Everyone knows that lawyer — the one who brings in substantial business while also billing hours, mentoring associates, meeting clients for lunch, taking their kids to soccer practice and training for a marathon. Here, six rainmakers reveal their tricks for making it work.
After a decade of meager growth in corporate legal spending, companies are projected to add almost $2 billion to the amount they spend on outside counsel in 2018, according to a new survey.
The relationship between law firms and their corporate clients shifted substantially with the onset of the Great Recession in 2007, and a decade later many of those changes appear to be here to stay. Here, Law360 looks at one major way the legal industry has been affected.
The law office has traditionally served as a hub where attorneys work and interact with colleagues and clients, but new technologies, rising real estate costs and an increasing desire for flexible work opportunities are challenging that typical office concept.
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.
With Marc Dreier's legal troubles mounting by the second, the fallout from the founder and sole equity partner's alleged financial misdeeds will be swift and devastating for his New York-based namesake firm, according to legal experts.
The economic downturn has resulted in the loss of nearly 12,000 jobs in the legal services industry in the past year, according to statistics released by the U.S. Department of Labor.
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.
In what is shaping up to be another tough month for law firms, Seyfarth Shaw LLP laid off about 30 attorneys and other staff members Friday, a day after Dewey & LeBoeuf LLP let go 11 structured finance associates in New York and one in Los Angeles.
With no spectacular swipes from dissolved firms Heller and Thelen, lateral movement slowed over the past two weeks. But plenty of partners, particularly those in intellectual property and bankruptcy, spent their holiday jumping firms.
Boult Cummings Conners & Berry PLC announced Thursday that it would join forces with Bradley Arant Rose & White LLP to create a new firm with 350 attorneys and seven offices in the Southeast after negotiation talks between the firms reportedly fell apart last year.
Frost Brown Todd LLC is combining with Locke Reynolds LLP, one of the largest firms based in Indiana, to create a firm of more than 450 attorneys across five states.
The development of internal blogs and other fast-moving types of corporate communications means companies need a standardized method of preserving the data necessary in litigation proceedings, but up to a third of companies responding to a survey released last week by Deloitte Financial Advisory Services LLP don't have them.
Proskauer Rose LLP reportedly announced Thursday that it was laying off 35 associates and about 25 administrative staff members across its offices, becoming the latest of many law firms to cut staff in the face of the economic downturn.
K&L Gates LLP and Bell Boyd & Lloyd LLP announced Thursday that they are in talks to merge, a move that would create a firm with about 2,000 lawyers on three continents.
The economic crunch has prompted many clients to ask their lawyers for discounted rates or alternative billing structures. Firms that don't respond risk losing both clients and partners, experts say.
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.
Electronic discovery has quickly become a fact of life for businesses in the past two years. While companies are taking proactive steps to track and sort their masses of data, however, attorneys and consultants continue to look to the courts for opinions on how to keep litigation costs from soaring and how to negotiate search terms, among other issues.
Reed Smith LLP on Wednesday became the latest firm to announce significant layoffs, saying that it plans to ax 115 support staff in its U.S. offices and up to 11 associates in the U.K.
Law firms fighting to win business in these financially strapped times might do well to heed the message of budget-constrained corporate counsel for the new year: Cut your rates and share the pain.
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.
Buchanan Ingersoll & Rooney PC is in the process of cutting up to 25 administrative staff member and legal secretary positions, but the firm does not plan on letting any attorneys go.