Complaining about profits per partner as a metric is a favorite pastime of Biglaw partners. Sometimes it can look like sour grapes by partners at firms that don’t excel in the PPP department.
But, to be fair, there certainly are things to complain about when it comes to profits per partner. For example, PPP is an average that can sometimes conceal a great deal of variability. It tells you exactly what its name suggests — average profits per partner, i.e., total profits divided by the number of partners – but it doesn’t tell you what the average partner takes home in a year.
To get a better sense of compensation for an average partner, we’d need to know the “spread,” i.e., the ratio between the compensation of the highest-paid partner and that of the lowest-paid partner. Thankfully, there is (some) information on that.
How do partner compensation spreads look these days at leading law firms?
What’s not to like about a summer associate program? Most law students are down with free lunches, fun events, interesting work, and fat paychecks.
Sure, there are exceptions — like the summer associate who quit via firm-wide email earlier this month, declaring that he’d “rather be farming.” But, for the most part, summer associate positions are coveted gigs — especially because they might lead to full-time employment after graduation.
We recently mentioned that entry-level Biglaw hiring is on the upswing. But that’s true as a general matter, not across the board.
Which firm is taking us back in time and canceling its summer associate program in two offices?
Is having your back-office functions handled on-site — i.e., in the same location as the lawyers being serviced — now a luxury? More and more law firms are adopting the model of sending their administrative support functions to lower-cost locations.
Thanks to advances in technology, it’s no longer necessary to have your back office in the same pricey place as your lawyers. And it’s not surprising that firms are going in this direction when you consider the cost savings involved.
Which law firm expects to save millions of dollars a year by sending support staffers to the land o’ lakes?
* Sedgwick is the latest Biglaw firm to jump on the back-office bandwagon. The firm will be moving all of its administrative operations — from HR to IT — to Kansas City, Missouri. Don’t be sad, it’s probably better than West Virginia. [Am Law Daily]
* Lawyers may be pecking at Biglaw’s rotting carcass, but at least there are lessons to be learned for Big Med, the next profession supposedly on the brink of implosion. It’s time to stop obsessing over revenue and rankings. [The Atlantic]
* Ten states rushed to help Utah defend its ban on gay marriage using “pretty embarrassing” arguments, but Nevada just washed its hands of its own appeal, saying its ban was “no longer defensible.” [Bloomberg]
* Here’s something that’ll make you love or hate Chris Christie even more: he once made Bristol-Myers Squibb donate $5 million to Seton Hall Law to avoid securities fraud charges. Yep. [Washington Post]
* Faruqi & Faruqi doesn’t want its attorneys’ compensation information to be disclosed to Alexandra Marchuk in her sexual harassment case against the firm. A kinder, gentler firm, huh? [Law 360 (sub. req.)]
* Soon you’ll be able to take the bar before you graduate in New York, but only if you do pro bono work during spring semester of your 3L year — and you’ll likely have to pay to complete it. [New York Times]
* If you just took the LSAT, you’re cutting it pretty close, buddy. Guesstimate your score so you can avoid sending out applications that will make admissions officers laugh. [Law Admissions Lowdown / U.S. News]
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Scott Hodes is a Principal in Lateral Link’s South Eastern office. He utilizes his experience as a former partner to help partners and associates make lateral leaps in the Florida and Atlanta markets.
With the new year upon us, we look back at an exciting 2013 as we have witnessed a resurgence in the legal industry after enduring a rocky time during the recent recession. As economic and labor market conditions improve, many firms are seeing sustained signs of growth, especially in the South Florida market.
As evidence of this growth trend, one need not look any further than Miami-based Akerman Senterfitt, now known as Akerman LLP. With more than 550 lawyers and government affairs professionals, Akerman recently became the largest law firm in South Florida based on number of attorneys, eclipsing Greenberg Traurig. Akerman reported its third consecutive year of growth, with record gross revenues of $297.5 million and net income of $109.3 million for the 2013 fiscal year. From January 1, 2013, to date, 65 attorneys, including 19 partners, have lateraled in to the firm. During that same time period, only seven attorneys departed the firm.
The ruins of a house on the outskirts of Tacloban, capital of Leyte.
Law firms and the legal profession have a long and distinguished tradition of contributing to the public interest. Earlier today, we highlighted five Biglaw firms that are pro bono all-stars.
Most pro bono cases involve clients and causes here in the United States. But in today’s increasingly global world, law firms look beyond borders when it comes to helping the needy.
Yesterday we commended Skadden for its generous support of Typhoon Haiyan relief efforts in my ancestral homeland of the Philippines. And today we recognize several other law firms that have joined in this worthy cause….
The field of contenders in our fourth annual law firm holiday card contest was quite impressive. We received numerous nominations, and we thank everyone who participated. It took many hours to review the plethora of submissions.
Like last year, apparently reading comprehension isn’t a skill that many lawyers possess, as a few of you declined to follow rule #3 of our contest, limiting the entries to “cards that are unusually clever, funny, or cool…. cards with some attitude, with that extra je ne sais quoi.” But because it’s the holiday season, we won’t rag on you too much. Even if you can’t follow simple instructions, you’re still great.
But some of you were greater than others. Let’s look at this year’s finalists….
* The Pennsylvania Supreme Court will hear arguments today over the state’s voter ID law. But at this point, who cares? Come on, Election 2012 is probably going to be decided by a court anyway. [Bloomberg]
* Sedgwick’s New York office is relocating to Two World Financial Center. This won’t be just any office; no, it’ll be an “office of the future.” They don’t need roads where they’ll be reviewing documents. [Real Estate Weekly]
* Paul Bergrin, the Baddest Lawyer in the History of Jersey, will be tried on all 26 counts in his racketeering case in one fell swoop. Not to worry, because this badass thinks he’s going to be acquitted. [The Record]
* This year’s summer associates didn’t want to be wined and dined. They wanted to be put to work, because “[m]andatory social events can be physically and mentally taxing.” Aww, boohoo, social skills sure are tough. /sadface [Am Law Daily]
* Another day, another law school lawsuit tossed out: Team Strauss/Anziska’s case against DePaul Law was dismissed because it’s pretty hard to blame a law school for the effects of a bad economy. [WSJ Law Blog]
* Anna Gristina, the alleged Millionaire Madam, vowed that she’d never spill the beans on a mystery man from her little black book. Could it be the “prominent Manhattan lawyer” mentioned earlier? [New York Daily News]
The other day, I became aware of the term “Yolo,” the hip new teen abbreviation for “you only live once.” It seemed to me the stupidest thing I’ve heard in a long time, and the most recent indication that I’m quickly becoming a curmudgeon who grumbles things like “hurr, hurr, kids these days,” right before I hobble off to use my typewriter and abacus.
Unfortunately, it took less than a week before I found out about an even stupider “trend” that bored suburbanites in the flyover states have taken a fancy to. If you thought planking was bad, you’ve clearly never heard of “Urban Skittles.”
OmniVere’s delivery of end-to-end technology & data consulting to position the company as a true differentiator in the global legal technology and compliance space.
CHICAGO, IL, September 29, 2014 – OmniVere today announced the creation of the company’s technology & data consulting arm and the addition of several industry-renown experts, including the former co-chairs of Berkeley Research Group’s (BRG’s) Technology Services practice, Liam Ferguson, Rich Finkelman and Courtney Fletcher.
This new consulting practice will provide and expand existing OmniVere eDiscovery consulting services to corporations, law firms and government agencies with a special focus on compliance, information governance and eDiscovery. This addition of this top talent now positions OmniVere as a true industry leader in the technology and data consulting space offering best-in-class end-to-end services.
Ferguson, Finkelman & Fletcher are nationally recognized experts and seasoned veterans in the areas of overall technology, electronic discovery, and structured data. At OmniVere, the team will be focused on all global consulting activities with respect to legal compliance, complex data analytics, business intelligence design and analysis, and electronic discovery service offerings.
The Trust Women conference is an influential gathering that brings together global corporations, lawyers and pioneers in the field of women’s rights. Unlike many other events, Trust Women delegates take action and forge tangible commitments to empower women to know and defend their rights.
This year, the Trust Women conference will take place 18-19 November in London. From women’s economic empowerment to slavery in the supply chain and child labour, this year’s agenda is strong and powerful. Speakers include Professor Muhammad Yunus, Nobel Laureate and founder of the Grameen Bank; Phumzile Mlambo-Ngcuka, Executive Director of UN Women; Mary Ellen Iskenderian, President and CEO of Women’s World Banking and many other influential leaders. Find out more about Trust Women here.