Partner Profits
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Biglaw, Layoffs, Partner Issues, Partner Profits, Television, Videos
2009: It Was the Best of Times, It Was the Worst of Times(Or: Elie critiques capitalism -- on Fox Business News.)
Although our colleague Elie Mystal is on vacation this week, he took some time today to sit down with Fox Business News, where he discussed how some large law firms enjoyed record profits in 2009 — thanks, in part, to record layoffs. An added bonus: he offered weight loss advice! No donuts involved. Check out […] -
Associate Bonus Watch 2009, Associate Salaries, Partner Profits
Morgan Lewis: Not Enough Pie for Everybody
The profit gods did not smile upon Morgan Lewis & Bockius in 2009. Not on the partnership, not on the associates. We’ve already reported on MLB’s various attempts to change its associate pay scale. But making employee costs “merit-based” wasn’t enough to keep Morgan Lewis profits growing. Am Law Daily reports: Morgan, Lewis & Bockius […] - Sponsored
Early Adopters Of Legal AI Gaining Competitive Edge In Marketplace
How to best leverage generative AI as an early adopter with ethical use. -
Partner Issues, Partner Profits
Boston Legal Enjoys Record Profits Per Partner
More 2009 profit numbers are in, this time for law firms based in Boston. And, as we’ve seen elsewhere, partners in Boston are enjoying record-breaking profits. The Boston Globe reports: Senior lawyers at three of Boston’s biggest law firms had their most profitable year ever in 2009, despite widespread job losses in the city’s legal […]
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Partner Profits
What Did Paul Weiss Just Say?
Occasionally, I am guilty of overselling my point. That slight personality flaw means that I have at least one thing in common with Brad Karp, chairman of Paul Weiss. American Lawyer reports that 2009 was the most profitable year ever for Paul Weiss (more on that later). The article contains an interesting turn of phrase: […] -
Layoffs, Partner Profits
Cadwalader Profits Per Partner Are Up, Way Up
Cadwalader conducted layoffs, early and often. Massive, bloody layoffs. Now, Am Law Daily tells us what they won: Cadwalader, Wickersham & Taft on Tuesday reported a 28 percent increase in profits per partner, the firm’s first positive results since 2007. Yet while the firm enjoyed a slight increase in net income, some of the increase […] -
Biglaw, Partner Issues, Partner Profits
All Your Sacrifices Helped in 2009
Great news for Biglaw partners and the associates who love them. Early returns suggest that despite the global economic meltdown that wrecked multiple American industries, profits per partner remained relatively stable in 2009. Biglaw partners made out okay. They survived. And they’re looking forward to even more profit in 2010. The WSJ Law Blog reports: […] -
Locke Lord Bissell & Liddell, Partner Issues, Partner Profits
Will Law Firm Profits Be Up in 2009? At Locke Lord, Yes
We have previously predicted that, when the American Lawyer releases its data on profits per partner in 2009, we’ll see some declines over 2008. Last year was not a pretty one for the profession (although most of you think this year will be better). But could our prediction be wrong? Is it possible that, owing […] -
Partner Issues, Partner Profits
Departing DLA Piper Partners: High Rates (Not Associate Compensation) Responsible for Client's Concerns
We’ve spent a lot of time discussing DLA Piper’s new compensation structure for its associates. I’ve assumed that DLA Piper’s changes have the support of DLA partners. I mean, we’ve received leaked memos from DLA partners defending the plan. But it’s wrong for me to think of partnerships as monolithic groups, especially at a firm […] - Sponsored
Legal AI: 3 Steps Law Firms Should Take Now
If 2023 introduced legal professionals to generative AI, then 2024 will be when law firms start adapting to utilize it. Things are moving fast, so… -
Bonuses, Layoffs, Money, Partner Issues, Partner Profits
More Internal Documents from Simpson Thacher
Last week, we shared with you a very interesting internal document from Simpson Thacher & Bartlett: a collection of notes or informal minutes from a June 2009 partners’ meeting. The notes discussed attorney headcount, possible layoffs, and compensation, among other subjects. Today we have even more deliciousness for you: an internal memorandum from executive committee […] -
Layoffs, Partner Issues, Partner Profits
A Fly on the Wall at 425 Lex: Inside a Simpson Thacher Partner Meeting
Above the Law has obtained what appear to be notes or minutes from a June 2009 partners’ meeting at Simpson Thacher & Bartlett. As you would expect, they are riveting reading. A caveat: the notes appear authentic to us, and they’ve been making the rounds at Simpson, but the firm has not officially confirmed their […] -
Partner Issues, Partner Profits
Billing Rates Go Up, But Just Slightly
Associate salaries aren’t going up. If anything, we’re in a deflationary period regarding pay. But billing rates? Yeah, those are still going up. Just a little bit. The National Law Journal reports: Law firms increased their average annual firmwide billing rate by 2.5 percent over the last year, one of the lowest increases in recent […] -
Lawsuit of the Day, Litigators, Malpractice, Partner Issues, Partner Profits
Lawsuit of the Day: Lancaster v. Seyfarth ShawPartners told to 'hustle for cash,' congratulated for 'prying cash out of clients' hands.'
Back in February, we covered a legal malpractice lawsuit brought by Billy Blanks, the Tae Bo king, against his former firm, Seyfarth Shaw. A jury found in Blanks’s favor and issued a $30 million verdict, but that verdict was overturned on appeal, due to flawed jury instructions. A new trial is set for July 2010. […] -
Biglaw, Partner Issues, Partner Profits
New Partner Watch: No Partnership for You!
A lot of people have been emailing Above the Law asking about their partnership prospects. Senior associates who have survived layoffs are evidently concerned about whether they will have an opportunity to transition from employees to owners. Our tipsters report their anecdotal sense that fewer partners are being made this year, at least compared to […]
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The Business Case For AI At Your Law Firm
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Is The Future Of Law Distributed? Lessons From The Tech Adoption Curve
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Legal AI: 3 Steps Law Firms Should Take Now
If 2023 introduced legal professionals to generative AI, then 2024 will be when law firms start adapting to utilize it. Things are moving fast, so…
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Early Adopters Of Legal AI Gaining Competitive Edge In Marketplace
How to best leverage generative AI as an early adopter with ethical use.
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Partner Profits
Reading the Revenue Writing on the Wall
The New York Law Journal is reporting that 2009 revenue numbers are going to be ugly. New York law firms experienced a 9 percent drop in revenue through the third quarter, according to a new survey. The data, gathered by the Wachovia Legal Specialty Group, also showed that net income at law firms based in […] -
Associate Salaries, Partner Profits
Jones Day: Secrecy Breeds Strength?
Here at Above the Law, we do a lot of work to pierce through the veil of silence regarding compensation at Jones Day. The firm notoriously tries to keep associate salary, partner draws, and bonus information secret. But we’ve been able to report on the Jones Day salary structure and its associate bonuses. We were […] -
Associate Salaries, Biglaw, Partner Profits
Partner Emeritus, Meet Biff--You Could Learn Something
Finally, we have a law firm partner who has looked in the face of the so-called “hybrid tough love” strategy, and found it wanting. His name is Byrd “Biff” Marshall Jr., and he is the president of GrayRobinson — an Am Law 200 firm that is giving associate raises in the middle of the recession. […] -
Outsourcing, Partner Profits
Baker McKenzie Profits Per Partner Tumble. More Outsourcing in the Future?
Baker & McKenzie, which held the #2 spot in terms of revenue for 2008, has taken a dip in 2009. The firm’s fiscal year ended on June 30, and AmLaw Daily reports that global revenue fell by 3% for the firm. As noted in Morning Docket, profits per partner took a bigger hit, plummeting 17%, […] -
Biglaw, Incisive Media, Partner Profits
Am Law 200 Pwns Am Law 100
Congratulations Am Law 200 firms. You have weathered all the disparaging comments about your cities, your practice, the quality of lawyers that work at your firms. And now, as we stare into the sewage drain of the American legal economy, the Am Law 200 firms are coming out smelling like roses: Reports of their demise, […] -
Biglaw, Partner Profits
First Quarter 2009: It Still Stinks
Just to be clear, the first quarter of 2009 was not the beginning of the great recovery everybody is hoping for. AmLaw Daily reports that Q1 revenue fell on average at 175 law firms: They were right to be concerned. Citi’s first-quarter 2009 Flash Report indicates that revenues at the 175 firms that provided data […] -
Admin, Advertising, Announcements, Career Center, Partner Issues, Partner Profits, Shameless Plugs
Career Center: Partnership ProspectsWhich firms offer the best chance of making partner?
Our new Career Center, brought to you by ATL and Lateral Link, continues to gain momentum. Traffic to the center has been growing steadily since its launch last month. Recently we shared with you the top ten most-viewed profiles. We update that list after the jump. As you’ll see, there hasn’t been much movement in […]