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Business of Law

  • December 1, 2009

    Law Firms Likely To Hike Billing Rates In 2010: Survey

    Law firms are likely to raise average billing rates by about 3.2 percent in 2010 despite pressure from clients to continue at past or discounted rates, a new survey reports.

  • November 30, 2009

    Chadbourne To Give Bonus Checks To Lawyers, Staff

    Chadbourne & Parke LLP will award bonuses to associates and staff members in early 2010 to repay them for base salary cuts, making good on a promise that if they and the firm performed well, they'd be eligible to recoup some or all of the pay reductions.

  • November 30, 2009

    Milbank Joins Cravath Associate Bonus Bandwagon

    Milbank Tweed Hadley & McCloy LLP has announced its 2009 associate bonus structure, and it matches the tiered bonus model adopted by Cravath Swaine & Moore LLP, which chops new associate year-end payouts to $7,500.

  • November 25, 2009

    More Associates To Get Scaled-Back Bonuses

    Associates at Davis Polk & Wardwell LLP and Debevoise & Plimpton LLP still will be receiving their bonuses this year, though they might be a bit skimpier than usual.

  • November 23, 2009

    9th Circ. Upholds Legal Aid Funding Restrictions

    A federal appeals court has ruled that legal organizations that receive funding from the Legal Services Corp. can be restricted from lobbying, soliciting clients, participating in class actions and seeking attorneys' fees.

  • November 23, 2009

    Haynes And Boone Cuts Associate Pay For Dec.

    A partner at Haynes and Boone LLP confirmed Monday that the firm had cut first-year associates' starting salaries by about 10 percent for the month of December, and also responded to a public e-mail from one unhappy associate challenging the firm's commitment to staying competitive.

  • November 23, 2009

    Sutherland Ditches Lockstep Pay Model

    Sutherland Asbill & Brennan LLP is switching from a lockstep to a merit-based associate compensation system, a change that mimics moves made by several other law firms.

  • November 20, 2009

    Seyfarth Defers Associates, Cuts Pay

    Seyfarth Shaw LLP announced Friday that it is pushing back the start date for half its incoming associate class from January to October 2010 and cutting pay for all first-year associates "in light of anticipated client demand and market conditions."

  • November 20, 2009

    Hogan-Lovells Merger Info Leaks As Meetings Continue

    An insider report claims that the new firm created by the merger between Hogan & Hartson LLP and Lovells LLP, set to be dubbed Hogan Lovells, will maintain two separate profit pools and two partnerships.

  • November 20, 2009

    Law Firm Revenues Fall Through 3rd Quarter: Survey

    Revenue at most U.S. law firms was down significantly this year through the end of the third quarter, according to a survey by the Wachovia Legal Specialty Group.

  • November 20, 2009

    Skadden Is Latest To Match Cravath Bonus Model

    Skadden Arps Slate Meagher & Flom LLP has released this year’s associate bonus structure, which reportedly mirrors the model adopted by Cravath Swaine & Moore LLP and pays junior associates less than half what they earned in 2008.

  • November 19, 2009

    Hogan-Lovells Deal Sparks US-UK Merger Interest

    Hogan & Hartson LLP's plans to join with the U.K.'s Lovells LLP has renewed interest in trans-Atlantic mergers on both sides of the pond, but law firms thinking of taking the plunge should expect challenges to meshing cultures and financial systems, consultants said.

  • November 19, 2009

    Law Departments Get Creative To Rein In Costs: Survey

    From chopping travel budgets and pushing rate freezes to implementing layoffs and salary reductions, law departments are experimenting with a wide range of cost-cutting measures to keep afloat, according to a new survey.

  • November 19, 2009

    Senate OKs Controversial 7th Circ. Nominee Hamilton

    The U.S. Senate on Thursday voted to send former District Judge David Hamilton to the U.S. Court of Appeals for the Seventh Circuit, approving President Barack Obama's controversial nominee in a 59-39 vote.

  • November 18, 2009

    Google Rolls Out Search Tool For Legal Opinions

    Joining the movement to make online legal documents more accessible, Google Inc. has introduced a new tool that indexes and searches a vast array of federal, appellate and state court decisions by case title, keyword, topics and other criteria.

  • November 18, 2009

    Daschle Moves From Alston & Bird To DLA Piper

    Tom Daschle, the former Democratic majority leader of the U.S. Senate who later went to work for national law firm Alston & Bird LLP, is joining DLA Piper, the firm announced Wednesday.

  • November 17, 2009

    Rash Cost-Cutting Moves May Hurt Firms In Long Term

    While a steep drop in legal work has driven some law firms to hand out pink slips across the board and close offices in the U.S. and abroad, aggressive cost-cutting measures may put firms at a major disadvantage in the long run.

  • November 17, 2009

    Senate Reaches Cloture On 7th Circ. Nominee Vote

    The U.S. Senate voted Tuesday to move forward with a vote on Court of Appeals for the Seventh Circuit nominee Judge David Hamilton, thwarting a last-minute attempt by Sen. Jeff Sessions, R-Ala., to block the nomination.

  • November 17, 2009

    US District Judge Faces House Impeachment Inquiry

    Judge G. Thomas Porteous Jr. routinely solicited cash from local lawyers, a New Orleans attorney said Tuesday at a U.S. House of Representatives hearing on whether the Eastern District of Louisiana judge should be impeached.

  • November 16, 2009

    Reed Smith's Nonequity Partners To Invest In Firm

    Reed Smith LLP has decided to require its nonequity partners in the U.S. to invest the equivalent of 15 percent of their salaries into the firm and to tie at least part of their compensation to the performance of the firm, a partner said Monday.