These days, nearly all law firms offer part-time schedules in order to accommodate their top talent. But a mere handful of attorneys actually embrace the alternative arrangement, according to a new survey from the National Association for Law Placement.
New Year's Eve has brought rumors of more law firm marriages to come as firms big and small struggle to ride out the economic downturn, though it remains to be seen whether cash-strong outfits will be able to continue to scoop up their financially downtrodden peers at the same pace as 2008.
Citing problems agreeing to terms with two banks and a dispute with its San Francisco landlord, dissolving law firm Heller Ehrman LLP filed for bankruptcy Sunday but promised to keep collecting on tens of millions of dollars in outstanding receivables.
Naming his choices for three big regulatory posts on Thursday, President-elect Barack Obama said that financial regulatory reform would be one of his top priorities, and that he would do whatever it takes to make sure the financial system doesn't collapse.
Disgraced fund manager Bernard Madoff was placed under house arrest and electronic surveillance by a federal court judge Wednesday, as investigations into the alleged $50 billion Ponzi scheme perpetrated by Madoff began to pile up.
Reclaiming a title as the country’s most unfriendly jurisdiction for corporate defense lawyers, West Virginia was named this year’s top “judicial hellhole” in a report issued Tuesday by tort reform advocates.
As U.S. Securities and Exchange Commission investigators set up camp inside Bernard L. Madoff’s investment firm and attempt to unravel a stunning scam that could have resulted in some $50 billion in losses for investors, others are beginning to wonder what kind of hit the agency itself will take as the full scale of the plot becomes known.
The Ponzi scheme underlying famed trader Bernard L. Madoff's investment firm was revealed after clients, squeamish in a bear market, tried to redeem billions in investments. As confidence in financial markets wanes and investors rush to pull deposits, more Ponzi schemes are sure to unravel and their masterminds will face tough treatment from federal prosecutors, securities experts agree.
The fate of the $15 billion auto bailout was thrown into doubt on Wednesday as Republicans in the U.S. Senate opposed the deal and the two houses of Congress pushed forward competing versions of the legislation.
General counsel have announced their plans for legal spending in 2009, and law firms will have to change the way they do business if they want to stay in the game and retain their clients, according to industry insiders.
About a year ago, almost 71 percent of law firms decided to hike their billing rates for 2008, according to a new survey. In light of the economic crisis that has since set in, however, firms are far more likely to apply small increases limited to particular practices, and provide discounts to certain clients in 2009, experts say.
Igniting rumors of gross financial misdeeds, the increasingly bizarre details emerging from the arrest in Toronto of Dreier LLP founder and managing partner Marc S. Dreier have put the survival of the 250-lawyer firm into question.
The nation's economy may be in tatters, but lawyers have lots to celebrate: After several years of sluggishness, things are finally about to perk up in the legal world, according to the 2009 edition of the Law360 Litigation Almanac.
Kirkland & Ellis LLP's decision to offer "unlimited" paid vacation for associates could boost morale at an otherwise gloomy time. But it will be of little practical value to associates who prefer a cushy paycheck over vacation days they probably won't use.
Confirming what was widely rumored, President-elect Barack Obama on Monday nominated Eric Holder to be the next attorney general of the United States, marking what many see as a more aggressive turn for the U.S. Department of Justice on many fronts.
In line with tradition, the end of the year brings a flurry of partnership promotions at law firms. But don't assume promotions mean everything is business as usual, consultants warn.
New York powerhouse Cravath Swaine & Moore LLP is drawing heat for slashing associate bonuses in the midst of the economic crisis, but with law firms continuing to engage in public layoffs and stealth firings, others may now feel at liberty to follow the prestigious firm's example.
Many law firms have designated an ethics expert to help associates and partners navigate the ethical quandaries of their practice, but the ethics counsel can run into tricky conflicts of interest when he learns about lawyer misconduct.
President-elect Barack Obama has announced three members of his economic team, calling on the experts to devise a plan to address the concerns of both Wall Street and Main Street.
Experts have spoken out on the root causes of law firm failures and predict a steady number of mergers and dissolutions even after the economy recovers, shedding light on a matter of great concern to law firm management teams worried that their ships might be headed in the same direction as Heller Ehrman LLP and Thelen Reid Brown Raysman & Steiner LLP.