We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Business of Law

  • 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.

  • April 23, 2009

    Boutiques Use Size, Billing To Thrive In Tough Times

    While big law firms continue to lay off scores of attorneys in hopes of being able to ride out the economic storm, boutique firms are well-positioned to take advantage of the situation if they play their cards right, legal experts say.

  • March 6, 2009

    McGuireWoods Cuts Salaries For New Associates

    McGuireWoods LLP said Friday it had cut salaries for the first-year associates who will join the firm in September by 10 percent.

  • March 6, 2009

    Quinn Emanuel, Headhunter Settle Fee Fight

    Quinn Emanuel Urquhart Oliver & Hedges LLP has settled a lawsuit with corporate headhunter Major Lindsey & Africa LLC stemming from Quinn's hiring of two Latham & Watkins LLP partners for its intellectual property practice.

  • March 5, 2009

    Lawyer Layoffs Topped 1,000 In February

    February marked the most treacherous month so far in a slew of layoffs in the legal industry that began building last fall as the economic crisis set in, but the brutal trend appears to be accelerating as March's numbers continue to rise by the day, Law360's analysis shows.

  • March 4, 2009

    Firm Layoffs Loom Large: Over 530 Cut In One Day

    The deep cuts at law firms across the globe continued this week, with Dewey & LeBoeuf LLP, Clifford Chance LLP and Shearman & Sterling LLP all announcing massive staff layoffs, and O'Melveny & Myers LLP confirming plans to cut around 90 attorneys in addition to 110 staff members.

  • March 4, 2009

    McKenna Long Signs Up Former DNC Boss Dean

    McKenna Long & Aldridge LLP has wooed former chairman of the Democratic National Committee Howard Dean to serve as an independent consultant for its government affairs practice.

  • March 4, 2009

    South Korea To Allow Foreign Firms To Open Offices

    South Korea's National Assembly passed legislation Monday that could allow American law firms to establish offices in the country, provided the U.S. government reaches a free trade agreement with Korea.