If you think this economy is just kicking the asses of recent graduates, associates, and support staff, you are forgetting one critical group: partners without portable books of business. Those who make it rain are getting soaked with wealth, but everybody else is just trying to get a drink.
We’ve heard many stories about partners without business quietly being “pushed out” or de-equitized. But we rarely see an entire group of partners publicly “demoted” en masse.
Has OMM turned a corner under the new leadership? Butwin and the other new leaders at the firm have started implementing a new strategic vision for the firm, and thus far, things seem to be going well. The firm’s latest financial results were healthy, with the key metrics of profits per partner and revenue per lawyer hitting record highs in 2011 (reaching $1.73 million and $1.02 million, respectively).
What have these financial results meant for O’Melveny associates? The firm recently announced its 2011 bonuses….
In terms of firm finances, Paul Hastings had a perfectly decent 2011. Revenue and profits were fairly stable, according to Am Law Daily. Gross revenue fell by 2 percent to $884 million, and profits per partner fell by 1.3 percent to about $1.97 million. On the brighter side, revenue per lawyer surpassed the $1 million mark for the first time, hitting $1.01 million.
So how are those revenue-generating worker bees being compensated? Bonuses are out at Paul Hastings. How are PH associates reacting?
Perhaps there’s no cause for worry right now. Things are going just as my colleague Elie Mystal predicted: “You’re going to get your money. My prediction: an extra $10,000 to $20,000 depending on class year, starting with third-year associates. It might be announced really late, end of February or early March, once firms realize they need to keep their talented midlevels.”
We’re getting the sense, based on anecdotal evidence showing up in our inbox, that law firms are quietly making cuts to the ranks of attorneys and staff. They’re doing so somewhat stealthily, however — in dribs and drabs, spread out over decent stretches of time, often invoking performance reasons. So we’re having a hard time obtaining enough information on any one firm to issue a report.
We need your help in keeping law firms honest. If you have layoff news to report, please send it our way, by email or by text message (646-820-8477 / 646-820-TIPS). As you’ve probably already noticed, we do not name our sources.
One firm that’s being commendably upfront about its reductions is Bingham McCutchen. This afternoon, the firm announced some staff layoffs….
Over the past few weeks, we’ve been receiving interesting reports about Dewey & LeBoeuf. They were nothing but vague rumblings for a while, but they’ve now reached the point where we have enough to write about.
So let’s check in and ask: How do things stand at this major, top-tier law firm? In other words, “Where’s LeBoeuf?”
The conceit of this entire bonus season has been that the ridiculously low bonuses bar set by Cravath, Swaine & Moore was just an opening figure. People really didn’t expect that Cravath would halve bonuses. I mean, it’s CSM. They can count. Their profits went up. Why would they pay out 50% less than last year?
Well, I guess the answer “because they can” is going to have to be enough for Biglaw associates everywhere….
At large law firms around the country, associates and counsel are eagerly awaiting their bonuses. But partners and chief financial officers have their minds on other things: namely, collections. The fourth quarter is when firms step up their efforts at shaking down clients for cash.
As we all know from the law-and-economics reasoning that was taught to us in law school, people — yes, this includes lawyers — respond to incentives. At one leading law firm, bonus anxiety is being shrewdly harnessed in service of collections efforts.
Say hello to the Global 100 for 2011. This is the American Lawyer’s list of the world’s 100 largest law firms, ranked by total revenue.
There’s a lot of economic anxiety these days, with fears of a double-dip recession running rampant. But looking back — the list is compiled based on 2010 revenue numbers — the legal business seems to be hanging in there. As noted by Am Law, total revenue for the Global 100 increased by 3 percent last year.
Lawyers are a competitive lot. So you’re probably less interested in the overall figures than in how different firms fared in the rankings….
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