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Business of Law

  • March 20, 2009

    Partners Gulp As Clifford Chance Votes To Scale Back

    As Clifford Chance LLP holds a vote on cutting back on the size and shape of its partnership, other firms are likely to take stock of their own partnership structures as they continue to grapple with navigating through a seemingly endless economic storm, according to legal experts.

  • March 26, 2009

    Not All Attorneys Face Bleak Times

    Though every day seems to bring news of firm layoffs, attorneys in bankruptcy, white collar crime, executive compensation and a few other practice areas should stay busy, and some may even see a spike in work opportunities.

  • March 18, 2009

    Mandatory Sanctions Proposed For FRCP Violations

    Sen. Chuck Grassley, R-Iowa, has proposed amendments to the Federal Rules of Civil Procedure that would require judges to impose sanctions for any lawsuit they deem frivolous, instead of leaving sanctions to the court's discretion.

  • March 17, 2009

    Judicial Conference Revises Ethics Rules For Judges

    The code of conduct for federal judges has been substantially revised for the first time since 1992 to clarify and define a number of ethical restrictions, including a duty for judges to keep political and financial influences out of their decisions.

  • March 17, 2009

    Obama Asks ABA To Evaluate Federal Judiciary Picks

    In a break from the policies of the previous administration, President Obama has asked the American Bar Association to resume its role in evaluating the qualifications of candidates for federal judiciary positions prior to their formal nominations.

  • March 18, 2009

    Cut Hours, Not Associates, To Save Cash: Report

    A California law center is pushing law firms to start reducing hours rather than continuing to engage in the massive layoffs that have marred the last year, arguing that cutting back on hours makes more sense economically than letting dozens of associates go.

  • April 2, 2009

    In Downturn, Windows Remain For Building Business

    While attorneys with a stable of clients may enjoy the highest degree of job security in these uncertain times, lawyers who haven't been savvy about building a book of business can still attract new clients, consultants say.

  • March 16, 2009

    Partner Compensation Cuts Could Become The Norm

    In an effort to “weed out” low-performing partners, Dewey & LeBoeuf LLP has reportedly cut compensation for around one-fifth of its partners by as much as 80 percent in the past 15 months. Legal experts told Law360 that in this unprecedented economic climate, the practice could become more common.

  • March 13, 2009

    Former Heller Partners Sued Over Brobeck Profits

    The Chapter 7 trustee overseeing the estate of liquidated law firm Brobeck Phleger & Harrison LLP has sued several former partners in an effort to protect any claims the estate may have to profits the partners allegedly made when they left to work at Heller Ehrman LLP, which is now in the middle of its own Chapter 11 proceedings.

  • March 13, 2009

    Baker & McKenzie To Cut Up To 85 Jobs In London

    Citing a difficult economic climate and a decline in work flow, Baker & McKenzie LLP plans to initiate a formal redundancy consultation review at its London office later this month that seeks to eliminate between 60 and 85 jobs.

  • March 12, 2009

    Sidley Leads Latest Round Of Layoffs With 229

    Massive legal-industry layoffs continued Thursday, with Sidley Austin LLP reportedly axing 89 associates and 140 staff members and with at least three other firms — Blank Rome LLP, Baker Botts LLP and Gardere Wynne Sewell LLP — also making cuts.

  • April 3, 2009

    Auditors Create Sticky Situation For Firms, Clients

    With money tight and fears high, some clients are cracking down on potential billing abuse by looking to auditors for help – creating a contentious set-up that could backfire on clients and cost law firms some jobs, according to legal experts.

  • March 11, 2009

    Ditching Deadweight Partners Can Buoy Firms: Expert

    Responding to the report that DLA Piper's United Kingdom offices have recently shed 7 to 8 percent of their partnership, a prominent New York legal consultant said that cutting deadweight at the highest levels could help firms stay afloat amid the recession.

  • March 10, 2009

    Dragged-Out Discovery Slowing Suits: Study

    A new analysis from the University of Denver has found that 35 percent of civil cases aren't resolved within a year, determining that dragged-out discovery periods and last-minute requests for additional discovery could be contributing to the delays.

  • March 26, 2009

    Nonequity Spots May Entice Lateral Partners: Experts

    As the strained credit landscape forces firms to raise capital through increased partner contributions, nonequity positions may become more attractive to partners considering lateral moves, industry experts say.

  • March 10, 2009

    Cuts At Paul Hastings, Others Add To Pink Slip Pile

    Layoffs in the legal industry continued to mount Tuesday, with rumors swirling of fresh rounds of firings at Paul Hastings Janofsky & Walker LLP, Venable LLP, Chadbourne & Parke LLP and Blank Rome LLP.

  • March 9, 2009

    Obama Kills Bush-Style 'Signing Statements'

    President Obama has ordered executive officials to consult with Attorney General Eric H. Holder Jr. before relying on signing statements used by former President Bush to bypass statutes, saying the directive will ensure that the statements are reasoned on constitutional grounds.

  • March 9, 2009

    Latest Law Firm Layoffs Cut Closer To The Bone

    Latham & Watkins LLP's decision last week to cut lawyer staffing levels deeply and decisively appears to have reverberated across the top tier of law firms, with several firms now cutting staffing much closer to the bone than earlier, more tentative moves.

  • March 9, 2009

    Debt-Ridden Thacher Asks 1st-Years To Return Cash

    Citing pressure from Citigroup NA, two men tasked with dissolving Thacher Proffitt & Wood LLP say they are hitting up a number of former first-year associates for advances paid out for bar preparation exams and other expenses prior to the firm's collapse.

  • March 9, 2009

    Sens. Introduce Bill To Limit Protective Orders

    Two lawmakers have introduced legislation in the U.S. Senate that would require courts to weigh public health and safety against secrecy concerns before sealing certain information included in litigation settlements.