Nate Kowalski of Atkinson Andelson Loya Ruud & Romo.
A New York appeals court on Thursday answered a question that may haunt many lawyers who haven’t heeded the call of succession planning yet: What happens to my practice when I’m gone?
Every law firm wants to bring in work and increase its client roster. However, it's not a good idea to take on just any client, as conflicts of interest can cause headaches and dampen business. Law360 spoke with experts who shared advice on how to avoid such dilemmas.
Clients of major law firms should be on high alert because email scammers are now regularly using the names of prominent firms to lure in their victims, with Clyde & Co. targeted on Thursday and Sidley Austin LLP last week, U.K. watchdogs have said.
U.K. law firms focused on middle-market clients are seeing their work go to larger Magic Circle competitors, and in order to survive the squeeze they need to join forces with an accountant or a financial services firm and become a multidisciplinary practice, a report released Thursday said.
Attorneys representing Michelin and Takata were the top legal lions this week, convincing a Florida jury Wednesday to clear the parts makers of an $80 million personal injury suit, while Proskauer Rose LLP was a legal lamb after its arguments to the NLRB fell on deaf ears and the board ruled graduate students at Columbia University can unionize.
Maintaining and solidifying client loyalty is based on trust. Clients trust attorneys who they believe understand them, their business and their goals. The only way to understand a client is to listen well, says Felice Ekelman, principal at Jackson Lewis PC.
No one in law does it alone, and that goes double for the corporate general counsel, whose job relies on establishing and cultivating strong relationships both within and outside the company. Here, law department insiders share how to make the most of the connections that matter.
With a focus on steady growth by raising up attorneys in-house and a continued tradition of trial work from a central office, Williams & Connolly LLP has maintained its place at the top for decades and won victory in recent months for clients as diverse as HBO and a criminally charged bond trader, earning a slot on Law360's list of Litigation Powerhouses.
Client maintenance is a lot like maintaining other relationships in your life. It’s a two-way street, and you often reap what you sow. Rainmaking is about your everyday good habits, not about getting everything else done and then turning to occasional thoughts of new business, says Ashish Mahendru, founder at Mahendru PC.
As technology has advanced, the ways in which attorneys communicate with clients, potential clients, former clients and the public has created new and ill-defined issues relating to whether an attorney-client relationship exists. Attorneys Elizabeth Fitch and Theodore Schaer discuss the often nebulous yet hazardous concepts that could lead to malpractice issues.
By understanding four common reasons why law firm business development initiatives fail, we can more accurately define success, avoid pitfalls, and improve return on investment, says Adam Donovan, senior manager of patent business strategy at Fish & Richardson PC.
Although the "last-antecedent canon" and the "series-qualifier canon" may sound like neutral grammatical principles, they carry different weights and are applied differently depending on the court. Ashley Johnson and Will Thompson of Gibson Dunn & Crutcher LLP explore two fundamentally different approaches by the Texas Supreme Court and U.S. Supreme Court.
Highly successful attorneys who are thinking about leaving the safe haven of a large law firm to go out on their own face a number of issues specific to the legal profession. Russell Shinsky, chairman of Anchin Block & Anchin LLP's law firms industry group, shares four pillars of a successful startup law firm.
The court of public opinion can mete out judgments as harsh as those rendered by a court of law, which is why communications professionals and attorneys should be working together to protect their clients’ reputation and advance their legal objectives as litigation proceeds, as well as when decisions or settlements are reached, say Michael Gross and Walter Montgomery at Finsbury.
Often, the lead counsel in a case maintains sole contact with the client and makes substantive decisions, relying upon the local counsel only to serve in the requisite capacity to satisfy jurisdictional procedures. Therein lies the problem — absent appropriate precautionary measures, the local attorney faces equal malpractice exposure for the substantive, strategic decisions of the lead counsel, say Patrick (Sean) Ginty of CNA Glob... (continued)
There are several risks involved with signing a "standard" mediation confidentiality agreement, both to your clients and to yourself. Once you recognize these risks, you will never sign a standard MCA again, at least not without a lot of thought and a lot of disclosures to your client, says Jeff Kichaven of Jeff Kichaven Commercial Mediation.
As advances in technology continue to push law libraries in a more complex direction, many law firms are still making structural mistakes. Fahad Zaidi, senior consultant at HBR Consulting, notes five common pitfalls that law firms should be wary of when developing their libraries.
I worry too many law students see the priorities of BigLaw in tension with a meaningful commitment to pro bono work, making them reluctant to ask questions in interviews about pro bono opportunities and a firm’s commitment to its community. This needs to change, says Skadden partner and former White House legal adviser Michael Scudder.
As up-and-coming technology companies begin to scale their businesses, it is critically important for CEOs to find the right general counsel to manage the company's legal affairs. Alon Rotem of Rocket Lawyer Inc. outlines five key traits to keep in mind when considering GC candidates.